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Recent Foreclosure News that Impacts the Foreclosure Cleanup Industry

NOTE: For up-to-date foreclosure news, visit DSNews, Foreclosure Business News, and other similar websites. See previous foreclosure business news postings below:

Foreclosure Activity up 4% in Third Quarter: RealtyTrac

Takeaways from the above article:

"Both bank repossessions and scheduled auctions set quarterly records ..."

"A record total of 102,134 bank repossessions were reported in the month of September alone. RealtyTrac says it's the first time repossessions have surpassed the 100,000 mark in a single month." ...

"If the lenders can resolve the documentation issue quickly, then we would expect the temporary lull in foreclosure activity to be followed by a parallel spike in activity as many of the delayed foreclosures move forward in the foreclosure process," Saccacio [CEO, RealtyTrac] said." ...

GMAC Finds "No Evidence" of Improper Foreclosures, Expands Reviews

Takeaways from the above article:

"GMAC Mortgage says although reviews of foreclosure affidavits involving homes in 23 judicial states are ongoing, the company "has found no evidence to date of any inappropriate foreclosures." ...

"In addition, the company has tasked what it called a "specialized team" to provide second-look evaluations of all foreclosure sale files nationwide. According to GMAC, this team is responsible for ensuring that: home preservation procedures have been fully followed; the timing and substance of the foreclosure is appropriate; and the file itself is in good order and complies with all laws and requirements of the state of jurisdiction."

Economists Say Home Prices Have Already Hit Bottom

Takeaways from the above article:

"Home prices in the United States found their floor during the early part of 2010 ... "

"Getting more people back to work is key to a recovery in housing and getting a handle on still-rising delinquency numbers. But NABE's panel warns that labor market conditions will be slow to improve." ...

Report: 134,000 NY Homeowners Receive Pre-Foreclosures Notices

Takeaways from the above article:

"According to the New York State Banking Department, more than 76,000 New York homeowners have received 90-day pre-foreclosure notices since May 31, and a total of134,000 pre-foreclosure notices have been sent to those who have fallen behind on mortgage payments since data collection began in February. The information is based on data received from nearly 400 mortgage loan servicers." ...

All States to Take Part in Coordinated Foreclosure Investigation

Takeaways from the above article:

"The highest counsels from all 50 states have teamed up to launch a coordinated investigation of the mortgage servicing industry. Attorneys general from every state, as well as banking and mortgage regulators in more than three dozen states, have formed what they're calling the Mortgage Foreclosure Multistate Group to examine the practice of so-called "robo-signing" among mortgage servicers. The probe was prompted by the recent foreclosure suspensions from four lenders and one subprime servicer." ...


Continued success with your foreclosure cleanup business.

NOTE: For up-to-date foreclosure news, visit DSNews, Foreclosure Business News, and other similar websites.

NOTE: Throughout the web/internet and in real estate industry literature, you may see the terms mortgage field services, property preservation business, foreclosure cleanup, foreclosure cleaning, foreclosure clean-outs, foreclosure clean, clean foreclosures, cleaning foreclosures, REO trashout, REO trashouts, field asset services, property field services, field service, and field services used interchangeable. The main thing to remember is foreclosure cleaning and foreclosure cleanup generally refer to smaller entities; while property preservation generally refers to larger companies.

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Article by Cassandra Black, Author of How to Start a Foreclosure Cleanup Business and several foreclosure cleanup industry Guides, Reports and Forms. Sign up as a Premium Newsletter Subscriber. You will periodically receive foreclosure clean-up job leads and consultative advice to help you grow your foreclosure cleanup business!

For more industry information, visit the foreclosure cleanup blog and the foreclosure cleaning newsletter archive.

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