Strategic defaulters opt to continue paying on second liens

CoreLogic: Foreclosures decline 16% in July 13:30 ET Subscribe to our weekly e-newsletter, Top News. Annual decline in foreclosures slowed in August, CoreLogic report reveals. The inventory of homes in some stage of foreclosure declined at a slower annual rate in August than in July, according to the CoreLogic monthly assessment of U.S. foreclosures.

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If that happens, borrowers sometimes choose to stop making payments, even if they could afford to stay current, simply because the home has become a bad investment. This is known as strategic default, which is sometimes called voluntary foreclosure or "walking away.".

Lawsuits allege fee-splitting at Prommis, LPS Chapter 13 Bankruptcy Trustee Sues Three Foreclosure Companies.. The couple alleges that the defendants conspired in an illegal "fee-splitting" arrangement that resulted in unlawful fees being charged and being hidden from the bankruptcy court.. lps then split some of the fees with Prommis.

A lender can choose to foreclose when a borrower becomes delinquent on its mortgage, whether the mortgage is a first or a second mortgage. If you default on your first mortgage, that lender will very likely begin foreclosure proceedings. If, on the other hand, you default on a second mortgage,

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This assessment lien is junior to both the $500,000 purchase-money first trust deed and the $30,000 line of credit. As you can see, the order of priority looks like this: $500,000 purchase-money first trust deed recorded first. $30,000 line of credit recorded second. $7,000 assessment lien recorded third.

mortgage, but who choose to default for what are called strategic reasons. The second contribution of the paper is to systematically study not only defaulters, but. defaulters who have the ability to pay, but who default because their. borrowers, since most of these borrowers continue to pay (Foote et al.

Make money buying non-performing second mortgages. When a borrower stops paying on their second mortgage default interest and arrears accrue. Most of the time, part of your workout strategy will include getting the borrower to catch up on the arrears and default interest.

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second liens (CES) were worse on all these dimensions. Default rates of second liens are generally similar to that of the first lien on the same home, although HELOCs perform better than CES. About 20 to 30 percent of borrowers will continue to pay their second lien for more than a year while remaining seriously delinquent on their first mortgage.

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