St Louis Mortgage and Real Estate News –
St Louis Mortgage Lending and Home Loan News: Foreclosures Slow, But...
St Louis Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Reduction
According to a report released by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTC), foreclosures slowed in the fourth quarter 2010.
However, as far as long-term outlooks, it has only been a brief reprieve since banks will move more aggressively back into the foreclosure process following a
review of their mortgage servicing practices according to St Louis home loan mortgage brokers.
It is interesting to note that the O.C.C. regulates national banks and the O.T.S. regulates the national thrift industry.
In the fourth quarter, completed foreclosures dropped by almost 50 percent to 95,067, while newly initiated foreclosures fell by almost 8 percent to 352,318.
Foreclosures in the pipeline actually increased as expected because the number of newly initiated foreclosures was larger than those completed in the fourth quarter.
The inventory of foreclosures being processed jumped more than 7 percent to 1.3 million in the fourth quarter of 2010.
And as projected new and completed foreclosures have increased in 2011 once the foreclosure pause ended.
What to do with borrowers who can no longer afford their homes is a raging political and policy debate.
The state attorneys general are facing off with banks over changes to their mortgage servicing processes and whether principal write-downs or reductions should become a major part of efforts to keep borrowers in their homes especially since private principal loan reduction programs backed by attorney networks have been pushing this effort.
The two groups met on March 30th to kick off negotiations that could be lengthy and contentious. The St. Louis Refinancing Group news team will follow this hot debate.
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Articles and News Sponsored by Liberty Lending Consultants
When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.
Business Owners: Call us at (314) 334-0210 and retain us for one of the best commercial loan modification and principal loan reduction programs available. A principal reduction or loan modification can help if you are underwater with negative equity. As commercial lending and loan modification program consultants, Floyd Tapia and his lending and legal team can focus on bringing you innovative private lending solutions to meet all types of financing needs. We have access to the largest portfolio of private lending institutions and investor backed funding sources available.Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.
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