Bradford Miller Law, P.C. Chicago Real Estate Attorney, Chicago Short Sale Attorney: Mortgage performance

Tuesday, January 13, 2015

Mortgage performance

According to the Mortgage Metrics Report, Second Quarter 2014 from the Office of the Comptroller of the Currency (OCC), 92.9 percent of first-lien mortgages at large national and federal savings banks were performing as of the end of June.

The number of performing mortgages increased slightly from quarter 2, 2013, when 90.6 percent of mortgages were reported as performing. The number of delinquent loans were down according to OCC, 2.4 percent of all mortgage loans were between 30 and 59 days past due, a decline of 17.3 percent from Quarter 2, 2013. The report found that the number of seriously delinquent loans, which are more than 60 days past due, fell by 17 percent from the same period a year ago.

In addition, it was reported that among the servicers who reported, foreclosure activity was way down. The number of properties in the process of foreclosure stood at 391,591 at the end of quarter 2, 2014 which represented a decline of 47.4 percent from quarter 2, 2013. According to the OCC, the number of new foreclosures initiated during quarter 2, also declined by 47 percent year-over-year, down to 79,781.Completed foreclosures also took a significant downward turn, falling by 39.1 percent down to 48,684 from the same period last year.

OCC attributes the decline in foreclosures to foreclosure prevention assistance, improved economic conditions, and loan transfers not reported. They reported that about 47 percent of nationwide mortgages were included in this portfolio, which totaled about 24.1 million loans with approximately $4.1 billion in principal balances.

Original Source: DS News

Bradford Miller Law, P.C. can assist you with all your real estate needs. From selling, buying, landlord issues and even helping you with a building code violation we are here to help with all your real estate needs at a very reasonable rate. Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau.

At www.bradfordmillerlaw you will find information about our firm along with helpful real estate information. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a FREE 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, Chicago building code violations, Short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here

FREE SHORT SALE HELP

Are you "under-water" in your home? Do you owe more then the property is worth? You should consider doing a short sale. Chicago short sale attorney Bradford Miller offers free legal representation to homeowners doing a short sale. The first step is to call Attorney Bradford Miller for a free 15 minute phone consultation. If we accept you as a client, our representation will be free to you and its possible you will even receive some money to help you relocate. Homeowners should know what their options are and what to expect. Call Mr. Miller today at 312-238-9298.

CHICAGO REAL ESTATE LAW BLOG

Bradford Miller Law, P.C. focuses on real estate law, landlord tenant law and estate planning. This is the chicago real estate law blog. If you are interested in reading about landlord tenant law, visit that blog at http://chicagoltlaw.blogspot.com/. If you are interested in estate planning, visit http://chicagoestateplanning.blogspot.com/. The law firm's main website is www.bradfordmillerlaw.com.

This blog will focus on real estate law in the Chicagoland area. Topics include real estate transactions ("closings"), closing costs, and real estate taxes, among other things.

Helping people in this distressed real estate market

Whether you live in Chicago, Berwyn, Orland Park, Naperville, or another suburb, Bradford Miller Law, P.C. can provide the legal representation you need. Short sales are becoming more and more prevalent, currently making up approximately 35% of the market. Sellers need to understand what a short sale is and what the consequences may be. Mr. Miller offers a free 15-minute phone consultation to any homeowner contemplating a short sale.

Bradford Miller Law, P.C. also offers representation to traditional sellers. Sellers can find a variety of information at http://www.bradfordmillerlaw.com/ under the "Sellers" section. Mr. Miller offers a free 15-minute phone consultation to any homeowner looking to sell their property.

Buyers, and especially investors, are taking advantage of the real estate market. Bradford Miller Law, P.C. offers comprehensive legal representation when making a purchase. Call for a free 15-minute phone consultation.