No…They’re Coming Back On Mortgage Modifications
Florida courts have “cleared” the backlog of foreclosure cases…(although not really because the sales are not happening)…but even though that little problem of the backlog is behind us (cough, cough), a new problem rages on the right here and now horizon…
The bottom line for consumers all across this country is they need to think long and hard about resolving foreclosure cases when the resolution is not the solution!
REPEAT FORECLOSURES RETURN
After the worst national housing crash in history, the picture of distress continues to improve, but now with one worrisome aberration. For the first time in more than two years, the number of repeat foreclosures took a U-turn and was higher in January compared to a year ago.
Repeat foreclosures are when a home has been in the foreclosure process once, was somehow saved by either a loan modification or payment program, but then goes back into foreclosure. This can happen when the borrower either can’t or won’t keep up with the new payments. New repeat foreclosures rose 11 percent in January from December and accounted for more than half of all new foreclosures, according to Black Knight Financial Services.
