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Archive for May, 2011

LPS Reports an About-Face in Delinquency and Foreclosure Movement

Wednesday, May 18th, 2011

By: Carrie Bay

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 LPS defines 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.

FREE EVENT FOR ARIZONA HOMEOWNERS IN CRISIS

Wednesday, May 4th, 2011

IN-PERSON ADVICE FROM ATTORNEYS AND EXPERTS

–The Consumer Awareness Expo is free but attendance is limited, so register today–

 EVENT INFO:

Saturday May 21, 9:30am-12:30pm

Mesquite Library (4525 E. Paradise Village Parkway N., Phoenix, AZ  85032)

FREE! LIMITED seating! RSVP by May 18th to chicagotitlearizona@gmail.com

The Consumer Awareness Expo will provide homeowners with information about the full spectrum of options available if they are underwater with their mortgage, experiencing financial hardship due to job loss, medical expenses, divorce or other life events. Some of the experts available include:

  • Attorneys from Nagle Law Group and Scottsdale Law Group will assist homeowners with information and options about short sales, foreclosure and bankruptcy options
  • Attorneys from Nelson Law Firm will provide information about tax consequences of short sales or foreclosures on income taxes
  • Real Property Management North Valley will provide information about finding a rental home or apartment, including application information
  • Representatives from Nova Home Loans will be at the event to consult with homeowners who are ready to purchase again and take advantage of these low housing prices
  • Home Affordable Modification Assistance Group will be available to discuss loan modification possibilities
  • Instant Settle Consultants will discuss debt settlement and credit repair options

 “We want to provide consumers with options and answers they can live and move forward with during difficult times,” said event organizer Lisa Capes, Chicago Title Insurance Company. “This event is being held by a group of real estate professionals who are dedicated to educating the public with facts and options for underwater homeowners.”

 This EXPO is FREE to the public and the law firms and agencies are providing their expertise at no charge. Participants must register (by May 18th at http://consumerawarenessexpo.eventbrite.com