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Freddie Mac Announces Holiday Eviction Moratorium; Confirms …

Freddie Mac Announces Holiday Eviction Moratorium; Confirms Natural Disaster Relief Policies

MCLEAN, VA–(Marketwired – Dec 11, 2017) – Freddie Mac (OTCQB: FMCC) announced today a nationwide suspension of eviction lock-outs between Dec. 18, 2017 and Jan. 2, 2018. The moratorium applies to all foreclosed, occupied homes owned by Freddie Mac. The company also confirmed it has suspended all foreclosure sales in eligible disaster areas impacted by Hurricanes Harvey, Irma and Maria.

“As we have done in past years, we are suspending evictions over the holidays. For borrowers who may be experiencing financial challenges we strongly urge them to contact their mortgage servicer to explore one of the Freddie Mac workout options,” said Yvette Gilmore, Freddie Mac’s Vice President of Single-Family Servicer Performance Management.

Eviction Moratorium News Facts:

  • The holiday suspension will apply to eviction lockouts on Freddie Mac real estate owned homes but will not affect other pre- or post-foreclosure activities.
  • Companies managing local evictions for Freddie Mac may continue to file documentation as needed during the suspension period.
  • Freddie Mac has helped more than 1.3 million financially troubled borrowers avoid foreclosure since 2009. For more information on Freddie Mac mortgage relief, visit My Home by Freddie Mac(SM).

About Freddie Mac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for approximately one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog.

MEDIA CONTACT:

Chad Wandler

703-903-2446

Chad_Wandler@FreddieMac.com

Article source: https://www.benzinga.com/pressreleases/17/12/m10898122/freddie-mac-announces-holiday-eviction-moratorium-confirms-natural-dis

Fannie Mae Announces Eviction Moratorium for the Holidays

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Article source: https://www.prnewswire.com/news-releases/fannie-mae-announces-eviction-moratorium-for-the-holidays-300569545.html

How to Sell Your Cocoa Beach House for Cash

By  //  December 10, 2017




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COCOA BEACH, FLORIDA — Despite certain sectors of Florida’s economy showing improvement, many homeowners throughout Cocoa Beach and the rest of Brevard County continue to face formidable challenges to paying bills and supporting a family.

Repair issues stemming from Hurricane Irma and other storms from the past year have snowballed into an intimidating pile of bills for many homeowners across the Space Coast. Ultimately, many homeowners reach a point where they ask crucial questions, including:

Can I sell my house without a Florida real estate agent?

Can I get a cash offer on my house, even if it has storm damage?”

For families or any homeowner looking to sell their home as quickly as possible, a real estate agent may not always be the best option. The prospect of red tape, paperwork and other obstacles form a daunting mountain of tasks to complete. That’s when homebuyers such as Timothy Doyle of DC Capital Group USA become a viable and practical solution for many homeowners.

Based in Orlando, DC Capital Group USA has purchased over $166 Million in Central Florida area real estate through a process that involves several options to provide immediate financial relief to the homeowner, including cash offers for Central Florida and Orlando-area homes.

Related Story:
How to Sell a Hurricane-Damaged Florida Home With No Agent

If you’re a homeowner looking for a low-stress, straightforward solution to selling your home quickly,  read through Doyle’s tips below regarding short sales.

Timothy Doyle

“For various reasons, many homeowners owe more money on their homes than the property is worth,” Doyle said. “You have heard terms like under water or upside down, but the real estate phrase is over-leveraged. Over-leveraged property is problematic and expensive for the owner and the lender. The owners, especially those having difficulty repaying their mortgage, are either unable or not motivated to maintain or improve the property. Good stewardship goes unrewarded. Lenders do not want to foreclose because the properties under-perform, which means they cost money without a return on investment, the added expense hurts bank liquidity and lowers asset values. Real estate lenders are not interested in losing real book value.”

How can these situations resolve?

The short sale is when your mortgage bank agrees to take less than what is currently owed on the unpaid balance. A short sale can provide mutual benefits for both the homeowner and the bank because it helps both parties avoid foreclosure.

