Distressed

A real estate firm focused on gentrifying neighborhoods is showing cracks after a group of its apartment buildings in New York’s Upper West Side and Harlem filed for bankruptcy.

Recipients can’t charge penalties for, or engage in, evictions solely for nonpayment, must provide a written notice of tenant rights, flexibility in repayment and, where applicable, 30-day vacate notices.

The availability of financing hasn’t been an issue to date, but it still could be.

About 4,400 loans started the foreclosure process in November, alongside 176,000 mortgages in active foreclosure.

The FHA’s deadline was extended as part of its latest renewal of other coronavirus-related contingencies. The move follows a request from state regulators to provide ample notice of the forbearance program’s expiration.

The forbearance rate rose behind slowed economic recovery, according to the Mortgage Bankers Association.

The new bill ordering $600 stimulus checks and $25 billion in emergency rental assistance won't be enough to help millions of Americans struggling to make housing payments, according to industry watchers.

The company expects a good year ahead for mortgage insurers, assuming that rising employment, higher home prices and payment timing deferrals will help them to mitigate risk.

With infection rates rising and unemployment claims increasing since Thanksgiving, mortgages in coronavirus-related forbearance rose by 37,000 last week, according to Black Knight.

The forbearance rate continued its improvement, but the surge of COVID-19 cases could lead to more borrowers needing mortgage relief, according to the Mortgage Bankers Association.

While 12,000 mortgages exited forbearance, the most borrowers entered forbearance protection in a week since early September, according to Black Knight.

The November foreclosure rate represented an 80% decline from the year before, according to Attom Data Solutions.

Borrowers who exit CARES Act-related forbearance in the spring and have stacks of other bills to attend to may be in search of liquidity via such products, the company predicts.

While distressed mortgage rates crept down overall, serious delinquencies still tripled year-ago rates in September, according to CoreLogic.

The surge of COVID-19 cases slowed economic recovery and hampered improvements in the forbearance rate, according to the Mortgage Bankers Association.

Lower cure rates and possible rises in foreclosures and claims could force these companies to raise capital next year, Fitch Ratings said.

The Federal Housing Finance Agency said that Fannie Mae and Freddie Mac would extend the measures until “at least” Jan. 21, 2021.

The extension of the FHA’s willingness to conditionally endorse loans with suspended payments came amid a renewed push by public and private entities to spread awareness of the CARES Act option.

The nine arraigned individuals face 136 counts of felony charges for allegedly running an advance fee mortgage relief scheme over the last decade, totaling $6 million.

While sales increased 24% over August, they were still down 78% from the prior year, Auction.com reported.