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    (845) 485 2703
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Blogs

Foreclosure Filings Increase in October in New York

RealtyTrac® released its U.S. Foreclosure Market Report™ for October 2015, which shows foreclosure filings (including default notices, scheduled auctions, and bank repossessions) increased nationally by 6% from September, but is still down 6% from a year ago.

There was a total increase of 31% from a year ago in properties repossessed by lenders (REO's) in October, but despite the annual increase, REOs in October are at about one-third of their peak in September 2010.  REO's increased from a year ago in 36 states in October, including New York ↑ 320%, New Jersey ↑ 275%, Texas ↑ 119%, North Carolina ↑ 89%, Nevada ↑ 83%, and Illinois ↑ 62%.

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More Home Buyers Financing With Non-Bank Lenders

According to the Federal Reserve, an increasing number of home loans are being done by non-bank lenders . . . independent mortgage companies, such as Quicken Loans, Loan Depot, and other large and small nondepository lenders. 

Independent mortgage lenders tout their ability to complete transactions online, and in some cases the borrower may not even need to speak to a loan officer.  They also claim to offer more flexibility in the types of loans they offer.

Banking institutions, on the other hand, may be able to offer better rates and closing costs than independent mortgage companies based on the length of account history and amount of holdings.