An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How servicers can access timely, accurate data insights

Learn how to navigate the challenges in today’s market – for example, the need for ongoing, on-demand access to near-real-time data and the ability to access those data insights in a timely and accurate manner.

Steve Murray on new brokerage models, CFPB crackdowns

Today’s HousingWire Daily features a discussion on the emergence of a new brokerage model and the validity behind the concerns against institutional investors.

Real EstateMortgage

The housing market outsmarted the foreclosure crisis

Loss mitigation waterfalls, forbearance and whole lot of equity are giving borrowers a fighting chance

HW+ foreclosure process.jp

For Jason Vanslette, a lawyer who specializes in foreclosure litigation, everything came to a screeching halt on March 27, 2020. President Donald Trump had just signed the CARES Act into law, and with it, a moratorium on foreclosures and evictions had locked into place.

Vanslette, a partner at Kelley Kronenberg in Fort Lauderdale, said a veritable mountain of foreclosure litigation has piled up on his desk, unable to be processed by the Florida courts. And each and every one of those cases is pre-COVID – with underwater homeowners waiting it out. 

“The courts, especially in Florida, don’t particularly care for cases just sitting,” said Vanslette. “Either you move them or you dismiss them, because they have obligations to ensure that their dockets are moving.”

For many borrowers, the waiting game is going to be their best bet. If a foreclosure is contested, Vanslette said it can take anywhere from one to two years for the loan to make its way through the legal system due to its likelihood of ending up in a nonjury trial. If it goes uncontested, the process is closer to 90 to 120 days.

“Especially now that the dockets have been delayed and the availability of judges being so strict, we’re seeing the earliest trial dates not until 2022, and that’s for the cases that are ongoing, there’s no telling the backlog,” Vanslette said. 

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