St Louis Finance News: The Government Is Getting More Involved In This Foreclosure Fiasco
Commercial Loans | Principal Reductions | Stopping Foreclosure
877-334-0210 or 314-334-0210 | Floyd Tapia

Just recently, top prosecutors in all 50 states announced a coordinated probe into improper foreclosures by the nation’s largest loan servicers, but stopped short of calling for a freeze on all foreclosures.

The group of attorneys general and bank regulators says it will work to put an immediate stop to improper mortgage foreclosure practices, and review past and present practices by loan servicers and come up with potential remedies according to St Louis commercial mortgage loan experts.

The inquiry will be led by Iowa Attorney General Tom Miller.  “This group has the backing of nearly every state in the nation to get to the bottom of this foreclosure mess, and we plan to work together as thoroughly and expeditiously as possible,” said Miller.

Alabama was not included in the original coalition of 49 states, but Attorney General Troy King indicated Tuesday afternoon that his state would end its holdout and join the investigation.

In addition to action at the state level, the Federal Housing Finance Agency on announced Wednesday directed servicers to review documents and re-mediate problems when found.

The agency, which regulates Fannie Mae and Freddie Mac, also requested that servicers proceed quickly in foreclosure cases where no problem are found, in order to avoid unnecessary vacancies.

Fannie and Freddie, which are supported by the government, own or back the vast majority of the country’s mortgages.

Some Democratic congressional leaders, including Senate Majority Leader Harry Reid of Nevada, have voiced support for a foreclosure moratorium while an investigation is conducted.

But those Democrats have found themselves at odds with top members of the Obama administration, including Treasury Secretary Tim Geithner, who argue that a nationwide freeze would undermine an already fragile housing market and prolong vacancies.

Hey, if even Obama is against more government intrusion, it’s got to be a bad idea.

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CONSUMERS FACING FORECLOSURE OR THOSE WITH HOME VALUES THAT ARE “UNDERWATER”

What if you could substantially reduce your existing mortgage debt balance in as little as 90 days with one simple application or even get a reduced mortgage principal settlement due to common errors found in 85% of mortgages?

(This legal information and data supplied by the FDIC)

Don’t get fooled by expensive computer audits or loan modifications which 90 percent(+) turn out to be scams or just don’t work.

Our service:

• NOT A LOAN MODIFICATION
• NOT A SHORT SALE
• SIMPLE APPLICATION
• CREDIT IS NOT AN ISSUE

Did you know that lost notes, appraisal and mortgage fraud cause an estimated 95 percent of all mortgages to be legally problematic? Settle your note for pennies on the dollar.

Cut Through All The Misinformation And Find Out What Really Works.

Call Now For Your FREE MORTGAGE CHECK-UP
877-334-0210 or 314-334-0210 | Floyd Tapia
www.RFPCommercialLending.com

Or visit our principal reduction and FREE loan audit website above and fill out the quick application.

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Business Owners: Ready to get started? Our commercial loan and principal reduction applications are quick and easy. And we have the largest portfolio of private lending institutions and investor backed funding sources available where imperfect credit is NOT a problem.

Click Here To Apply Online Today!

Or, for more information, visit RFP Commercial Lending and principal reduction services by clicking the banner below:

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Articles and News Sponsored by Liberty Lending Consultants

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St Louis Finance News: Data Coming From The Housing Industry Say Existing Home Sales Plunge 27 Percent
News Press Hot Line: 314-334-0210 | Floyd Tapia

Recent reports from the National Association of Realtors (NAR) show that purchases of existing homes plunged 27.2 percent to a 3.83 million annual rate.

The pace compares with the median forecast of a 4.65 million rate, according to a Bloomberg News survey.  The number of previously owned homes on the market rose 2.5 percent to 3.98 million.

At the current sales pace, it would take 12.5 months to accomplish these home sales, the highest since at least 1999 and compared with 8.9 months in June. The months’ supply of single-family homes at 11.9 months was the highest since 1983, NAR said.