The lender releases the property from the entire mortgage lien, the new owner receives full and clear title to the property at the current market price, and the seller reduces or eliminates their debt load. A win-win-win compromise.

The primary reasons to consider cash offer services:

    • You owe more money on your house than it’s worth
    • Your payments have drastically risen because of an adjustable rate mortgage.
    • You lost your job or are experiencing some other type of financial hardship.
    • You want to avoid the devastation of having a foreclosure on your credit for the next 10 years.
    • You need to get out of a bad investment and move on with your life.
    • Homeowners have everything to gain by developing an exit strategy for over-leveraged property.
    • Let us get you a fair offer on your Orlando home and we can take the weight of the world off your shoulders.
    • The seller can remain in the house during the process without making payments
    • Closing costs and realtor commissions are paid for by the lender

If any of those reasons resonate with your family and  your current situation, visit WeBuyHousesOrlandoFlorida.com 

Doyle is the CEO of I BUY PROPERTY FLORIDA and We Buy Houses Orlando. He has over 10 years of full time experience in Real Estate sales, loans, and valuation. *Please keep in mind that Mr. Doyle’s advice do not necessarily reflect the opinion of Space Coast Daily.

 


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Article source: http://spacecoastdaily.com/2017/12/how-to-sell-your-cocoa-beach-house-for-cash/

Profit Sharing OK’d in Tax Sale Foreclosures Under ‘Flexible’ Standard

A New Jersey appeals court has ruled that an intervenor in a tax sale foreclosure may become a party to the proceedings by offering a profit-sharing deal to the distressed property owner.

The appeals court in FWDSL Associates v. Berezansky affirmed a Somerset County ruling in favor of an intervenor, Bandi Property Group. The decision rejected the plaintiff’s claim that intervention under such circumstances runs contrary to a 2007 Supreme Court decision barring intervention by parties who acquire an interest by paying only nominal consideration to the property owner.

The Dec. 5 decision could undermine the tax sale system by making it more profitable to be an intervenor than a purchaser of tax sale certificates, said Keith Bonchi, the lawyer for plaintiff FWDSL.

The case stemmed from a 2013 tax sale where FWDSL bought a certificate for unpaid property taxes on the home of Richard and Donna Berezansky in Manville. The couple failed to redeem the certificate, and after waiting the required two years and paying subsequent taxes on the property, FWDSL filed a foreclosure complaint in October 2015 against the Berezanskys. The complaint also named the state of New Jersey, which had a judgment for $70,000 against Richard Berezansky.

In February 2016, Bandi moved to intervene, asserting it held title and was party to a profit-sharing deal with the Berezanskys.

Public records put the assessed value of the Berezanskys’ property at $314,792. Besides the $70,000 owed to the state, the property was encumbered with $43,000 in tax liens. Because the Berezanskys said they could not pay their tax liens, Bandi’s agreement with the property owners called for Bandi to pay off the liens and judgment and to pay the Berezanskys $10,000. The agreement also called for Bandi to perform certain renovations on the property and to sell it at fair market value, with the couple free to stay in the house rent-free until July 2, 2016, Upon sale of the property, 65 percent of net proceeds went to the Berezanskys and 35 percent to Bandi.

Chancery Division Judge Margaret Goodzeit ruled that the benefits obtained by the Berezanskys in the deal were not nominal. On appeal, FWDSL claimed that the profit-sharing deal is contrary to public policy, and that it is impossible to determine whether the property owners’ compensation in the deal was nominal or not.

On appeal, FWDSL contended that the actions of Bandi were barred by the Supreme Court’s 2007 decision in Simon v Cronecker, which said that tax sales law ”does not prohibit a third-party investor from redeeming a tax sale certificate” so long as the investor “pays the property owner more than nominal consideration for the property.”

But Appellate Division Judges Clarkson Fisher Jr., Douglas Fasciale and Thomas Sumners Jr. rejected that assertion. Fisher, writing for the panel, noted that the Cronecker court called for a “flexible” review of compensation in such cases that should consider “all circumstances with an eye toward the benefit received by the owners when considering they are facing foreclosure of their land.”

