The Bankruptcy Court for the Western District of Pennsylvania has recently held that a pre-petition foreclosure of a debtor's real property, conducted in accordance with state law, is not subject to attack as a preference under 11 U.S.C. 547. [1] There, the holder of the first mortgage on the property commenced foreclosure proceedings against the debtor.
New estimates suggest at least 300,000 borrowers will become delinquent on their loans and 160,000 could become seriously delinquent, that is, more than 90 days past due, when banks initiate foreclosure proceedings. This from Black Knight Financial Services, which compared mortgaged properties in the FEMA-designated disaster areas in Houston to those in Hurricane Katrina, and…
Mortgage delinquencies surged higher in the third quarter of 2017. Most of the increase came in the early stages of non-performance, and much of it appeared to be driven by the late summer hurricanes. Foreclosure News
Scattered clouds with the possibility of an isolated thunderstorm developing this afternoon. High 92F. Foreclosure News
Cypriot banks need to apply “additional and persistent” efforts to wrestle down a stockpile of non-performing loans , ECB's Daniele Nouy said in an interview published on Monday. Nouy, who heads banking supervision at the European Central Bank, said there had been uneven progress across banks on handling the problem. Foreclosure News
As real estate professionals, it's imperative that we set expectations from the beginning and help buyers understand the complexities of purchasing a distressed property. A foreclosure is a legal process in which the lender attempts to remove the balance of a loan from a borrower. Foreclosure News
If you're struggling to make your monthly mortgage payments or have fallen behind, you may be at risk of losing your home. But depending on the circumstances, you may be eligible for a loan modification, which can make it easier to stay on top of mortgage payments and avoid foreclosure. Foreclosure News