Sales last month fell in all four U.S. regions.  Foreclosures are boosting the so-called shadow inventory, and competing with owners trying to sell properties.

Home seizures increased almost 4 percent in July from the previous month, with 325,229 properties last month getting a notice of default, auction or bank repossession, according to RealtyTrac Inc.

Residential real estate may keep struggling for the rest of this year, while into “2011 and beyond, it is difficult to determine,” Richard Dugas, chief executive officer at Pulte Group Inc., said in an August interview with Bloomberg Television. Pulte is the largest U.S. homebuilder by revenue.

“Demand is low across the country,” Dugas said. “You have record-low interest rates and excellent pricing, but consumer confidence eased. We really need the economy to improve and job creation to take hold before people feel comfortable stepping into a home.”

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

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Check back daily for more financial news.

St Louis Finance News: HAMP Is Still A Failure With Defaults On the Rise
News Press Hot Line: 314-334-0210 | Floyd Tapia

According to a federal report released In August, only 36,695 homeowners received long-term mortgage modifications in July under the Obama administration’s Home Affordable Modification Program known as HAMP.

This brings the total to 434,717 borrowers who have successfully made it out of the trial phase.

A month ago, 51,205 delinquent borrowers were given long-term assistance, but the number of people falling out of the program is on the rise.

Some 12,912 homeowners had their permanent loan modifications canceled in July with 272 of whom paid off their loans.

“While there has been some stabilization in the housing market, it remains clear that we have more work ahead,” said Raphael Bostic, assistant housing secretary.

Bostic goes on to say: “we know that we must continue to provide support to underwater borrowers, unemployed homeowners, and to the nation’s hardest hit neighborhoods.”

Foreclosure prevention programs have taken on renewed importance with the housing market on shaky ground again.

A spike in foreclosures, combined with weak housing sales, could send home prices plummeting again.

In July, foreclosures were up 3.6 percent from the month before but down 9.7 percent from the year earlier period, according to RealtyTrac.

The latest report comes two weeks after the government had to revise its June re-default figures sharply higher, after analysts called the initial numbers misleading.

The revision showed that nearly 20 percent of homeowners were at least two months delinquent nine months after receiving a permanent modification.

The initial figure showed that 7.7 percent had fallen behind.  The government did not provide re-default statistics for July in the current report.

Officials said the data would be released quarterly.  An analyst at Barclay’s Capital said last month said 60 percent of homeowners may ultimately re-default.

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

Sponsored by:

Check back daily for more financial news.

St Louis Loan Audit News: Foreclosures Climbing In The Metro Areas By 75 Percent
Principal Reductions | Home Mortgage and Commercial Loans
877-334-0210 or 314-334-0210|Floyd Tapia

It is no surprise when we hear that foreclosures are still on the rise and that more and more consumers are seeking principal reduction for stopping foreclosure or if their home is “underwater” as far as value is concerned.

But recent information tells us that foreclosure filings have climbed in 75 percent of the nation’s largest cities during the first six months of 2010 according to RealtyTrac, an online marketer of foreclosed homes.

The states that have lead this downward housing trend have been California, Florida, Arizona and Nevada with Las Vegas being the worst-hit city for foreclosures.

Unemployment seems to be the main culprit for this rise in foreclosures across the country says RealtyTrac spokesman Rick Sharga.

“Las Vegas has seamlessly shifted from having a high level of foreclosures due to bad loans,” said Sharga, “to defaults caused by a high level of unemployment.”

In the month of June alone, some 14.7 percent of its work force was out of work which was up 2.1 points from June of 2009.   In fact, Las Vegas had one foreclosure filing for every 15 households in that metro area.

The second prize for the highest foreclosure rate goes to the Cape Coral/Fort Myers, Florida metro areas, with one filing for every 20 households.

The next two cities were from California, Modesto and Merced, which tied for third place with one filing for every 22 households.

