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Mortgage delinquency rate hits 21-year high
Posted on 10/16/20 at 7:56 am
Posted on 10/16/20 at 7:56 am
quote:
The share of homeowners four months behind on their mortgage payments hit a 21-year high in July, according to the latest figures from CoreLogic, a financial data and analytics firm.
The 120-day delinquency rate stood at 1.4%, up from 0.12% in July 2019 and the highest level since CoreLogic started tracking delinquencies in 1999.The rate includes those homeowners who declared forbearance as a result of the CARES Act.
“What we’re seeing is a ‘pig in python’ effect with a spike in June for 90-day delinquencies and now in July with 120-day delinquencies,” said Dr. Frank Nothaft, chief economist at CoreLogic. “I think it’s a big concern especially as the CARES Act provided forbearance, but homeowners will still have to owe every payment.”
'We will see 2 million loans seriously delinquent in 2021’
The report’s other findings also demonstrate the severity of the cash crunch.
The rate of those at least 90 days past due jumped to 4.1%, up from 1.3% in the same month last year and the highest level since April 2014. All 50 states experienced an uptick in seriously delinquent mortgages, those characterized by payments 90 or more days late. But some bore the brunt more than others.
LINK
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Posted on 10/16/20 at 8:04 am to stout
Curious how many of those in delinquency live in the homes that are delinquent vs the number of rental properties that aren't paying their mortgage because they aren't getting rent payments.
Posted on 10/16/20 at 8:28 am to stout
quote:
. “I think it’s a big concern especially as the CARES Act provided forbearance, but homeowners will still have to owe every payment.
Why? They just modify it or get on a payment plan
quote:
The forbearance numbers out today from Black Knight are encouraging, falling 18% to get below 3 million for the first time since mid-April. The first wave of active forbearances from April are expiring in this period, and it’s a good sign that they aren’t asking for extensions. In fact, loans of every type saw forbearances decrease, from those backed by the GSEs to FHA, VA and Ginnie Mae
Posted on 10/16/20 at 10:31 am to stout
quote:
delinquency rate hits 21-year high
Given what happened between 2008 and 2010 where every other house on the market was a "short sale," I find that hard to believe.
Posted on 10/16/20 at 10:48 am to SDVTiger
most mortgage companies do not offer a "payment plan" they offer a forbearance or a modificaiton after you become 90 days late.
Posted on 10/17/20 at 5:55 pm to SDVTiger
quote:
fact, loans of every type saw forbearances decrease, from those backed by the GSEs to FHA, VA and Ginnie Mae
Good. Forbearance is a mofo to get out off and they make it sound so attractive. Once you go into forbearance, it hurts your credit report terribly, and can often stay reporting several months behind even after you’re caught up. They’ll often seek your loan to a really shitty servicer too and it’s extremely tough to get away from. I learned that the hard way. Ocwen is absolutely a shite company.
Posted on 10/17/20 at 9:52 pm to stout
All of these monkeys have gambled big on rental property and their tenants aren't paying. Good thing the housing market is still up so they can out before getting foreclosed on.
This post was edited on 10/17/20 at 9:53 pm
Posted on 10/18/20 at 1:10 am to supadave3
quote:
Ocwen is absolutely a shite company.
Ocwen used to fly the entire company for an annual party/training in Hawaii on the backs of their late payment fees.
I (never a customer) never thought of them as a shitty company (I've seen a few) but I definitely knew that customer service needs and retention were not priorities.
Posted on 10/18/20 at 10:49 am to supadave3
Ya Ocwens hay day was pre-GFC1. Of course servicers are regulated to death so bad customer service is almost guaranteed.
Posted on 10/18/20 at 1:53 pm to stout
Read Louisiana has over 100,000.
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