Foreclosed homeowners fighting back with lawsuits

So many homeowners in foreclosure are fighting back that a mortgage-litigation index skyrocketed during the second quarter.
The index hit its highest quarterly level since it began in 2007, according to Mortgage Daily, a trade publication that provides data to the mortgage industry.
More mortgage lenders are winding up in court for various reasons, but foreclosure cases made up the bulk of cases tracked in the second quarter.
Cases involving investors shot up as well as cases involving criminal activity within a bank.
The second-quarter index came in at 190 total cases. Activity grew 26 percent from the prior quarter and was well more than double the level a year earlier.
The report, which reflects mortgage-related legal actions covered by MortgageDaily.com between April 1 and June 30, was prepared in conjunction with Patton Boggs LLP, a Washington, D.C., law firm.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s