Moving slightly eastward, there was one filing in every 48 Salt Lake City, Utah households for foreclosure notices during the first 180 days of 2010 which was a giant 55 percent increase over the same period in 2009.

Although the national unemployment rate has dropped to 9.5 percent, Salt Lake’s unemployment woes have gone up in 2010, rising 0.3 percent to 7.2 percent in June.

In addition, the Midwest hasn’t avoided the financial blows caused by this epidemic of foreclosures.  Chicago, Illinois foreclosure filings have soared primarily due to this sluggish economy which saw filings climb to 23 percent to one in every 48 households.

Charleston, South Carolina’s filing rate was up 17 percent to one in every 68 homes, while the Land of Enchantment, Albuquerque, New Mexico saw a disturbing 157 percent jump in filings to one in 80 households.

St Louis mortgage lenders has noticed one thing in common and that is every one of those cities mentioned above has  an unemployment rate that is moving north so to say.

Chicago’s unemployment stood at 10.6 percent in June, which was more than a point above the national rate, while Albuquerque’s unemployment which was hovering around 5 to 6 percent has jumped to 8.9 percent from it’s latest number of 7.9 percent in the last 12 months.

Charleston’s rate looks to be standing par at the national level coming in at 9.5 percent.

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CONSUMERS FACING FORECLOSURE OR THOSE WITH HOME VALUES THAT ARE “UNDERWATER”

What if you could substantially reduce your existing mortgage debt balance in as little as 90 days with one simple application or even get a reduced mortgage principal settlement due to common errors found in 85% of mortgages?

(This legal information and data supplied by the FDIC)

Don’t get fooled by expensive computer audits or loan modifications which 90 percent(+) turn out to be scams or just don’t work.

Our service:

• NOT A LOAN MODIFICATION
• NOT A SHORT SALE
• SIMPLE APPLICATION
• CREDIT IS NOT AN ISSUE

Did you know that lost notes, appraisal and mortgage fraud cause an estimated 95 percent of all mortgages to be legally problematic? Settle your note for pennies on the dollar.

Cut Through All The Misinformation And Find Out What Really Works.

Call Now For Your FREE MORTGAGE CHECK-UP
877-334-0210 or 314-334-0210 | Floyd Tapia
www.RFPCommercialLending.com

Or visit our principal reduction and FREE loan audit website above and fill out the quick application.

==================================================

Business Owners: Ready to get started? Our commercial loan and principal reduction applications are quick and easy. And we have the largest portfolio of private lending institutions and investor backed funding sources available where imperfect credit is NOT a problem.

Click Here To Apply Online Today!

Or, for more information, visit RFP Commercial Lending and principal reduction services by clicking the banner below:

==================================================

Articles and News Sponsored by Liberty Lending Consultants

When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

Sponsored by:

Check back daily for more financial news.

St Louis Finance News: The Failing of HAMP Is Stinging Capitol Hill [News Hot Line: 314-334-0210 | Floyd Tapia]

The biggest fear on homeowners’ minds would be home prices continuing to go down. That may become a sad reality.

With foreclosures on the rise along with housing sales dropping throughout the nation, this deadly combination could send home prices plummeting once again.

June brought about the cancellation of approximately 91,107 people in trial modifications bringing the total to 520,814 since this federal program began in the spring of 2009.

The disturbing news is that over 59% of those who dropped out of the loan modification program in June had been in trials for at least six months.

There are several reasons homeowners are kicked out of these federal mortgage modification programs ranging from not making the required home loan payments to no longer qualifying to not submitting the necessary paperwork as requested.

However, many will argue that all is not lost since about 44 percent of these consumers who are no longer in the trial modification program go on to receive alternate modifications most often through their loan servicer.

Out of the remaining 56 percent, some 8.9 percent had foreclosure proceedings started against them and 1.4 percent lost their home in foreclosure.

