Dec 28 2009
The New Mortgage Dynamics and the Anatomy of a Pay Option ARM Borrower. 850,000 Option ARMs Still Outstanding and 40 Percent in Distress. 4 Reasons to Walk Away from your Option ARM.
It is hard to believe that 13 percent of all mortgages are either in foreclosure or some other form of distress. This can stem from a missed payment from an unexpected job loss or mounting pressure of servicing current debt. To a large degree the allure of the option ARM product came from the ability [...]
Dec 11 2009
California Notice of Defaults hit Record in 2009: Approximately 476,000 Notice of Defaults but Foreclosures Fell. HAMP Most Active in California. Approximately 5,900 Permanent HAMP Mods in California.
California is at the center of the foreclosure wave. Of the 306,000 foreclosure filings in November 23 percent hit in California. You cannot talk about housing distress without looking at the state of California. The California housing market will be in a slump for many years and there are a variety of reasons why California [...]