Delinquent Loans May Still Face Foreclosure After Exceeding Statutes of Limitations

first_img Tagged with: Black Knight Financial Services Foreclosure Statutes of Limitations Foreclosures Mortgage Monitor March 7, 2016 2,065 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Share Save Home / Daily Dose / Delinquent Loans May Still Face Foreclosure After Exceeding Statutes of Limitations Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. About Author: Brian Honea Previous: The Week Ahead: HUD’s ‘Prosperity Playbook’ Tour Continues Next: What the Mortgage Industry Needs to Know About Housing This Year Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago High-end estimates of loan-level delinquency timelines show that approximately 98,000 seriously delinquent mortgage loans may be facing some degree of exposure to foreclosure statutes of limitations in Florida, New Jersey, and New York—three of the states that were hit hardest by the foreclosure crisis, according to Black Knight Financial Services’ January 2016 Mortgage Monitor released Monday.The courts are currently deliberating in those three states discussing the specifics of how the statues of limitations laws apply to foreclosures. In Florida, the foreclosure statute of limitations applies to mortgages that are five years or more overdue, while in New York and New Jersey, it applies to mortgages that are six or more years past due.According to Black Knight, Florida has the largest volume of loans facing possible exposure to statutes of limitations with roughly 40,000, despite experiencing a 38 percent reduction over the past 12 months. For New York and New Jersey, the number of such loans is currently 35,000 and 22,000, respectively, after both experienced increases over the previous 12 months due to “limited resolution in severely delinquent loan populations” in both states, Black Knight reported.“Without taking into account additional carrying costs and/or fees incurred by mortgage servicers, Black Knight estimates the current potential unpaid principal balance (UPB) risk exposure in these three states at approximately $30 billion, concentrated primarily in private-label securities,” Black Knight stated in the report. “As it stands today, roughly $1 out of every $10 of principal in private-label securitizations in these three states is tied to a mortgage that is more than five years delinquent in Florida or more than six years delinquent in New York and New Jersey.”According to Black Knight, 37 percent of the loans that are more than five years delinquent in Florida are not actively involved in foreclosure, which depending on court rulings, potentially presents additional risk. For New York and New Jersey, the share of loans more than six year delinquent but not actively in foreclosure are 22 percent and 21 percent, respectively.Click here to view the entire Black Knight January 2016 Mortgage Monitor. Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Foreclosure, News Demand Propels Home Prices Upward 2 days ago  Print This Post Black Knight Financial Services Foreclosure Statutes of Limitations Foreclosures Mortgage Monitor 2016-03-07 Brian Honea The Best Markets For Residential Property Investors 2 days ago Delinquent Loans May Still Face Foreclosure After Exceeding Statutes of Limitations Subscribelast_img read more