Tuesday, September 25, 2018

Latest Student Loan, Mortgage Loan and Foreclosure News - 9-26-2018

Strategic default is simple: it's the intentional act of going into default on your student loans. However, there's still a misnomer here Joshua Cohen, a student loan debt attorney, sums it up best: "First, when we say strategic, that almost sounds like it’s purposeful. I think that’s incorrect. Many of these strategic defaulters have no choice but to default. They simply cannot afford the payment. When I say strategic defaulters, it means there is a plan to deal with the debt, not that they actually default when they could afford the payment. It’s not the default that strategic, it’s the what to do after it defaults that is." And it's that idea - what you do after the default that is strategic - that is powerful for borrowers. Read more at Forbes.
The city is taking on lenders of “zombie homes” — decrepit, vacant, distressed houses with unpaid mortgages, which have forced the city to conduct emergency repairs and maintenance. The city’s Department of Housing Preservation and Development is seeking more than $1 million from CitiMortgage, Wells Fargo and other home lenders who have allegedly failed to maintain houses on the brink of foreclosure, the department announced. Read more at The Real Deal.
Each state has different rules around credit freezes, but in some states, it costs $10 to place a credit freeze on their account and another $10 if they want to lift the freeze. Not anymore though. Going forward, consumers can freeze their credit for free at Equifax, TransUnion, and Experian. A credit freeze prevents lenders or other credit providers from opening a new account without a consumer unfreezing their credit. Read more at Housing Wire. 

In the second quarter of 2018, New York City foreclosures stagnated both year-over year and quarter-over-quarter. 881 homes were scheduled for auction for the first time, compared to 911 in Q2 2017...Citywide, the number of foreclosures is stable but high. Read more at PropertyShark.Com.  

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