EXCLUSIVE: Major lender signals surge in local foreclosures
DATA SHOW BANK OF AMERICA SENDS WAVE OF AUCTION NOTICES TO HOMEOWNERS
More here.
Major lender signals surge in local foreclosures: Data show Bank of America sends wave of auction notices to homeowners
Bank of America, the nation's largest mortgagelender, ramped up its foreclosure activity in March, sending hundreds of letters warning delinquent borrowers in the region that it could sell their homesat auction in as little as three weeks, according to North County Times analysis of data from ForeclosureRadar.
Still more here.
Bank Of America Stops Kicking the Can
Big Banks Moving to the End Game
From the kick the can file, it looks like clock is about to strike twelve for thousands of delinquent borrowers.
Out of both time and options, the big banks are reportedly ready to put an end to it all.
"Here It Comes" - Foreclosures
Come the spring selling season you're going to see the inventory of homes that were "HAMPd" and failed for whatever reason hit the market. This is not a trivial number of houses - there are close to 750,000 homes currently under trial modifications, and only a tiny number of them - something like 30,000 - have converted to permanent payment changes.
The number of "permanent" modifications has improved significantly in the last three months, but it still leaves hundreds of thousands of homes that people have not made payments on for a year - and sometimes two - in the pipeline.Many people "poo pooed" my prediction that a veritable tsunami of foreclosures would hit the market.Bank of America, the nation's largest mortgage lender, ramped up its foreclosure activity in March, sending hundreds of letters warning delinquent borrowers in the region that it could sell their homes at auction in as little as three weeks, according to North County Times analysis of data from ForeclosureRadar.The bank said the increased activity was a natural consequence of borrowers running out of options.
Actually, it's a natural consequence of the government (finally) pulling back the curtain on the BS "extend and pretend" games, (correctly) determining that at somepoint you have to swallow that canary in the cat's maw - or spit it back out.
Come the spring selling season you're going to see the inventory of homes that were "HAMPd" and failed for whatever reason hit the market.
This is not a trivial number of houses - there are close to 750,000 homes currently under trial modifications, and only a tiny number of them - something like 30,000 - have converted to permanent payment changes.
Bank of America, the nation's largest mortgage lender, ramped up its foreclosure activity in March, sending hundreds of letters warning delinquent borrowers in the region that it could sell their homes at auction in as little as three weeks, according to North County Times analysis of data from ForeclosureRadar.
The bank said the increased activity was a natural consequence of borrowers running out of options.
Read all about it, with no sugar coating, at the Market Ticker. . . Click here.
March Foreclosures
Surge To Absolute
Record, At 369,491, 19% Jump
from February
By Tyler Durden on 04/14/2010 of ZeroHedgeCalifornia alone accounted for 23 percent of the nation’s total foreclosure activity in the first quarter, with 216,263 properties receiving a foreclosure notice — the nation’s highest foreclosure activity total.
Florida’s total was second highest, with 153,540 properties receiving a foreclosure filing during the quarter, and Arizona’s total was third highest, with 55,686 properties receiving a foreclosure filing during the quarter.
READ MORE HERE.
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