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Thursday, February 10, 2011

Mortgage default notices slow sharply in January

Lenders as choosing not to file notice of default in cases.  Even though the borrower has not for over 6 months the banks, at this point, are not pursing defaults and foreclosures.
Some lenders that put foreclosure actions on hold temporarily last year have since resumed, but at a more measured pace, causing a decline in the foreclosure-related notices sent to households last month. Banks also have been letting borrowers who have missed payments stay in their homes longer so they can delay adding to their backlog of bad loans.
"We are still seeing the lingering after-effects of the documentation issues that plagued lenders through the last quarter of 2010," said Rick Sharga, a senior vice president at RealtyTrac. "In some cases . courts are being more demanding and more particular about what they'll even allow to go into foreclosure."
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