By KIMBERLEY HAAS
Foreclosure starts are up nationally and some industry leaders say that better financial literacy could help prevent homeowners from becoming distressed.
Lenders started the foreclosure process on 22,575 properties last month. That’s up 11% from a year ago, according to the February 2024 U.S. Foreclosure Market Report by ATTOM.
There were a total of 32,938 properties with foreclosure filings – default notices, scheduled auctions, or bank repossessions – according to the report, and lenders repossessed 3,397 properties through completed foreclosures last month.
Donna Schmidt, managing director and owner of DLS Servicing in Grand Rapids, Michigan, said in a recent interview with The Mortgage Note that the people most likely to be foreclosed on this year are people…
By KIMBERLEY HAAS
Female mortgage professionals are breaking barriers and making strides. As Women’s History Month is celebrated this March, The Mortgage Note asked leaders in the industry and related fields to share their advice with others.
Here’s what they said:
Be kind.
“Always be kind. This is a small pond. You never know who you will work with or for,” said Erica Giorgiantonio, senior director of field services at SingleSource Property Solutions in Canonsburg, Pennsylvania.
Have confidence.
Julia Curran, senior director of product design at SitusAMC in New York City, said, “Don’t be afraid to speak up and assert yourself in meetings and negotiations. Confidence and assertiveness are key qualities for success in our field.”
Gaining that confidence can…
By ERIN FLYNN JAY
Foreclosure numbers are up by double-digit numbers and industry leaders say they will continue to rise this year.
Earlier this month, ATTOM, a curator of land, property, and real estate data, released its Year-End 2023 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions, and bank repossessions — were reported on 357,062 U.S. properties in 2023, up 10% from 2022 and 136% from 2021.
CEO Rob Barber told The Mortgage Note several elements may be contributing to the rise in foreclosures.
“Key among them is the increase in interest rates, especially for adjustable-rate mortgages, leading to higher monthly payments for homeowners. Additionally, escalating unemployment rates are a concern,” Barber said.
Barber said…
By KIMBERLEY HAAS
Distressed homeowners who get behind on their mortgage bills are avoiding foreclosure.
The Mortgage Bankers Association’s National Delinquency Survey was released last week and it showed that delinquencies increased in the third quarter to a rate of 3.62%, up 25 basis points from the second quarter and 17 basis points from a year ago.
Marina Walsh, MBA’s vice president of industry analysis, said that despite the increase, later-stage delinquencies – those 90 days or more past due – declined to the lowest level since the first quarter of 2020.
“The decline in later-stage delinquencies, along with a foreclosure starts rate of 0.14% – which is well below the historical quarterly average of 0.40% – suggest that distressed…
