Mortgage default notices jump 33 percent

September 20th, 2011

Mortgage default filings rose 33 percent in August as mortgage lenders increased the pace of foreclosures. First-time default notices rose to 78,880 for the month, according to RealtyTrac, which is the highest number in nine months. But default notices declined 18 percent from August 2010. States that saw default notices rise more than 40 percent from July are New Jersey (42 percent), Indiana (46 percent) and California (55 percent).

Foreclosures also rose in August

Foreclosure filings, which include default notices, scheduled auctions and bank repossessions, rose 7 percent to 228,098 in August from July. However, foreclosure filings dropped 33 percent from a year earlier.

"The big increase in new foreclosure actions may be a signal that lenders are starting to push through some of the foreclosures delayed by robo-signing and other documentation problems," James Saccacio, chief executive officer of RealtyTrac, said in a statement. "It also foreshadows more bank repossessions in the coming months as these new foreclosures make their way through the process."

Can you refinance?

Having an abundance of foreclosures in your area can harm your home's appraisal. So depending on where you live, foreclosure activity may affect your ability to refinance. But if you already have an idea of your home's value, you can enter that amount into a refinance calculator to see how getting a new mortgage would affect your monthly payments.

Free mortgage calculators

Using a mortgage calculator allows you to compare various loans, estimate closing costs and run different interest rate scenarios. You can also use a calculator to look at amortization schedules to get an idea of principal and interest payments for loan balances.

 

 

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