July 12, 2024
home foreclosures
home foreclosures

Bank of America Corp., the nation’s largest servicer of mortgages, said that it had increased the number of permanent mortgage modifications to 12,700 last month from 3,200 in December. BofA said an additional 13,700 permanent modifications were in their final stage. BofA holds about 1 million mortgages that are at least 60 days delinquent

Nationwide, about 4 million homeowners are 90 days or more delinquent on their mortgages or in foreclosure proceedings, according to Moody’s Economy.com

Celia Chen, a housing economist at Economy.com. said: “trial modifications and other delays have kept many of those mortgages out of foreclosure, but by the end of this year, 2.4 million borrowers are expected to lose their homes.”

If  Chen’s forecast is correct,  these foreclosures would be up from 2.1 million foreclosures and short sales last year and five times the annual numbers earlier in the decade.

Chen said: “It’s unclear when those distressed properties would hit the market, but their large numbers are likely to push home prices back down this year, to a bottom in the fourth quarter.”

Bay Area real estate lawyer

2 thoughts on “Home Mortgages Foreclosure Problems

  1. In many ostensibly socialist countries, the benefits eventually wound up going mainly to the “right people”. There are winners and losers in any system. It’s not the system, it’s the people. They never change, and there will always be alphas around to boss and rip off the rest of us who have the nasty habit of minding our own business and being honest.

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  2. The only way to pay that off is massive inflation– 10-15% every year for 6-8 years. Worst part is the next President will take the fall for Greed the scope of which the world has never seen. So hold on to that house if you can, in a few years it will be worth three times its present value and that mortgage you can’t afford will represent a year’s salary Americans’ Debt Load Threatens the Entire Financial System.

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