NewsDoober
08-20-2009, 08:00 PM
http://i2.cdn.turner.com/money/news/storysupplement/economy/gapmap/unemployment_map_launcher.jpg (http://money.cnn.com/news/storysupplement/economy/gapmap/index.htm)The number of Americans who have fallen at least 30 days behind on their home loan payments jumped 44% in the second quarter from a year ago, according to an industry report.That puts delinquencies at a record 9.24% of mortgages, according to the National Delinquency Report from the Mortgage Bankers Association MBA. That represents more than 4 million of the 45 million borrowers covered by the report.What the rate does not include, however, are loans already in foreclosure. Some 4.3% of all the mortgages are in that stage, up from 3.85% three months earlier and 1.55 percentage points from one year ago.The combined percentage of loans past due and those already in foreclosure hit 13.16% during the quarter, the highest ever recorded by the MBA survey”There was a major drop in foreclosures on subprime ARM loans,” said Jay Brinkmann, chief economist for the MBA, in a prepared statement. “The drop, however, was offset by increases in the foreclosure rates on the other types of loans, with prime fixed-rate loans having the biggest increase.”Indeed, the MBA survey reported that prime, fixed-rate mortgages accounted for nearly one in every three foreclosure starts. That’s way up from a year ago, when only one of every five foreclosure start involved a prime loan.That bodes ill for the future health of the mortgage market. Prime loans make up two-thirds of the mortgage market, and if delinquencies among these mortgages continue to proliferate, the number of foreclosures will soar.
- via CNN (http://money.cnn.com/2009/08/20/real_estate/Mortgage_delinquenciies_keep_rising/index.htm)
After having an attorney review my loan docs this morning, I’m certain now that the only thing Bank of America can take is my home, even though it is worth $130,000 less than my loan.* My lawyer determined that, as long as a don’t trash the place on the way out, I am not open to a deficiency judgment on either the 1st or 2nd loan because mine was a purchase money obligation for a bona fide residential purchase.* He* saw no point in trying to negotiate to get the bank to report “paid as agreed (http://www.bankrate.com/brm/news/debt/20030725a1.asp)” to my creditors when the short sale closes, because he says the bank won’t do that. At least he’d never heard of it.* I may get a second opinion on that one.
Short sale vs foreclosure:
The waiting period before you can buy again with a foreclosure is 5 to 7 years. With a short sale it is only 2 years. If you’ve had no late payments, you can buy another place right away, according to this article (http://homebuying.about.com/od/foreclosures/f/071008_BuyAgain.htm).
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- via CNN (http://money.cnn.com/2009/08/20/real_estate/Mortgage_delinquenciies_keep_rising/index.htm)
After having an attorney review my loan docs this morning, I’m certain now that the only thing Bank of America can take is my home, even though it is worth $130,000 less than my loan.* My lawyer determined that, as long as a don’t trash the place on the way out, I am not open to a deficiency judgment on either the 1st or 2nd loan because mine was a purchase money obligation for a bona fide residential purchase.* He* saw no point in trying to negotiate to get the bank to report “paid as agreed (http://www.bankrate.com/brm/news/debt/20030725a1.asp)” to my creditors when the short sale closes, because he says the bank won’t do that. At least he’d never heard of it.* I may get a second opinion on that one.
Short sale vs foreclosure:
The waiting period before you can buy again with a foreclosure is 5 to 7 years. With a short sale it is only 2 years. If you’ve had no late payments, you can buy another place right away, according to this article (http://homebuying.about.com/od/foreclosures/f/071008_BuyAgain.htm).
http://feeds.wordpress.com/1.0/comments/xenophilius.wordpress.com/16263/ (http://feeds.wordpress.com/1.0/gocomments/xenophilius.wordpress.com/16263/) http://feeds.wordpress.com/1.0/delicious/xenophilius.wordpress.com/16263/ (http://feeds.wordpress.com/1.0/godelicious/xenophilius.wordpress.com/16263/) http://feeds.wordpress.com/1.0/stumble/xenophilius.wordpress.com/16263/ (http://feeds.wordpress.com/1.0/gostumble/xenophilius.wordpress.com/16263/) http://feeds.wordpress.com/1.0/digg/xenophilius.wordpress.com/16263/ (http://feeds.wordpress.com/1.0/godigg/xenophilius.wordpress.com/16263/) http://feeds.wordpress.com/1.0/reddit/xenophilius.wordpress.com/16263/ (http://feeds.wordpress.com/1.0/goreddit/xenophilius.wordpress.com/16263/) http://stats.wordpress.com/b.gif?host=xenophilius.wordpress.com&blog=2907288&post=16263&subd=xenophilius&ref=&feed=1
More... (http://xenophilius.wordpress.com/2009/08/21/mortgage-delinquencies-still-rising/)