Florida Mortgage Lender Blog & Real Estate News

Mortgage defaults rise but homeowners stay put

More Californians are failing to make their mortgage payments than at any time in the last 20 years, but fewer of them are losing their homes, according to new figures.

The drop in foreclosures follows moratoriums adopted by major banks and mortgage giants Fannie Mae and Freddie Mac. The increase in loan defaults, meanwhile, suggests that rising unemployment and the continuing recession are still claiming fresh victims.

But another factor in the soaring default rate could be that some struggling homeowners are purposely skipping their payments so that they can get their loans refinanced, industry experts say.

Lenders are so backlogged with requests to adjust loan terms that "they focus on the borrowers who already are circling the drain and ignore the people who are keeping up with their payments," said Jeff Lazerson, president of Mortgage Grader, a Laguna Niguel loan broker. complete story

Source: LATimes.com William Heisel

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Attorney General Bill McCollum new website designed to help homeowners avoid mortgage fraud-related scams.

The website, at /Apps/PageManager/CEIFrame.aspx?URL=myfloridalegal.com/mortgagefraud, provides consumers with easy access to current investigations, complaint forms, and tips to identify and avoid foreclosure rescue fraud. Foreclosure rescue fraud, or fraud involving loan modifications related to foreclosures, is the complaint topic most commonly reported to the Attorney General’s Office and involves the charging of an up-front fee for foreclosure rescue services before any services are provided, if they are provided at all.

“Companies and individuals are taking advantage of our homeowners in these tough economic times by preying on their financial situations,” said Attorney General McCollum. “If we can increase consumer education and empower people to spot scams and avoid them in advance, we can help decrease the number of victims targeted by this fraud.”

Consumers can obtain information about active litigation involving companies the Attorney General has taken action against and can download affidavit forms to fill out if they have been victimized by one of the companies on the list. Consumers can also access a list of investigations being conducted by the Attorney General’s Mortgage Fraud Task Force to see if a particular company is currently being scrutinized. complete story 

 

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