“We take this to require not only a traditional examination of whether the consideration is more than ‘small’ or ‘trifling,’ but also an examination of that question from the property owner’s standpoint. In this latter respect, we cannot avoid comparing the benefits conveyed by the financial arrangement between Bandi and the Berezanskys and the catastrophic financial impact facing the Berezanskys if their agreement with Bandi is not given effect. Consequently, we agree with the chancery judge that Bandi gave more than nominal consideration; the Berezanskys are far better off with the Bandi agreement than otherwise,” Fisher said.

Being relieved of the $70,000 judgment and securing a 65 percent share of after-sale proceeds amount to more than nominal consideration for the Berezanskys, the court said.

Bonchi, the plaintiff’s lawyer, said he believed some of the investors offering profit-sharing deals to homeowners facing tax sale foreclosure fail to honor their commitments, and added that homeowners would not resort to such an alternative if they obtained legal advice first.

“These people aren’t the Robin Hoods saving people that they hold themselves out to be,” said Bonchi, of Goldenberg, Mackler, Sayegh, Mintz, Pfeffer, Bonchi Gill in Northfield.

Michael Burns of Kraemer Burns in Springfield represented intervenor Bandi. He said he is a part-owner of the company. Burns said that businesses offering profit sharing to homeowners facing tax foreclosure “is a business that has been around for a while,” and he added that the decision “cleared up one of the issues that lien holders have been attacking us on.”

Burns rejected his adversary’s assertion about intervening parties offering profit sharing to property owners in tax foreclosure cases, and called the sector “as robust as it ever has been” despite the increasing popularity of that business model. Burns also said some people operating in that sector “don’t always do things right” but added that he has no reason to think that “this business is any different than any other business.”

Article source: https://www.law.com/njlawjournal/sites/njlawjournal/2017/12/08/profit-sharing-okd-in-tax-sale-foreclosures-under-flexible-standard/

Two members of a Nevada City-based conspiracy convicted in multi …

SACRAMENTO, Calif. December 6, 2017 – Earlier today, a federal jury found two men guilty in a bank fraud scheme that sought to fraudulently eliminate home mortgages and then profit on the subsequent home sales, U.S. Attorney Phillip A. Talbert announced.

George B. Larsen, 56, formerly of San Rafael, was found guilty of conspiracy and four counts of bank fraud. Larry Todt, 65, formerly of Malibu, was found guilty of conspiracy and one count of bank fraud.

According to court documents, between April 22, 2010, and November 18, 2011, Larsen and Todt were members of a conspiracy that ran a “mortgage elimination program” purporting to help distressed homeowners avoid foreclosure.  The conspirators fraudulently altered the chain of title on residential properties, sold the properties, and received the sales proceeds.

As a requirement for participation in the “mortgage elimination program,” the conspirators enrolled homeowners as members in a Nevada City-based church named Shon-te-East-a, Walks With Spirit, or its successor entity Pillow Foundation. The conspirators indicated to the homeowners these entities would offer protection against the banks.

Larsen and Todt each ran branches of the mortgage elimination program, recruiting homeowners into the scheme, marshalling the necessary recorded documents, and guiding the homes through sale. Once the homeowner enrolled with Shon-te-East-a or Pillow Foundation, Larsen and Todt would have a sham deed of trust created and recorded, giving the impression that the homeowner had refinanced the mortgage loan with a new lender. In reality, the new lender was a fake entity controlled by the conspirators, and the homeowner owed no money to the purported new lender.

The next step in the process was also a recorded document. The conspirators caused a fake deed of reconveyance to be recorded, giving the appearance that the true mortgage loan had been discharged and that the true lienholder no longer had a security interest in the home.

With title appearing to be clear, the conspirators caused the sale of the home, with the proceeds split between the co-conspirators and the homeowners.

In total, 37 properties were sold through the Shon-te-East-a conspiracy. The conspirators recorded fraudulent documents on an additional approximately 100 homes, but were unable to sell these before the scheme unraveled.

This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Audrey B. Hemesath and Todd A. Pickles are prosecuting the case.

