The ABI cited the Wall Street Journal as having said that legal snarls, bureaucracy and well-meaning efforts to keep families in their homes are slowing the flow of properties headed toward foreclosure sales, even when borrowers are in deep distress. While that buys time for families to work out their problems, some analysts believe the delays are prolonging the mortgage crisis and creating a growing "shadow" inventory of pent-up supply that will eventually hit the market. As of July, mortgage companies had not started the foreclosure process on 1.2 million loans that were at least 90 days past due, according to estimates prepared by LPS Applied Analytics, which collects and analyzes mortgage data. An additional 1.5 million seriously delinquent loans were somewhere in the foreclosure process, though the lender had not yet acquired the property. Moreover, there were 217,000 loans in July where the borrower had not made a payment in at least a year but the lender had not started the foreclosure process. In other words, 17 percent of home mortgages that are at least 12 months overdue are not in foreclosure, up from 8 percent a year earlier.
Warmest Regards,
Bob Schaller
Your Bankruptcy Advisor Blog
By: Attorney Robert Schaller (Bob's bio) of the Schaller Law Firm
Bob is a member of the National Bankruptcy College Attorney Network, American Bankruptcy Institute and the National Association of Consumer Bankruptcy Attorneys.
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Thursday, October 1, 2009
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