According to data released by S&P Indices and Experian, the default rate on second lien mortgages has increased for the first time in at least five months. The agencies’ report shows second mortgage defaults rose from 1.42 percent in March to 1.51 percent in April. First mortgages, on the other hand, saw a decrease in […]
Strategic Defaulters Opt to Continue Paying on 2nd Liens
Borrowers who strategically default on their first mortgage often continue to pay on home equity lines of credit, according to a new white paper from two authors with the Philadelphia Federal Reserve. Data for the study came from a large random sample of individual credit records drawn at the end of each quarter from Equifax, […]
From Default To Foreclosure – 16 Months is Average
If you are in default on your mortgage do not feel like you need to leave your home immediately according to a study by LPS Applied Analytics. The average home that has missed their 3rd monthly mortgage payment takes 492 days to go from the initial foreclose filing to the bank taking possession of the […]
Reports Show Declines in Mortgage Defaults
Reports Show Declines in Mortgage Defaults Two reports examining trends in serious delinquencies — home loans on which borrowers are at least 60 days behind on payments — may finally be starting to decline. A report from the credit data firm TransUnion said such delinquencies fell slightly across the nation in the first quarter of […]