Three other co-defendants have previously entered guilty pleas. On April 21, 2017, Remus A. Kirkpatrick, formerly of Oceanside, pleaded guilty to one count of falsely making writings of lending associations. On May 26, 2017, Michael Romano, of Benicia, pleaded guilty to conspiracy, and on July 14, 2017, Laura Pezzi, of Roseville, pleaded guilty to falsely making writings of lending associations. They are scheduled to be sentenced on February 23, 2018.     Co-defendants John Michael DiChiara, of Penn Valley, and James Castle, of Santa Rosa, are still awaiting trial. The charges against DiChiara and Castle are only allegations:  both defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt.

In related cases, on September 4, 2015, Tisha Trites and Todd Smith, both of San Diego, pleaded guilty to related charges before U.S. District Judge Garland E. Burrell, Jr. They are scheduled to be sentenced on February 9, 2018.

Larsen and Todt are scheduled to be sentenced by U.S. District Judge Garland E. Burrell, Jr. on March 16, 2018, at which time they each face a maximum penalty of five years in prison and a $250,000 fine. The maximum penalty for bank fraud is 30 years and a $1 million fine. The actual sentences, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

Article source: https://yubanet.com/regional/two-members-of-a-nevada-city-based-conspiracy-convicted-in-multi-million-dollar-bank-and-title-fraud-scheme/

Council considers ways to expedite revenue from delinquent properties

At Tuesday’s common council meeting, Alderman Jim Martuscello said he was approached by several property owners who were behind on their agreements to repay back taxes, and at least one owner was willing to remit $20,000 to pay off the agreement in full in order to avoid foreclosure, provided the city was able to offer him a second payment plan.

Martuscello did not identify the owner or property location, but said in his own estimation, the property in question would only bring in a few thousand at auction, and therefore believed the deal would be beneficial to the city.

Payment agreements are offered by the controller’s office as a way for property owners with delinquent taxes to avoid foreclosure by making regular monthly or quarterly payments to repay the back taxes owed. Earlier this year, Agresta told the council that he sent out letters to any owners he determined had defaulted on their agreement, stating that their property would be foreclosed on. At Tuesday’s meeting, Agresta clarified that any owner who had fallen behind by more than six months on their payment plan was considered to be in default.

Martuscello said the property owner had indicated he had received a foreclosure letter from the city recently which had prompted the owner to reach out to him. Martuscello suggested a 2-3 week grace period for property owners who have defaulted on their agreements to pay the agreement in full so that they could enter into another agreement.

“If they are just behind, then that’s fine,” said Agresta, “but if they were part of the group that was defaulted back in April, then I would not offer them a second agreement.”

After the meeting, Agresta clarified that property owners usually need two agreements over a total period of four years to get back to current on their taxes. Owner are required to pay any accumulated metered water and sewer charges* up front in order to enter into the agreements. The monthly or quarterly payments are required to be paid in addition to payments on new taxes levied after the agreement was put into place.

Agresta stressed that it was important for his office, the council, and the mayor to be “on the same page” in regards to payment agreement policies, and believed that a consensus had previously been reached on the matter.

“I think we all sat here and agreed that if you defaulted, you weren’t going to get another one. And we’re completely within our rights to not offer them one for at least three years,” he said.

“During the last foreclosure we did, we were as lenient as we could be because we didn’t want to take the houses. But obviously that doesn’t necessarily push people towards paying their taxes on time. So we need to be more strict. So I would not in any way be in favor,” said Agresta.

Agresta said he was thinking of taxpayers who struggle to pay their quarterly taxes, sometimes paying late, but still managing to keep up.

“We’re going to allow somebody who paid nothing for at least two years, a deal that we wouldn’t have allowed to someone who is struggling to pay their taxes each quarter. It doesn’t make sense to me,” he said.

Mayor Michael Villa said, “I would love to satisfy that person and have $20,000 come in rather than see it go to foreclosure, but what precedent are you setting and what hill are we going to slide down? Especially on the eve of another foreclosure, how many people are going to be coming in asking for the same?”

The subject of who has the authority to set the policy was also discussed.

“I’d like to have a consensus on this, but ultimately it’s my office that has to set the rules for how this works,” said Agresta.

Although a resolution by the council to set the policy was suggested by Martuscello, Villa said, “I don’t know if we have the authority, because I think it rests in the controller’s office…Matt has to run that office, he has to run the foreclosure.”