The present number of 364,077 troubled borrowers still remain in the trial phase while nearly 167,000 of these have been in trials for at least six months.

“I feel like a broken record, but HAMP continues to perform very poorly,” said John Taylor, head of the National Community Reinvestment Coalition, an advocacy group.

He goes on to say: “The permanent modification numbers are simply too low, while foreclosure filings continue above 300,000 for the 16th month in a row.”

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

Sponsored by:

Check back daily for more financial news.

St Louis Finance News: Whopping Discounts Equaling 27 To 30 Percent For Foreclosures [News Hot Line: 314-334-0210 | Floyd Tapia]

Amazing numbers are coming from the housing industry as far as current home sales are concerned.

It seems that foreclosures accounted for a third of all sales during the first quarter of 2010.

What is even more surprising is that residential properties sold at a 30 percent discount.

RealtyTrac also put a recent report out stating that 31 percent of all residential sales were foreclosure properties.

What a deal home buyers received.  Those who purchased these properties paid on the average a shocking 27 percent less compared to the sales of non-distressed houses.

The catalog of foreclosure properties included real estate being sold as short sales and REOs which are bank repossessions as the industry calls them.

But to be clear, these numbers do not include property transfers from borrowers to banks such as takes place in a sheriff’s auction.

Although the sinking economy as helped foreclosures to thrive to unbelievable proportions, they have none-the-less become the dominant feature of many real estate markets.

And it’s not difficult to find willing buyers among young bargain hunters and savvy housing market veterans who are taking full advantage of these historically low home prices.

The states where foreclosure sales were highest were in the expected real estate bubble states of Nevada, Rhode Island, Massachusetts and Florida.

St Louis mortgage lenders along with national banks have been trying to better manage their inventories of foreclosed homes so as not to flood the market which would inevitably drag prices down.

The other negative impact that foreclosure sales has on home sales in this already depressed market is that they have a terrible depreciating effect on the entire real estate inventory as millions of consumers have found out.

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

Sponsored by:

Check back daily for more financial news.

St Louis Finance: Consumers Exit Troubled St Louis Mortgage Programs [News Hot Line: 877-334-0210 | Floyd Tapia]

There seems to be peril at hand for the Obama administration’s flagship loan modification program as it sinks deeper and deeper into oblivion.

Approximately 1.24 million borrowers who have enrolled in the $75
billion mortgage modification program have dropped out or been kicked out as it were.

That amazing number is only exceeded by the number of consumers who have managed to successfully have their loan payments reduced to help them save their homes.

Only 340,000 homeowners have graduated to the permanent home loan modification plateau and are also making payments on time.

Of course, White House officials are saying the housing market is much better financially than when President Obama entered office.

They base this strong comment by continuing that the large number of homeowners who were rejected from the program will somehow and some way receive help in other ways.  That’s pretty optimistic especially since their program has failed Americans over and over again.

But St Louis home loan analysts expect the majority of these individuals will still wind up in foreclosure which will inevitably slow the promised economic recovery.

What some people don’t understand is that when this loan modification program was introduced, the Obama administration initially pressured banks to sign up borrowers without insisting first on providing proof of their income.

So, when banks later required that this information be collected, thousands of these distressed homeowners who originally qualified were now disqualified or dropped out due to the administration’s short-sightedness.

Then came the war between the borrowers and the banks. Side A said the banks and their servicers lost lost their documents.  Side B fervently said that these borrowers were not sending back their paperwork or it was not properly filled out.  Right or wrong, in the end, the banks won.

There have been cases where consumers have made their house payments and yet have been unfairly kicked out of the program by irresponsible banks.

Such mistakes happen “more frequently than not, unfortunately,” said real estate lawyer, Sumani Lanka. “I think a lot of it is incompetence.”

Since then, more changes have evolved.  The U.S. Treasury now requires banks to collect two recent pay stubs at the start of the process.

Consumers are also required to give the Internal Revenue Service the right to provide their most recent tax returns to lenders and servicers at their request.

