Certified Forensic Loan Auditors, LLC

 
  Upcoming Classes

Search CFLA's Article Archive:

Foreclosure Inventories Set New High in Florida, But No New Wave Seen

blogs.wsj.com | July 10, 2014

By Nick Timiraos

The volume of foreclosed properties held by Fannie Mae and Freddie Mac in the state of Florida reached a new high at the end of March, surpassing the previous peak reached at the end of 2010.

So is this a sign that the foreclosure crisis is getting worse? Not really.

To understand the new record, which was pointed out by housing economist Tom Lawler in a recent research note, it helps to have a handle on the ebbs and flows of the foreclosure process, which is governed by state law. Florida requires banks and mortgage companies to take back property through court.

The foreclosure crisis upended few states as badly as it did Florida. Making matters rose, banks have had a terrible record moving those properties through the state’s court system. In 2010, evidence surfaced to show that banks and their attorneys were routinely trying to pass off forged assignments and other substandard loan documentation to rapidly process growing backlogs of foreclosures. The slowdowns that resulted from this so-called “robo-signing” scandal were particularly acute in states such as Florida, where the courts oversee the foreclosure process.

Foreclosures dropped sharply throughout 2011 as banks withdrew cases to correct those foreclosure filings. Foreclosed property holdings at Fannie and Freddie dropped from around 28,000 as of October 2010 to less than 12,000 one year later. Inventories have grown steadily over the last three years, to surpass 30,000 at the end of March.

Many of the properties going back to Fannie and Freddie today are likely mortgages that have been delinquent for a long time, as opposed to newly delinquent borrowers, which would be an arguably bigger concern for the housing market.  Florida loans that completed the foreclosure process in the first quarter at Fannie hadn’t made any payments in more than 1,300 days.

The level of mortgages that are 90 days or more past due or that are in the foreclosure process in Florida is still high, at around 10.7% of all mortgages at the end of last year, according to the Mortgage Bankers Association. But that is down sharply from 32.4% of all loans nearly four years ago, as clear a sign as any that the foreclosure flood waters are finally receding.

Nationally, around 660,000 mortgages referred to foreclosure hadn’t yet completed the foreclosure process as of May. That’s down from 1 million such properties one year earlier, according to CoreLogic Inc., a data provider, or a drop of around 37%.

 

Back to July 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

SEE BELOW- http://www.certifiedforensicloanauditors.com

Call us toll free at 888-758-2352

Bookmark and Share
spacer
Facebook Like us on Facebook
Twitter Follow us on Twitter
YouTube View our YouTube Videos
LinkedIn Connect to us on Linkedin
 
BBB Logo

 

spacer
Contact us or view our Sample Documents & Audits by completing the form below.

  • Reload
  • Should be Empty:




 

DVD Sets Only $99

 

FREE Mortgage Fraud Analysis

 

Order Cutting-Edge Services Now

 

Quiet Title Packages from Licensed Attorneys

 

Affiliate Services

 

CFLA Sponsored Attorney Links

 

Take-Home Education Package

 

ALB Law Firm

 

Advocate Legal

 

The True News Network

 

Rubenstein Business Law

 

Atighechi Law Group

 

Scunziano & Associates

 

Get Certified to Perform Mortgage Securitization Audits

 

CFLA Training Academy

 

Expert Witness Services

 

Cutting Edge Expert Securitization Reports

 

CFLA Credit Cards

 

Breaking News

 

Letters to the Editor

 

CFLA Weekly Newsletters

 

Code of Ethics

 

Testimonials

 

Instructional Videos

 

Job Opportunities

 

License Opportunities

 

MARS Rule

 

Product Samples

 

Resource Links

 

Servicer Information

 

Foreclosure Laws

 

REST Report

 

Quiet Title Packages from Licensed Attorneys

 

Advertise on CFLA

 

Advertising Space: Mortgage Securitization, Quiet Title

 

Certified Forensic Loan Auditors, LLC
13101 West Washington Blvd.
Suite 444
Los Angeles, CA 90066

Toll Free: 888-758-CFLA (2352)
Mobile Users: CLICK TO CALL
info@certifiedforensicloanauditors.com

   
 
CFLA IS NOT A LAW FIRM AND DOES NOT PROVIDE ANY LEGAL ADVICE. CFLA DOES NOT OFFER FORECLOSURE CONSULTING OR FORECLOSURE RELIEF
SERVICES. CFLA DOES NOT OFFER OR ASSIST WITH ANY LOAN MODIFICATION SERVICE. CFLA ALWAYS RECOMMENDS THAT CLIENTS RETAIN COMPETENT COUNSEL IN THEIR RESPECTIVE JURISDICTION. CFLA HAS A FREE PROGRAM TO REFER CFLA CLIENTS TO LAW FIRMS IN NEARLY EVERY STATE AND CFLA
DOES NOT CHARGE OR OBTAIN REFERRALS FEES FOR THESE SERVICES. SERVICES NOT OFFERED TO RESIDENTS OF THE STATE OF NEVADA.

 
Home About Us Privacy Policy Terms of Service Disclaimer SERVICES Careers Contact Us
 
COPYRIGHT © 2007-2016 Certified Forensic Loan Auditors ™ All rights reserved