Corporation Counsel William Lorman said he believed it was up to the controller to make the decision, but said he would take another look at the issue.

As the details of the situation were not entirely clear, council members agreed to look into the situation further before making a decision.

The council also considered another property situation that Agresta brought up during the meeting.

“We have, at least at this point, three properties that are on the foreclosure list, that the current owners have absolutely no intention of paying for,” said Agresta.

Agresta said the owners reached out to him and said they would prefer to give the deeds over to the city, rather than going through the foreclosure process.

Alderman Chad Majewski said he was in favor of taking the offer, given that the foreclosure process will not likely be completed until after the winter, and therefore the properties run the risk of deteriorating.

Villa also agreed and said, “Do we retain the investment that’s there, and resell it, or do we wait and let it deteriorate and become a property that’s going to be less desirable on the market?”

Corporation Counsel William Lorman advised that the city should make sure there were no major environmental problem with the properties and research the legal status of the deeds.

Majewski said, “I would have codes go through and do a thorough inspection, then I would take possession of them and I would put them on the market and hire a realtor to do it.”

Martuscello suggested that the properties could also be auctioned off directly by the city.

As a next step, Villa said he would instruct the codes office to inspect the properties.

* Previously, this sentence read “any accumulated user fees for water, sewer, or sanitation”, which was an incorrect interpretation of the controller’s comment. Overdue user fees are re-levied as taxes.

Article source: http://mohawkvalleycompass.com/2017/12/council-considers-ways-to-expedite-revenue-from-delinquent-properties/

HUD launch campaign to help struggling homeowners

Aransas Pass Progress Copyright © 2017

Article source: https://www.aransaspassprogress.com/hud-launch-campaign-help-struggling-homeowners

Two members of a Nevada City-based conspiracy convicted in multi-million dollar bank and title fraud scheme

SACRAMENTO, Calif. December 6, 2017 – Earlier today, a federal jury found two men guilty in a bank fraud scheme that sought to fraudulently eliminate home mortgages and then profit on the subsequent home sales, U.S. Attorney Phillip A. Talbert announced.

George B. Larsen, 56, formerly of San Rafael, was found guilty of conspiracy and four counts of bank fraud. Larry Todt, 65, formerly of Malibu, was found guilty of conspiracy and one count of bank fraud.

According to court documents, between April 22, 2010, and November 18, 2011, Larsen and Todt were members of a conspiracy that ran a “mortgage elimination program” purporting to help distressed homeowners avoid foreclosure.  The conspirators fraudulently altered the chain of title on residential properties, sold the properties, and received the sales proceeds.

As a requirement for participation in the “mortgage elimination program,” the conspirators enrolled homeowners as members in a Nevada City-based church named Shon-te-East-a, Walks With Spirit, or its successor entity Pillow Foundation. The conspirators indicated to the homeowners these entities would offer protection against the banks.

Larsen and Todt each ran branches of the mortgage elimination program, recruiting homeowners into the scheme, marshalling the necessary recorded documents, and guiding the homes through sale. Once the homeowner enrolled with Shon-te-East-a or Pillow Foundation, Larsen and Todt would have a sham deed of trust created and recorded, giving the impression that the homeowner had refinanced the mortgage loan with a new lender. In reality, the new lender was a fake entity controlled by the conspirators, and the homeowner owed no money to the purported new lender.

The next step in the process was also a recorded document. The conspirators caused a fake deed of reconveyance to be recorded, giving the appearance that the true mortgage loan had been discharged and that the true lienholder no longer had a security interest in the home.

With title appearing to be clear, the conspirators caused the sale of the home, with the proceeds split between the co-conspirators and the homeowners.

In total, 37 properties were sold through the Shon-te-East-a conspiracy. The conspirators recorded fraudulent documents on an additional approximately 100 homes, but were unable to sell these before the scheme unraveled.

This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Audrey B. Hemesath and Todd A. Pickles are prosecuting the case.

