Mortgage delinquencies stabilized in the
third quarter, though new foreclosures jumped 21.1% from last quarter
according to the Office of the Comptroller of the Currency.
Foreclosures in process made up about
4.1%, or 1.3 million loans, of the overall mortgage portfolio measured
by the OCC. That's up 0.5% from the second quarter and 7.6% from a year
First-lien mortgages current and
performing changed little in the third quarter, down 0.1 percentage
points to 88% of all loans in the OCC portfolio. Those loans made up
about 87.5% of the portfolio a year ago.
Modifications declined 8.5% from the
second quarter to about 138,000. That includes a 23% drop in mods
through the Home Affordable Modification Program.
Third-quarter modifications reduced
monthly principal and interest payments by 24.4%, or $382. HAMP mods cut
payments by 35.1%, or $567.
The OCC report includes about 62%, or
32.4 million, of all first-lien mortgages in the U.S. worth $5.6
trillion in outstanding balances.
Have you exhausted all of your options trying to save your home
from foreclosure? As you can see from the information above lenders are
starting to ramp up their foreclosure process. Many homeowners have
figured out how to extended their stay by applying for a loan
modification, filing bankruptcy paperwork to stall the bank with no
intent on proceeding with a bankruptcy and/or piece mealing information
to the bank 'trying' to qualify for a short sale which buys more time.
All these options are designed to help struggling homeowners
when done correctly however there are many now taking advantage of this
system to buy themselves 'free time' not realizing what long term
damage they are really causing their financial future. Someday that
homeowner will need to use their credit again perhaps in an emergency
when they need it the most.Â With a 50% -75% increase in HAFA
transactions each month you may be able to participate in the program.Â Now is the time to make the rightchoice for a stable future EDUCATIONÂ is key!Â We can help you find the key to financial stability through education and a greater understanding of your alternatives. Are you missing payments, have you received a notice of default or notice of trustee sale?
Banks are now stepping up their foreclosure process don't sit idle and
wait for your lender to make a decision about your financial future.
Gary and I are all about home retention; in some cases this can be accomplished with others we show our clients the alternatives, all available pre foreclosure options. Confused about what options are available to you? You need to understand what all the implications are, do not make a decision about your financial future until you have sat down with professionals who have a proven track record. Make sure you explore all of your options before you do not have any left to choose from.
If all other options have failed and you need to consider a short sale here are the biggest concerns we hear from distressed homeowners; how am I going to pay for the Realtors commissions and all my closing costs?? The answer is, Your Lender is assuming all of those costs, you will not pay
for the Realtors commissions or the closing costs associated with your
short sale transaction. If a homeowner qualifies for the HAFAprogram and it's successfully negotiated, YOURÂ lender will also pay is up to$3000.00 for moving expenses.
There are many reasons why it is so very important to sit down with a
well educated real estate team who can explain all of these options and
To request your FREE copy of this report click this link:
Click on the report you wish to request or go to: www.SoCalPreForeclosureSpecialists.comÂ click on the resources tab then simply choose the report and it will be emailed to you promptly. This is for homeowners only please.
*Source: Housingwire.com OCC: New foreclosures climb 21.1% in third quarter written by Andrew Scoggin 12/22/2011
Jennifer & Gary Ricco Retired Police Officers Advanced CDPE &Â PSC Keller Williams VIP Properties www.RiccoSellsHomes.com www.SoCalPreForeclosureSpecialists.comÂ Â Â 'Quality Consulting Through Continuous Improvement'Â Serving the Greater Los Angeles and Ventura Counties License numbers 01461940, 01803395 Jennifer was awarded theÂ LA Daily News Readers Favorite Realtor Choice for 2010Â & 2011