From the NCE newsletter:
The foregoing chart shows that the largest number of loan re-sets is yet to
occur. The largest volume of re-sets will occur in March of 2008. This
leads many to conclude that there will be a corresponding growth in the
number of mortgages falling into arrears beginning after those dates. Since
mortgages are usually carried for at least 30 to 60 days before a notice of
default is filed by the lender, and since the foreclosure process takes
from one month to four months to complete, depending on the state, the full
effects of an increasing number of foreclosures will not be felt for a
minimum of approximately one year. At that point banks will be placing the
assets back on the sale market. The bottom line is that it is likely that
we have not yet felt the full effect of large numbers of loan re-sets. This
chart does not take into effect some significant factors such as: lender
willingness renegotiate difficult loans, the market availability of lower
interest loans, etc.
I thought this information would be interesting for the forum.
.
The foregoing chart shows that the largest number of loan re-sets is yet to
occur. The largest volume of re-sets will occur in March of 2008. This
leads many to conclude that there will be a corresponding growth in the
number of mortgages falling into arrears beginning after those dates. Since
mortgages are usually carried for at least 30 to 60 days before a notice of
default is filed by the lender, and since the foreclosure process takes
from one month to four months to complete, depending on the state, the full
effects of an increasing number of foreclosures will not be felt for a
minimum of approximately one year. At that point banks will be placing the
assets back on the sale market. The bottom line is that it is likely that
we have not yet felt the full effect of large numbers of loan re-sets. This
chart does not take into effect some significant factors such as: lender
willingness renegotiate difficult loans, the market availability of lower
interest loans, etc.
I thought this information would be interesting for the forum.
.
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