Tag Archives: Percent

S. California Foreclosures Drop Over three Percent In February 2009

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Mt. Pleasant, PA (PRWEB) March 26, 2009

Default Research, the premier provider of preforeclosure real estate data in Southern California, is reporting that Notice of Defaults and Notice of Trustee Sales recorded in Southern California dropped 3.54 % from February 2008 to February 2009. For far more detailed Southern California region foreclosure statistics listed by county, please check out http://marketplace.defaultresearch.com

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Housing indicators show a continued reduce in house inventories while median house rates are beginning to level out,” said Serdar Bankaci, founder of Default Study. “With the complete effects of the numerous stimulus packages, along with the president’s new Mortgage Modification plan, we may possibly begin to have some hope for the housing market place.”

Foreclosure Sales Enhance 24.7 Percent

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Discovery Bay, CA (PRWEB) July 15, 2009

ForeclosureRadar (http://www.foreclosureradar.com ), the only site that tracks every single California foreclosure, and supplies daily auction updates, issued its month-to-month California Foreclosure Report for June 2009. For the third consecutive month, foreclosure sales jumped significantly as lenders come off the moratorium. Foreclosure sales enhanced by 24.7 % following a 31.9 % increase in May possibly, and a 35 % April boost. Notices of Trustee Sale dropped by an unexpected 28.7 percent, with the timing of the drop indicating that it was in response to the California Foreclosure Prevention Act. This law was broadly believed to have small or no effect on foreclosure filings, as it exempted the majority of massive lenders that operate in the state.

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High-level findings for June 2009 consist of:&#13

Right after a 4.2 % drop the prior month, Notices of Default, the initial step in the foreclosure process, rose by 11.8 % to the second highest level on record at 45,691 filings. Year-over-year filings enhanced by 10. percent from June of 2008.&#13
Notices of Trustee Sale, which set the auction date and time, dropped by a surprising 28.9 percent from Could to 29,853 filings. Notice of Trustee Sale filings also dropped year-over-year by 14.8 percent.&#13
A total of 22,291 foreclosures were taken to sale at auction, representing loan worth of $ 9.57 Billion dollars a 24.7 percent increase from the prior month, although 8.2 percent lower than the prior year. The opening bids set by lenders were an average 39.3 % decrease than the loan balance, with 46. % of sales discounted by 50. percent or far more.&#13
Sales to third party bidders at auction in June improved by 18.3 % from Could, to two,687 foreclosures. As a percentage of sales, the majority of foreclosures nevertheless continue to be taken back by the lender 87.9 percent or 19,604 sales, with a total loan value of $ 8.44 Billion, have been taken back by the lender in June. &#13
A new statistic they are watching closely is the number of properties actively scheduled for sale – which means that a Notice of Trustee Sale has been filed to set the auction date and time, but the foreclosure has not but been sold or canceled. Under California’s foreclosure code, a foreclosure sale can be postponed repeatedly for a single year before a new Notice of Trustee Sale has to be filed. Whilst postponements are quite widespread, they have reached record levels in current months, swelling the number of scheduled foreclosures 90.1 % year-more than-year to 113,141. &#13
“A number of lenders seem to have self-imposed California’s most recent foreclosure moratorium on themselves, in spite of possessing received an exemption from it,” says Sean O’Toole, founder and CEO of ForeclosureRadar. “Provided the number of exempt lenders it was quite surprising to see Notice of Trustee Sale filings drop by practically 50 % the day the new law went into impact.”&#13

The California Foreclosure Prevention Act adds an further 90 days to the time before which a lender can file a Notice of Trustee Sale. Lenders can avoid this further requirement by placing in location a comprehensive loan modification plan and nearly all main lenders operating in the state have been exempt as of June 16th, however filings nevertheless dropped drastically. Among the several authorized lenders whose filings dropped from May possibly to June, Bank of America’s filing declined by 48 %, and Litton Loan Servicing Declined by 41 percent. At the identical time, a handful of lenders substantially enhanced their filings in June like CitiMortgage by 69 % and Downey Savings by 45 %. Notice of Trustee Sale filings had been climbing late in the month so it remains unlikely this law will have any lengthy-term effect on foreclosure activity.

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Sign up to receive the California Foreclosure Report.

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CALIFORNIA FORECLOSURE REPORT METHODOLOGY&#13

Rankings are based on population per foreclosure sale. NOD indicates the quantity of Notices of Default that were filed at the county, and NTS indicates filed Notices of Trustee Sale. Sales indicates the quantity of properties sold at foreclosure auction. Percentage alterations are based on monthly Sales. The information presented by ForeclosureRadar is primarily based on county records and individual sales benefits from every day foreclosure auctions throughout the state – not estimates or projections.

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ABOUT FORECLOSURERADAR.COM&#13

ForeclosureRadar is the only web internet site that tracks every foreclosure in California with everyday updates on all foreclosure auctions. ForeclosureRadar characteristics unprecedented tools to search, manage, track and analyze preforeclosure, foreclosure auction, brief sale and bank owned real estate. The internet website was launched in May possibly 2007 by Sean O’Toole, who spent 15 years developing and launching software organizations prior to entering the foreclosure company in 2002 exactly where he successfully bought and sold far more than 150 foreclosure properties. ForeclosureRadar is an indispensable resource for true estate agents, brokers, investors, lenders, mortgage brokers, attorneys and other actual estate professionals specializing in the California real estate marketplace.

