New Foreclosure Filings in Maryland Highest in the U.S. during 2nd Quarter 2012

The recent National Delinquency Survey of the Mortgage Bankers Association’s (MBA) reveals that among the U.S. states, the rate of new foreclosure fillings in Maryland was the highest in the nation during the second quarter of 2012.

Out of 1,000 home loans in Maryland, nearly 20 – double the national average – were drawn into the foreclosure process in the second quarter of 2012, the Washington-based MBA reported.

Jay Brinkmann, MBA’s Chief Economist, said in a statement that the rise in foreclosure actions in Maryland can be attributed to the national robo-signing legal settlement.

Brinkmann said, “The Maryland numbers … were largely driven by the resumption of foreclosures following the servicing settlement.”

Nationwide, however, the new foreclosure starts were flat in the second quarter of this year. MBA reported that the percentage of home loans on which foreclosure filings were started during April, May and June of this year was 0.96%, unchanged from the 1st quarter of this year and from one year ago.

It can be recalled that early this year, 49 state general attorneys (including the Attorney General of Maryland) and five biggest mortgage lenders (Bank of America, Citibank, JPMorgan Chase, Wells Fargo and Ally Financial) agreed to the $26 billion settlement over the issue of foreclosure processing abuses.

While the approved $26 billion settlement clears the way for banks to compensate homeowners that were impacted with the foreclosure processing abuses, also known as robo-signing; the settlement also clears the way for more foreclosure activities.

Whether you are a first-time home buyer, first-time home seller, empty nester, thinking about selling a home or buying a home, do contact the Guldi Real Estate Group. In Southern Maryland, the Guldi Group is the number one real estate team.