When this facet of the program was enacted, many people stopped enrolling in the program thus not deserving of financial help.

In fact, the number of homeowners who applied in May 2010 was 30,000 compared to last summer when more than 100,000 borrowers signed up every month.

Thus, as more people exit these loan bailout programs, this results in a new wave of foreclosures. Once again this would have an adverse toll on the housing market.

And if that doesn’t do the householder in, their very high debt burden might.

Credit ratings agency Fitch Ratings is now projecting that about 67 percent of borrowers with permanent modifications will later default once again within 12 months after getting their home loans modified.

Current data from the Obama administration published recently shows that nearly 50 percent of the  borrowers who fell out of the program in April 2010 received an alternative loan modification from their lender.

They also said only 7 percent went into the foreclosure process.

Another option that is now being used more often is the short sale in which banks agree to let borrowers sell their homes for less than they owe on their mortgage.

The consumer will take a less severe hit to their credit report  and may be better for communities because homes are less likely to be vandalized or fall into ruins.

The White House has provided a plan to give such homeowners who agree to short sales or voluntarily work with the banks and turn over their keys $3,000 for moving expenses.

The overall plan for this foreclosure prevention plan was to not only stabilize the housing market, but to provide additional funding for St Louis loans, push down mortgage rates and provide federal tax credits for home buyers.

The argument is that although many of these thing were put into place, most utterly failed or had miserable results.

Simply put, consumer advocates had high hopes for Obama’s home loan program when it began but quickly grew disenchanted at the less than desirable numbers.

“The foreclosure-prevention program has had minimal impact,” said John Taylor, chief executive of the National Community Reinvestment Coalition, a consumer group.

He goes on to say:  “It is sad that they didn’t put the same amount of resources into helping families avoid foreclosure as they did helping banks.”

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

Sponsored by:

Check back daily for more financial news.

St Louis Mortgage News: Obama’s Mortgage Bailout Plan A Bridge Over Troubled Waters [News Hot Line: 877-334-0210 | Floyd Tapia]

The federal government recently released a report showing that more distressed homeowners have been dropped from the trial mortgage modifications so as not to receive the long-term help they were seeking.

The Obama administration’s signature housing bailout plan known as the Home Affordable Modification Program (HAMP) witnessed a surge of consumers leaving or actually getting removed from this program in May.

Approximately 152,000 have had their trial mortgage adjustments canceled with the main reason seeming to be they could not document their income or because they now earn too much to qualify for this housing assistance.

Overall, about 430,000 borrowers have had their trial modifications canceled which now equates to more than one-third of the total initiated.

You would think that once you are permitted into the program, most would be able to take advantage of this needed service.  But here’s the scoop.

Servicers must place troubled borrowers into trial modifications for several months in order to verify their income and see whether they can realistically make the lowered payments.

Thus, there is an initial qualification requirement and one that continues throughout the process.

Additional St Louis finance data shows that over 70 percent of  homeowners who had been canceled in June had been in this trial period for at least six months.

Treasury Secretary Tim Geithner pointed out that “the administration’s housing policies, combined with actions of the Fed, have lowered mortgage interest rates, helped stabilize home prices and reduced the rate of foreclosures, repairing some of the damage caused by the financial crisis to the financial security of millions and millions of American families.”

But although this is good news on the surface, a much deeper look at the scoreboard shows that dark clouds remain imminent over this gloomy housing market.

What about foreclosure statistics?  As of May 2010, completed foreclosures soared to 93,800 which was up from 65,000 a year earlier.

And to show that foreclosures are not just the plight of lower income families,  delinquency rates for borrowers with very good credit histories jumped a full point to 5.9 percent in the first quarter of 2010.

Borrowers who are “underwater” or owe more than their house is worth rose to 11.3 million up from 10.2 million just a year ago.

What is extraordinary is the number of vacant homes held off the market which now consists of 3.6 million up from 3.5 million a year earlier.

