The Consumer Financial Protection Bureau proposed new servicing rules geared towards saving homeowners from foreclosure. If finalized, the proposal would require mortgage servicers to prioritize helping borrowers make payments over foreclosure. The Bureau is requesting comments on this topic and possible approaches to ensuring that servicers are producing accurate credit reporting data for borrowers undergoing…
Foreclosures increased nationwide in Q1 2024 as mounting affordability pressures push homeowners into situations where they are unable to pay their mortgages. According to ATTOM’s latest Foreclosure Market Report, a total of 95,349 U.S. properties had foreclosure filings during the first quarter. This is up 3% from Q4 2023, but down under 1% YOY. “Q1…
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…
Zombie foreclosures are inching up as people who can no longer afford their homes abandon them. The number of vacant homes in foreclosure, or zombie foreclosures, has risen for the sixth consecutive quarter, according to new data from ATTOM. Year-over-year, zombie foreclosures are up 13.9%. Currently, 8,800 foreclosures are sitting empty across the country. “Zombie…
Officials at the Consumer Financial Protection Bureau have issued a reminder about zombie mortgages, saying threatening homeowners regarding uncollected time-barred debts violates the Fair Debt Collection Practices Act. The guidance warns that it is illegal for debt collectors to threaten foreclosure on silent second mortgages with statutes of limitations that have expired. “Some debt collectors,…
Foreclosures have now risen more than 50% YOY as filings edge closer to pre-pandemic levels, according to ATTOM’s October 2022 U.S. Foreclosure Market Report. A total of 32,376 properties had foreclosure filings in October, up 57% from a year ago. But month-to-month, foreclosures only rose by 2%. Foreclosures continue to climb steadily toward pre-pandemic levels…
Prepayment activity dropped to a nearly 22-year low in September as interest rates rose to nearly 7%. According to Black Knight’s September 2022 First Look. prepayment activity slid by 14.9% to a single-month mortality rate of 0.57% in September, besting January 2019’s record of 0.59%. It’s the lowest level since November 2000. Inflation is a…
The historically low delinquency rate dropped further in August, closing in on May 2022’s record low, but rising foreclosure starts may cause it to increase, according to Black Knight’s First Look at August 2022 mortgage data. Nationally, delinquencies dropped 3.6% in August to 2.79%. This is just four basis points above May’s record. Improvements were…
Mortgage delinquencies and foreclosure starts increased in June but ultimately stayed below pre-pandemic levels, according to Black Knight’s First Look at June 2022 data. The national delinquency rate rose by nine basis points month-over-month to 2.84%. But the three months prior saw consecutive record lows in delinquencies, meaning the boost has little bite. The increases…
Good Morning! Today is Thursday, June 2. A man carrying a rifle and a handgun killed four people and wounded several others inside a medical office building in Tulsa. The U.S. will airlift baby formula from Europe. Doctors transplanted a 3-D printed ear made from human cells. The Mortgage Note Reports Foreclosure Bump: Zombie foreclosures rose 3% from Q1 to…
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