Homes in the Las Vegas area sold at the fastest pace for an April in seven years due, in large, to investor and cash buying...
Lender Flagstar Bancorp is reportedly considering the sale of $70 billion in mortgage servicing rights. Bloomberg reported on...
It seems legal barriers and a pending court case involving the Mortgage Electronic Registration Systems has turned Oregon into a de facto judicial foreclosure state.
For starters, the state ended up dealing with legislation last summer that mandated foreclosure mediation for borrowers.
In addition, a key court case involving MERS is still pending at the Oregon Supreme Court.
Lenders are waiting to see if the state's supreme court holds up a lower court's interpretation that MERS does not possess the ability to assign foreclosing authority -- a set up that builds more uncertainty into the nonjudicial foreclosure process for lenders.
HousingWire previously reported that these two issues could cause a surge in judicial foreclosure filings in the state.
A new report from The Oregonian seems to support this theory.
Writer Elliot Njus writes:
Court-supervised foreclosure starts surged again in February, according to a reseller of foreclosed homes.
Oregon's seven largest counties collectively reported legal action on 996 properties, according to Gorilla Capital, a Eugene company buys, redevelops and sells foreclosed homes. Those numbers mostly represent foreclosure cases.
That's 65 percent more cases than seen a month earlier. And it rivals the 1,036 out-of-court foreclosure starts recorded in those counties a year earlier, before legal complications sent most foreclosures into the court system.
Don’t miss out: get HW delivered via email