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LawyersandSettlements.com Reports A 70 Percent Spike In Mortgage Complaints More than Final Year Lawsuits Alleging Bank Misconduct Continue To Be Filed

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Santa Cruz, Calif. (PRWEB) October ten, 2012

While the aftermath of the sub-prime mortgage crisis has seen a quantity of massive U.S. banks defending themselves against charges of misconduct, new information reported by LawyersandSettlements.com indicates consumers are still getting impacted by the crisis. Mortgage-associated complaints submitted to the legal news site have continued to improve year-more than-year as readers continue to seek out legal aid in dealing with foreclosures and discriminatory lending practices.

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LawyersandSettlements.com has reported a 70 % jump in mortgage complaints from January through June 2012 compared with the identical period a year ago. In addition, mortgage complaints to the site have risen 114 percent so far this year vs. a comparable period 5 years ago, in 2007. Complaints are submitted to the legal news web site in order to seek legal aid.

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There are three main categories for which mortgage complaints to LawyersandSettlements.com continue to be submitted:

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1. Predatory and Discriminatory Mortgage Lending. One particular instance of a mortgage lawsuit involving discrimination was the current U.S. Division of Justice case involving Wells Fargo (United States v. Wells Fargo Bank, NA (D.D.C.)). The case was the second biggest fair lending settlement in the departments history. As part of the discriminatory lending settlement, Wells Fargo agreed to pay $ 175 million to settle allegations that it charged African-Americans and Hispanics greater costs and prices on mortgages than for Caucasian borrowers with similar credit profiles. Wells Fargo stated its intent to settle the mortgage lawsuit was to keep away from contested litigation, and that it treated all consumers fairly without regard to race or ethnicity. This, in spite of the massive numbers of discriminatory lending victims uncovered by a government investigation.

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In addition to racial discriminatory lending complaints, LawyersandSettlements.com has also received predatory lending complaints from seniors who allege they have been targeted with items ranging from mortgages with an introductory low price (that rises substantially later on), to reverse mortgages that eat up a homeowner’s equitysometimes without the homeowner fully realizing the correct supply of the nonetheless welcomed earnings.

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Wells Fargo was the target of a reverse mortgage lawsuit final year in Chandler v. Wells Fargo &amp Co., Case No. 11-cv-03831, U.S. District Court, Northern District of California (San Francisco). The mortgage lawsuit, which was filed as a class action, is nevertheless pending. It accuses Wells Fargo of disregarding federal rules on reverse mortgages and forcing homeowners into foreclosure instead of giving heirs a likelihood to buy the residences.

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2. Foreclosures. Foreclosure complaints comprise the second category contributing to the rise in mortgage-related complaints submitted at LawyersandSettlements.com. A single foreclosure lawsuit recently filed by Jay Fenello of Woodstock, Georgia (Fenello v. Bank of America, Case No. 1:11-cv-04139-WSD, U.S. District Court, Northern Division, Georgia) alleges Bank of America has been acting in violation of the terms for foreclosure procedure set forth in U.S. et al v. Bank of America Corp., et al (Case No. 1:12-cv-00361-RMC, U.S. District Court, D.C.). In the filing, Fenello’s allegations center on attempts made by Bank of America to foreclose on his home whilst engaging in illegal and unethical practices, including misrepresenting eligibility criteria for loan modifications.

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3. Investment Loss Stemming from Mortgage-backed Securities. The failure of mortgage-backed securities stemming from the sub-prime mortgage meltdown of a couple of years ago has left numerous investors with substantial losses right after becoming advised that such securities have been low-, or even no-danger investments. In re Lehman Brothers Mortgage-based Securities Litigation, Case No. 08-CV-6762, U.S. District Court, Southern District of New York, plaintiffs in the class action lawsuit have been awarded $ 40 million in damages. LawyersandSettlements.com continues to obtain complaints with regards to mortgage-backed safety monetary losses from its readership.

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About LawyersandSettlements.com&#13

LawyersandSettlements.com provides extensive legal news and crucial info for these impacted by as soon as-in-a-lifetime circumstances involving health-related device lawsuits, individual injury, defective products, California overtime and labor problems or a host of other people. Readers seeking legal assist can request it by completing a form which is distributed to attorneys specializing in these instances. Trial attorneys utilize the internet site to hold abreast of hot legal troubles and settlements as properly as connect with potential customers.

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About On the internet Legal Media&#13

On-line Legal Media owns and operates internet sites delivering information for the basic public and the legal neighborhood. LawyersandSettlements.com, founded in 2001, is an on the web legal news publication with over 2.5 million visitors annually and hundreds of thousands of requests for lawyer assist from its readership. OnlineLegalMarketing.com serves as a portal for trial attorneys to network and to market their firms to other attorneys and legal experts. HealthEffectsOfAsbestos.com gives up-to-date resources and news for those suffering from asbestos exposure and mesothelioma. On the internet Legal Media is primarily based in Santa Cruz, California.

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