While Foreclosure Rates Fall to 6-Year Low, Many States See Increase

usfinancepost.com ^ | January 16, 2014 | Christine Layton

[ilovesarah2012]

Foreclosure filings dropped in December, ending a year in which the number of homes in the foreclosure process dropped to the lowest level since 2007 as the housing market rebounds.

Default, auction, and repossession notices last month fell 1% from the previous month and 28% from the previous year, according to a RealtyTrac report released on Wednesday. Nearly 1.36 million properties received a foreclosure notice last year, a 26% drop from 2012 and 53% from the peak in 2010 during which 2.9 million properties received notice.

Foreclosures remain elevated in many states, particularly Florida, Nevada, and Michigan, but the numbers have been declining steadily as the economy and housing market picks up steam from rising home prices, steady job growth, and fewer troubled loans from the housing bubble days. More homeowners are also keeping up with mortgage payments.

[ilovesarah2012]

Could this have something to do with it?

Obama Administration Pushing For Banks To Modify Millions Of Mortgages To Settle Foreclosure Claims

http://www.huffingtonpost.com/2011/03/16/obama-administration-modify-mortgages_n_836350.html

[blackdog]

Here is the really goofy part I do not understand? We got relocated due to a job transfer. Our home wouldn't sell for what it was mortgaged for, even though I did 20% down. As such, we qualified for a short sale. We took the highest offer and personally made the spread to make it not "Short" in terms of the note and the taxpayer. So we made up the $8,000 and brought it to closing.

A year later we get a check for $600 as compensation to the wrongful action of Chase Bank. They did nothing wrong in our case. We had a mortgage. The home's value plummetted from when we bought it in 2008. We lost the 20% down equity and coughed up another $8,000 to make sure it was a fair deal to all.

Why did I get $600 for any wrongful action from Chase?

[ilovesarah2012]

Chase to Refund $2M in “Mistakes”

http://www.mortgageloan.com/chase-refund-2m-mistakes-8295

This was for veterans. Don’t know why you got $600.

[headstamp 2]

How many are “in process” limbo?

Have one next to me like this for over 3 years.

[Gay State Conservative]

a year or two ago it was announced that our Governor...Deval “Coupe Deval” Patrick...a lifelong pal (and fellow “community organizer”) of Osama Obama himself...basically outlawed foreclosures in Massachusetts.So if we had a drop in foreclosures that's the explanation.