After a substantial decline last week, the number of borrowers in coronavirus-related mortgage bailout programs dropped by a lot less this week.
It’s a signal that homeowners still need a lot more help in order to recover from the ongoing economic ills of the pandemic. There are also indications that a new foreclosure crisis could be on the horizon.
As of this week, 3.7 million borrowers are still in government and private sector mortgage forbearance programs. That’s about 7% of all active mortgages, according to Black Knight, a mortgage technology and data firm. The...
Ready or not, California is poised to end its historic ban on evictions and foreclosures, a possibility that has lawmakers rushing to extend the measure.
Remarks released this week by California Chief Justice Tani Cantil-Sakauye indicate that the temporary ban could be lifted as soon as Aug. 14, when the state Judicial Council will vote again.
In April, the Judicial Council ruled that California courts would not process orders related to commercial and residential evictions and foreclosures. Now, Cantil-Sakuye said the matter should turn to the legislature “for...
California Attorney General Xavier Becerra issued a letter to 33 mortgage servicers, reminding them of their obligations to homeowners and tenants under the state's Homeowner Bill of Rights. The letter comes as homeowners throughout the state brace for a wave of COVID-19 related foreclosures and post-foreclosure evictions.
"As the dual economic and public health crises continue, many California homeowners may fall behind on their mortgage payments," Becerra wrote in his letter. "During times like these, we must rely on laws, such as the California Homeowner Bill of...
The coronavirus pandemic may have ballooned Southern California homeownership’s geographic divide to a level not seen in 16 or more years.
New Census Bureau stats on who owns the home they live in shows ownership at a 12-year high in the Inland Empire while still running at a national low in Los Angeles and Orange counties.
In Riverside and San Bernardino counties, 67.8% of households lived in a residence they owned in the second quarter — highest since 2008’s second quarter. While that ranked No. 43 among the 75 big metropolitan areas tracked by the bureau, it was u...
Coronavirus-linked business shutdowns have more than doubled the number of Southern California homeowners who are missing mortgage payments.
CoreLogic reports 6% of borrowers in Los Angeles and Orange counties in April were late 30 days or more with their mortgage payments vs. 2.3% delinquent a year earlier. In the Inland Empire, 7.1% of borrowers were at least up 30 days late vs. 3.5% in April 2019.
“Stay at home” orders began throttling the economy in the late winter, forcing many employers to cut jobs. Southern California unemployment was 17% in May.
It is hard to forget the image of entire street blocks jammed with foreclosure signs pushed into front lawns.
The shadow of the Great Recession hangs over the coronavirus crisis and it is easy to see why many assume that Americans will start losing their homes again, especially considering record unemployment and a host of economic problems related to COVID-19.
Housing analysts and economists largely agree though that it will be a long time before banks start selling homes. They say that the fear — or hope — of thousands of homes flooding the San Diego market mi...
Wells Fargo Bank will make loans and credit cards available to young, undocumented immigrants in the DACA program — as long as it lasts — and pay up to $19.6 million to settle a lawsuit over its former policy, advocates for the immigrants announced Wednesday.
The bank was accused in a 2017 lawsuit of violating federal and state laws by denying mortgage and consumer loans and credit cards to participants in Deferred Action for Childhood Arrivals, a program established by President Barack Obama in 2012.
DACA allows immigrants who entered the United States without docum...
The number of mortgages in forbearance fell for the second consecutive week, Black Knight said in a report on Friday.
The number of loans with suspended payments dropped to 4.66 million this week from 4.73 million, the mortgage data firm said. Measured as a share of all mortgages, forbearances dropped to 8.8% from 8.9% in the prior week, according to the Black Knight data.
Millions of Americans sought help with their mortgages after the COVID-19 pandemic sent the U.S. economy into the steepest contraction in more than eight decades.
Predatory lending is any unfair practice that diminishes a borrower’s ability to repay debt and serves to benefit the lender. Predatory lending tactics may involve loans with high interest rates, hidden and excessive fees, undisclosed terms and more. Predatory lenders typically target vulnerable borrowers and trap them in cycles of debt that can lead to foreclosure and even bankruptcy.
11 WARNING SIGNS OF PREDATORY LENDING
There are plenty of steps you can take to detect and avoid predatory lending. The first step is identifying red flags that may arise during the ho...
Back in March, Fannie Mae, Freddie Mac and the Department of Housing and Urban Development suspended all foreclosures and evictions for 60 days to ensure that people didn’t lose their homes as the coronavirus was shutting down the U.S. economy.
The agencies’ foreclosure and eviction freeze was set to end on May 17, 2020, but Thursday, each of those agencies announced that they are extending their suspensions of foreclosures and evictions through the end of June, at least.
According to HUD, the freeze applies to single-family mortgages and rev...