Foreclosure processing timelines are just getting longer, with the average loan in foreclosure today delinquent by 587 days[1]. And while the number of actual foreclosures is down, the number of loans in foreclosure or “seriously delinquent” (more than 90 days past due) has been reported as up 12.8 percent over last year, though it should be noted that this number is actually trending down when viewed relative to recent months[2]. Interestingly, of the seriously delinquent mortgages on the books, almost half (“more than 40 percent” according to Real Estate Economy Watch) have not been paid in more than a year. And nationwide, 35 percent of loans actually in foreclosure have been delinquent for more than two years.
Do you think that it is good that homeowners apparently are getting more time to resolve their housing issues thanks to this extended foreclosure timeline? In your experience, is it possible to come back from this type of delinquency?
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[1] http://www.realestateeconomywatch.com/2011/08/foreclosure-timeline-soars-to-587-days/
[2] http://www.clearonmoney.com/dw/doku.php?id=investment:commentary:2011:06:29-the_pool_of_seriously_delinquent_loans_continues_to_slowly_shrink
Yes,YES with some creative thinking by the lenders.
Absolutely, lets not overlook the illegal methods the big 3 used to satisfy thier desires. The simple and easy method H.A.M.P provides to stop the process and slow the further errosion of property values. They routinely stall, lie and mislead the consumer into thinking he doesnt qualify How quick we overlook the responsibility these crooks have for creating products that were doomed to fail and the billions made on the secondary. Ask your self why B of A, chase and wells fargo can take a purchase from application to close in 3 weeks( when they make money) and a modification that has 50% less paperwork, no appraisal review, credit or asset documentation review doesnt close for 18 months? Google country wide read how the CEO ran that company into the ground got a golden parachute and formed a company and bought back those junk loans for pennies on the dollar made millions from flipping them. Read the sweatheart deal one west got for buying indymac assets they abosulety cant lose money as gauranteed by the fdic regardless what they sell a property for all on the backs of the American public.