Foreclosure

Attorney Geoffrey K. Milne details a recent case involving the state of Connecticut’s Emergency Mortgage Assistance Program (EMAP), a program intended to assist homeowners in avoiding foreclosure.

With an estimated 2,200+ structures reported destroyed or damaged in Hawaii, 86% of them residential homes, the GSEs are offering guidance for homeowners impacted in the region.

As the nation continues to struggle with inflation and high mortgage rates, Fannie Mae and Freddie Mac completed more than 5,100 permanent loan modifications in May, according to the latest FHFA Foreclosure Prevention and Refinance Report.

Marina Walsh, CMB, MBA’s VP of Industry Analysis, reported that “FHA delinquencies rose 10 basis points compared to year ago levels. … As the economy slows and labor market cools, homeowners with FHA loans are likely to feel the distress first.”

ATTOM reports that nationwide, one in every 4,380 housing units reported a foreclosure filing in July 2023, with Maryland leading the pack with one in every 2,071 housing units reporting a foreclosure filing.

Those who move from renting to the homeowning game are not necessarily getting the full return out of their mortgages. A new report from Point2 found that homebuyers who trade their rent for a mortgage of the exact same amount (complete with fees and taxes) do not necessarily get more bang for their buck.

Members of the Board of the NRBA (National REO Brokers Association) were featured in a recent webinar discussing the next boom in REO business, and how to adjust your systems to deal with a growth in volume.

Attorney Adam Diaz details a recent decision in the Sunshine State to reverse a final judgment of foreclosure entered in favor of a lender, finding that the foreclosure was barred by the five-year statute of limitations.

ormer CFPB Senior Counsel Colgate Selden partners with Alan Lindeke to bring a combined 40-plus years of senior legal, risk, compliance, and executive leadership roles to new law firm.

Half of all homeowners paying mortgages are equity-rich, according to ATTOM's 2023 U.S. Home Equity & Underwater Report, while the share of seriously underwater mortgages also improved, resting at 2.8%.