By Justin L. Seekamp
Foreclosure filings by Bank of America, JPMorgan Chase, and Wells Fargo, who, in total, account for about 62% of all first mortgages in the country, jumped more than 21% in the third quarter as was reported recently in the LA Times.
Many foreclosure experts and foreclosure attorneys attribute this jump to a lift of the voluntary holds placed by many lenders due to paperwork problems related to the wide-known “robo-signing” scandals. These paperwork problems resulted in federal and state authority investigations into the faulty paperwork which have resulted in law firm closures, institution of federal oversight and numerous other programs to help borrowers deal with other foreclosure related fraud.
The jump in foreclosure filings came at the same time as homeowner delinquency, which ultimately leads to foreclosure filing remained relatively stable, although quite high. The “big-3” national banks, accounting for 62% of the first mortgages in the United States, stated in recent reports that at the end of September 2011 that 88% of the 32.4 million loans in their respective portfolios were current and performing. At the same time, of those overdue, nearly 3% were 30-59 days behind of their mortgages, 4.9% were 60 days or more behind on their mortgages and 4.1% were in foreclosure.
It should be clear from this report that lenders are beginning to file for foreclosure more proactively. As always, should you be served with foreclosure paperwork and are looking for someone to fight for your rights as a borrower, then seeking representation from a qualified and experienced Florida foreclosure attorney may be the best way to do so.