Three other co-defendants have previously entered guilty pleas. On April 21, 2017, Remus A. Kirkpatrick, formerly of Oceanside, pleaded guilty to one count of falsely making writings of lending associations. On May 26, 2017, Michael Romano, of Benicia, pleaded guilty to conspiracy, and on July 14, 2017, Laura Pezzi, of Roseville, pleaded guilty to falsely making writings of lending associations. They are scheduled to be sentenced on February 23, 2018.     Co-defendants John Michael DiChiara, of Penn Valley, and James Castle, of Santa Rosa, are still awaiting trial. The charges against DiChiara and Castle are only allegations:  both defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt.

In related cases, on September 4, 2015, Tisha Trites and Todd Smith, both of San Diego, pleaded guilty to related charges before U.S. District Judge Garland E. Burrell, Jr. They are scheduled to be sentenced on February 9, 2018.

Larsen and Todt are scheduled to be sentenced by U.S. District Judge Garland E. Burrell, Jr. on March 16, 2018, at which time they each face a maximum penalty of five years in prison and a $250,000 fine. The maximum penalty for bank fraud is 30 years and a $1 million fine. The actual sentences, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

Article source: https://yubanet.com/regional/two-members-of-a-nevada-city-based-conspiracy-convicted-in-multi-million-dollar-bank-and-title-fraud-scheme/

Breaking Down Non-Performing Loan Sales

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The Federal Housing Finance Agency (FHFA) this week released the latest Enterprise Non-Performing Loan Sales Report, detailing the sales of non-performing loans (NPL) by Fannie Mae and Freddie Mac through June 30, 2017. The report also covers borrower outcomes as of that same date, on NPLs sold through December 31, 2016. According to the report, “through June 30, 2017, the Enterprises sold 82,359 NPLs representing a total unpaid principal balance (UPB) of $16 billion.”

NPLs sold by the GSEs had an average delinquency of 3.3 years and an average current loan-to-value ratio of 97 percent. Nearly half (47 percent) of the NPLs sold were located in three states: New Jersey, New York, and Florida. The report adds, “These three states also accounted for 47 percent of the Enterprises’ loans that were one year or more delinquent as of December 31, 2014.”

Community Loan Fund of New Jersey (CLFNJ), a nonprofit organization, won the bid for 10 of 12 “small, geographically concentrated NPL pools” sold during the period.

The report also provides insights about the 69,804 NPLs that were settled by December 31, 2016. NPLs on occupied homes were much more likely to avoid foreclosure than those on vacant homes—21.2 percent versus 9.9 percent, respectively. In fact, the foreclosure rate on vacant homes (47.8 percent) was nearly double that of borrower-occupied homes (19.3 percent).

NPLs sold by the GSEs also had a higher foreclosure avoidance rate than those not sold. According to the FHFA report, “Thirty‐six percent of NPLs that have been with the new servicers the longest (1,737 NPLs with new servicers for 26 months) avoided foreclosure, compared to 24 percent of the benchmark NPLs.”

Finally, the the average forgiveness earned per loan to date on NPLs with permanent modifications was $30,443, with the potential to earn an average forgiveness of $60,586.

You can read the full FHFA Enterprise Non-Performing Loan Sales Report by clicking here.


2017-12-06




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Hurricane season responsible for 10% of delinquent mortgages

While mortgage payment delinquencies are generally down across the country, they were explainably up in states hit by Hurricanes Irma and Harvey, resulting in a slightly raised annual delinquency rate, according to the October 2017 Black Knight Mortgage Monitor.

Irma and Harvey can be blamed for a total of 229,000 “past due” loans, which represent 10 percent of the country’s delinquent loan population, said the report.

Loans in foreclosure, meanwhile, dipped below 350,000 for the first time since 2006, to 0.68 percent.

While nationwide delinquencies fell in every state apart from Florida and Texas, in FEMA-declared disaster areas delinquencies were up 24 percent, according to Black Knight’s First Look mortgage data. And in hurricane-affected parts of Florida, delinquencies were up an extra 36 percent since September.

While further increases are expected in November, the report noted that conditions should improve as homeowners receive their insurance payouts in the coming m…

Article source: https://www.inman.com/2017/12/04/hurricane-season-responsible-for-10-of-delinquent-mortgages/