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By Paul A. DiSegna | Real Estate Pro in Rhode Island
  • LPS Reports an About-Face in Delinquency and Foreclosure Movement

    Posted Under: Home Buying in New Jersey, Home Selling in New Jersey, Foreclosure in New Jersey  |  May 18, 2011 5:35 AM  |  345 views  |  No comments

    05/17/2011BY: CARRIE BAY Printer Friendly View

    Lender Processing Services (LPS) says market data it’s pulled through the end of April reveals an increase in the national mortgage delinquency rate and a drop in the industry’s foreclosure inventory.

    Both stats did a complete u-turn from the trajectory they were on the prior month. At March month-end, LPS reported a sharp drop in delinquencies and a smaller, but notable increase in the foreclosure inventory.

    Based on performance analysis conducted on its loan-level database of nearly 40 million mortgage loans, LPS says the ratio of mortgages 30 or more days past due but not yet in

    foreclosure rose to 7.97 percent in April, an increase of 2.4 percent from March. That follows a 12 percent decline between February and March.

    For April, the nation’s foreclosure inventory – which LPSdefines as past dues that have been referred to an attorney but have not yet reached the final stage of foreclosure sale – dropped to 4.14 percent, down 1.6 percent from March. Pre-sale foreclosures between February and March had risen 1.4 percent.

    Altogether, LPS says there were 6,388,000 mortgages 30 or more days delinquent or in foreclosure as of the end of April. That’s up from 6,333,000 at the end of March.

    At April month-end 2,184,000 properties were in the midst of the foreclosure process, and 4,204,000 were at least one payment overdue but not yet referred to a foreclosure attorney. Of the latter, 1,961,000 were 90 or more days delinquent.

    According to LPS’ analysis, the states with highest percentage of non-current loans – which combines foreclosures and delinquencies – are Florida, Nevada, Mississippi, New Jersey, and Georgia.

    States with the lowest percentage of non-current loans include Montana, Wyoming, Alaska, South Dakota, and North Dakota.

  • New Jersey Launches Foreclosure Prevention Program for Unemployed

    Posted Under: Quality of Life in New Jersey, Home Selling in New Jersey, Foreclosure in New Jersey  |  May 11, 2011 5:22 PM  |  378 views  |  No comments

    05/11/2011BY: HEATHER HILL CERNOCH Printer Friendly View

    The New Jersey HomeKeeper Program officially launched this week to provide payment assistance to homeowners in the state who are at risk of losing their homes to foreclosure as a direct result of unemployment or underemployment.

    The latest figures from the New Jersey Department of Labor and Workforce Development reveal the state’s unemployment rate rose to 9.3 percent in March.

    “We understand that New Jersey families – like households around the country – continue to face difficult economic realities, and we want to help them keep their homes as they look for work,” said Lori Grifa, commissioner of the New Jersey Department of Community Affairs (DCA).

    The New Jersey Housing and Mortgage Finance Agency(HMFA), a DCA affiliate, will administer the HomeKeeper Program. The effort is supported by grant money received from the U.S. Treasury Department’s Hardest Hit Fund, a federal initiative that provided funds to 18 states and the District of Columbia to develop localized programs to address the struggles of homeowners in their communities.

    For the homeowners who qualify, the HomeKeeper Program will allow them to focus on becoming reemployed at a level that they can resume making payments on their own,” said Anthony Marchetta, HMFA executive director.

    The program provides zero percent interest rate, deferred payment mortgage loans to unemployed and underemployed homeowners who, through no fault of their own, are financially unable to make their mortgage payments and are in danger of losing their homes to foreclosure.

    The program allows time for homeowners to seek reemployment or to complete an approved job training program. Qualified homeowners could receive up to $48,000 in assistance for up to 24 months.

    The loan will be forgiven in full as long as the homeowner remains in the home for at least 10 years. If the homeowner sells, refinances, transfers, or ceases to occupy the property during that time, the assistance loan is repayable.

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