Distressed

The overall forbearance rate was under 6% for the first time since April as another large swath of loans fell out of CARES Act coverage, according to the Mortgage Bankers Association.

As financial distress mounted, 12.4% of mortgagors missed payments across the second and third quarters of 2020 — and it could get worse, according to a study from the Mortgage Bankers Association.

While overall mortgage delinquency rates slowly descend, serious delinquencies — especially loans past 120 days due — jumped in July, according to CoreLogic.

Forbearance rates dropped below 7% for the first time in six months, but the decrease is largely due to the ending of the initial six-month term of forbearance granted by the legislation, according to the Mortgage Bankers Association.

Expected to make landfall as a Category 2 storm, Hurricane Delta's surge is estimated to cause damage to 293,685 residential properties across Alabama, Louisiana, Mississippi and Texas, according to CoreLogic.

The metro areas surrounding New York, Washington, Philadelphia and Baltimore face the highest risk of impact from the pandemic based on home affordability, equity and foreclosures.

MCS isn’t the only distressed mortgage services entity gaining interest from investors as poor economic conditions threaten more hardships for homeowners.

Three nonprofits look to create or preserve 10,000 units, vowing to fight off firms like Blackstone and Colony Capital, which bought up foreclosed homes after Great Recession.

GSE mortgages in forbearance fell for the 17th straight week, spearheading the overall downtrend, according to the Mortgage Bankers Association.

But most borrowers who have exited forbearance plans are back on track when it comes to paying, and the incidence of loss mitigation plans is high among those who aren't.

If the tally included loans with some form of payment relief, the rate would be close to 8%.

Over 3.6 million borrowers sit in coronavirus-related forbearance with portfolio and private-label securitized loans driving the week's increase, according to Black Knight.

The class-action lawsuit claims the company used deceptive contracts, locking low-income Black homebuyers into disadvantageous long-term mortgages without proper lending disclosures.

Delinquencies will rise due to the severe effects of the pandemic on the commercial property sector, Fitch said.

Gov. Andrew M. Cuomo on Monday announced he will extend the eviction moratorium — set to expire Oct. 1 — to next year, continuing protections for tenants as well as homeowners who have been unable to pay rent and mortgage during the public health crisis.

Shannon King, a single mother, left the Bay Area a decade ago as housing costs soared, hoping to find an affordable place to live in southern Oregon.

More defaults will lead to an increase in distressed sales, and that will drive down prices, CoreLogic said.

Nowhere is the widening gap between real estate and the real economy more apparent than in Las Vegas, where tourism is in ruins, wages are plunging and home prices just keep rocketing higher.

Any roadmaps for client service that existed before the pandemic have changed, according speakers at DigMo2020.

After flattening over the three prior weeks, the number of loans going into coronavirus-related forbearance dove at a rate not seen since early August, according to the Mortgage Bankers Association.