Finally, the number of home mortgages refinanced in the first quarter of 2010 dropped to 1.17 million which was considerably lower from 1.31 million during the same period in 2009.

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

Sponsored by:

Check back daily for more financial news.

St Louis Finance News: Economists Predict Shadow or Foreclosure Inventory Will Keep Housing Market In The Toilet [News Hot Line: 877-334-0210]

Economists, with gloomy views on the real estate market feel that continued foreclosures and an “overhang” or “shadow” in housing inventory will likely prolong the mortgage slump for several more years.

Stan Humphries, chief economist for  Zillow commented that home values are still declining at a very fast rate.

St Louis mortgage experts are also saying that any type of housing demand may not be seen or reach any normality or balance until the year 2013 according to Doug Duncan, chief economist for Fannie Mae.

The “overhang or shadow supply” of housing inventory is directly related to the standstill recovery for the housing industry.

Zillow goes on to predict that home prices may bottom out during the third quarter of 2010.

Once again, Humphries stated that the “tremendous amount of shadow inventory is a contributor to the stalled mortgage and economic recovery.”

This shadow inventory not only includes properties that are currently in foreclosure, but those in foreclosure that are not yet on the market and homes that are seriously delinquent and not yet in foreclosure.

Other negative side effects that continue to slow this economy includes mortgages losing their values and being “underwater” combined with high unemployment.

And as far as the federal tax credit programs being offered to first-time and existing home buyers that expired on April 30th of this year apparently did nothing in regards to driving sales.

Real estate agents and mortgage analysts have been warning us that July and August are the months we should be watching out for.  We shall see.

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-698-4092 or 877-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis commercial lending with no upfront fees.

Sponsored by:

Check back daily for more financial news.

St Louis Mortgage Refinancing and Real Estate News –

News: Repossessions Rising As Foreclosures Soar

With foreclosures hitting an record highs in April 2010, delinquency data shows late mortgage payments are not expected to drop anytime soon.

This disheartening information was released by RealtyTrac, the online marketer of foreclosed properties.

Approximately 92,432 homes were repossessed during the month of April.  These numbers are at an all-time high not to mention a 45 percent increase over April 2009.

If this reckoning pace continues till the end of the year, more than 1.1 million homes will fall victim to repossession in 2010.

The CEO of RealtyTrac, James Saccacio said:  “There were two important milestones in the April numbers that show foreclosure activity has begun to plateau, but at a very high level that will not drop off in the near future.”

Saccacio went to say that this bleak outlook has become a pattern that will remain for many months to come.

We should also expect the overall numbers of foreclosure filings to stay high, although hopefully not increasing while repossessions will keep going up at record levels.

Many St Louis mortgage consumers wonder why repossessions can rise while foreclosure filings hold steady.

The reason is rather simple.  Mortgage lenders are working through a backlog of delinquent mortgages which means taking more properties  through the entire process to repossession, rather than letting them sit there.

These numbers of repossessed properties, which are also called real-estate owned or REOs, have gone up quickly due to another rising problem that being homeowners who voluntarily walk-away from their homes because their property value has dropped putting them ‘underwater.’

And it is a fast-growing population of homeowners who decide to leave their homes knowing they owe far more than the value of their home.  Most feel they will never recoup their losses.

This problem is so bad, that at present, there is a staggering 5 million of these ‘negative equity’ borrowers owing mortgage debt that amounts to a total of $655 billion.  That amount is mind-boggling and sadly may continue to rise.

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When applying for any type of St Louis mortgage, always discuss your options with a top St Louis mortgage broker. Call Liberty Lending Consultants, the recognized St Louis refinancing and home loan experts, at 877-334-0210 or 314-334-0210 and ask for Steve Swan, Doug Stahlschmidt or syndicated columnist Floyd Tapia, host of the St. Louis “Mortgage Minute.”

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Check back daily for more financial news.