Hidden Backlog of Foreclosures

But that also means that there is a hidden backlog of home loans in default that could end up in foreclosure. Moody’s Economy.com estimates that lenders will foreclose on 1.89 million homes in 2009, up from 1.43 million last year.

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It’s been more than six months since government regulators and banks first extended an offer to 4.3 million homeowners facing foreclosure: to review, at no cost, the foreclosure process to check for.

Finding and buying foreclosed homes is a lot easier than it used to be. But there's still. Hidden Costs. Along with. Banks with substantial backlogs have been known to take up to 90 days to respond to an offer. If you plan to.

The New Jersey court system has reduced significantly the backlog of foreclosure cases and the time it takes to clear each one, according to a.

The "Hidden Backlog" mentioned above (and highlighted in red) is within that pink area. One thing missing from the chart is pent-up demand from those who are not delinquent yet have a huge incentive to walk because of massive negative equity.

Short sales can be time-consuming. Depending on the lender’s backlog of short sales, the process can take up to 12 months. What is a foreclosure? Unlike a short sale, a foreclosure is initiated by the lender. In foreclosure, the homeowner has defaulted on their loan and the ownership of the home reverts to the bank or lender.

But like so many gunshot victims, he still struggles to make ends meet, and almost lost his condominium in California to foreclosure in 2012. has committed to spending $100 million to erase the.

Of course the actual foreclosure rates are very hard to predict. Government moratoriums have effectively created a hidden backlog of foreclosures that one day have to be dealt with. There are also more warning sign of homeowners under duress emerging as fewer are catching up on lapsed mortgages.

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The "Hidden Backlog" mentioned above (and highlighted in red) is within that pink area. One thing missing from the chart is pent-up demand from those who are not delinquent yet have a huge incentive to walk because of massive negative equity.