Is The Second Wave Slowly Coming? | Delinquent loans

new housing timer“Delinquent loans that fell into a deep sleep after the robo-signing controversy in late 2010 are gradually coming out of hibernation following the finalization of the national mortgage settlement in April 2012,”

 

“Delinquent loans that fell into a deep sleep after the robo-signing controversy in late 2010 are gradually coming out of hibernation following the finalization of the national mortgage settlement in April 2012,”

 

After a tsunami there is a deathly calm which is usually followed by a second wave. Foreclosures seem to be following the same phenomenon. In the article – linked below – RealtyTrac reported on March 28, 2013 that in the first quarter of 2013 the number of properties in some form of foreclosure ROSE 9 percent.

Delinquent Loans Rolling into Foreclosure Inventory after Settlement

 

If you were following some of the national news forecasts this bit of bad news doesn’t seem to make sense. The news reports were stating that the clouds had parted and the sun was indeed shining again on our housing mess. Well what they weren’t taking into consideration was that there are still a lot of upside down and delinquent mortgages and banks had slowed the foreclosure process ONLY because they were trying to settle with the Attorney General’s litigation. Well now that the settlement is over they can resume foreclosing.

The banks would actually much rather a short sale than a foreclosure but if the homeowner stops making their payments and does nothing, then the bank has no choice but to foreclose.

So, indeed, the second wave is coming. My advice is to anyone with an upside down mortgage is to call me today so that you know what your options are. Believe it or not there are some paths out of this mess that are probably better than you thought.

If you have any questions or concerns about your own personal situation I would be happy to give you a FREE one on one legal consultation. You can call me at 916.442.6400 or send me an email at tgreene@tedgreenelaw.com or just visit my website htp://www.upsidedownca.com.