May

8

Foreclosure Filings Take Double-Digit Drop in April

Foreclosures filings dropped significantly across the country last month. Just under 100,000 pre-foreclosures and notices of pending foreclosure auctions were filed nationwide in April, down 14.3 percent from the almost 115,700 filings in the previous month, according to the latest numbers from ForeclosureS.com, a California-based real estate investment advisory firm and publisher of foreclosure and property information.

Another nearly 40,000 properties were taken back by lenders-known as REO or bank-owned real estate filings-in April, also down 14 percent from March numbers. 

Charles Kin replies:

An article in American Banker indicated some large lenders, particularly Washington Mutual, are taking steps to allow some problem borrowers to refinance into traditional fixed-rate loans, and are open to negotiating a 1-2 month payment holiday, depending on the equity situation of the borrower.

Note that Freddie Mac (which is now sporting a larger balance sheet than Fannie Mae ) has indicated increased capacity to purchase loans at the lower end of the FICO/LTV spectrum. 

Archives

Resources & Links

Search