Ironic, LPS would make a comment on an article and offer stats on overdue defaulted homeowners, when a reason why an estimated 350,000 foreclosures cases continue to be delayed as lenders and bank lawyers sort through last fall’s robo-signing scandal.
Hmmm. They are front and center of the robo-signing scandal and they offer advice?
Palm Beach Post-
More than half of Florida homeowners in foreclosure have not made a mortgage payment in two years or more. That’s higher than the national average and one indication of why banks are paying borrowers up to $20,000 to execute a short sale.
A new report from Jacksonville-based LPS Applied Analytics found that as of September, 56 percent of Florida’s mortgages in foreclosure are 24 months or more behind in payments, compared with 39 percent nationwide.
About 84 percent of Florida foreclosures are more than 18 months in arrears.
[…]
Last month, Bank of America quietly began a Florida-only campaign that gives homeowners up to $20,000 for a short sale rather than letting their homes linger.
Wells Fargo and J.P. Morgan Chase have similar short-sale programs, sometimes called “cash for keys.” McCabe said a woman he knows was told by Chase it would give her $35,000 for a short sale after she was only 60 days behind on payments.
But then, the banks are trying to offer cash to homeowners to follow through with a short sale? In case you’re wondering, it takes 501 days to complete a short sale in South Florida.
Does this make any sense? What buyer has the patience to wait this long?