DS News - Digital Archives

Idaho rank: 25 90+ Day 1.90% 2.32% -18.0% 90+ Day 5.26% year ago 7.60% percent point change -30.8% 34.8% Top Core-Based Statistical Area BOISE CITY-NAMPA, ID 90+ Day 2.02% year ago 2.74% percent point change -26.3% 1.7% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90- plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the August 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary August 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 2.94% Delinquency Rate august 2012 2.98% Foreclosure Rate 4.04% Delinquency Rate Foreclosure Rate august 2012 2.87% year ago 2.57% percent point change 12.0% Top County LINCOLN COUNTY Delinquency Rate august 2012 5.45% Foreclosure Rate Unemployment Rate 7.4% 8.8% -15.9% under the deed of trust, thus MERS could not assign the deed to EverHome Mortgage Company, the foreclosing party. The Elmore County District Court dismissed the borrowers' complaint against all defendants. Judge Norton cited the decision in Trotter v. Bank of New York, in which the Idaho Supreme Court upheld a foreclosure where MERS, acting as a beneficiary, assigned its interest in the deed of trust. Norton also stated the "language from Illinois Robinson REO Team Leader Angela A Division of Elite Properties Chicago 875 N. Michigan Suite 3100 Chicago, Il 60611 312-226-9915 (c) ar@reoelite.com www.reoelite.com the deed of trust unambiguously intends that MERS act as an agent of the lender, or its assigns, in administering the deed of trust, that it holds 'legal title,' and therefore has the authority to appoint successor trustees and to initiate foreclosure proceedings." KNOW THIS If a home in Boise, Idaho, was bought for $100,000 in 2006, today it is worth $68,000, according to Local Market Monitor's October Economic Review. FROM THE BENCH Idaho Court Sides with Fannie Mae, MERS in Counterclaim Lynn G. Norton of the Elmore County District Court in Idaho ruled in favor of Fannie Mae and dismissed complaints against Merscorp Holdings. The borrowers in the case fell behind In the case Fannie Mae v. Lopez, Judge Illinois rank: 4 90+ Day 2.99% 3.20% -6.4% 90+ Day on payments and received a modification through the Home Affordable Modification Program (HAMP) but became past due again. The home was then sold in a foreclosure auction, in which Fannie Mae was the highest bidder. When Fannie Mae filed a complaint 2.93% year ago 3.39% percent point change -13.6% 0.3% Top Core-Based Statistical Area KANKAKEE-BRADLEY, IL 90+ Day to evict the borrowers, the borrowers filed a counterclaim, alleging wrongful foreclosure. Merscorp's Mortgage Electronic Registration Systems, Inc., (MERS) was also named as a defendant in the counterclaim. The borrowers claimed the foreclosure sale of their property was invalid under Idaho law and that MERS was not the beneficiary 86 4.34% year ago 4.63% percent point change -6.3% -4.8% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90- plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the August 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary August 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 8.02% Delinquency Rate august 2012 7.64% Foreclosure Rate 10.92% Delinquency Rate Foreclosure Rate august 2012 6.54% year ago 6.60% percent point change -1.0% Top County PIKE COUNTY Delinquency Rate august 2012 10.95% Foreclosure Rate Unemployment Rate 9.1% 10.2% -10.8% IN THE NEWS MortgageKeeper Collaborates with Family Credit Management Services announced it will begin working with Family Credit Management to help its counselors connect consumers to vetted community services via MortgageKeeper's MKDesktop product. Family Credit Management is a nonprofit Illinois-based MortgageKeeper Referral consumer credit and housing counseling agency. It has provided services to consumers seeking financial assistance for almost 20 years and is one of only 26 consumer credit counsel- ing agencies licensed in more than 20 states. Family Credit counselors will have web- based access to MortgageKeeper's nationwide database of more than 6,500 nonprofit and government services. By simply typing in the consumer's ZIP code and choosing a service category from the 20 different options offered—such as job training, food assistance, or utility payment assistance—counselors are able to create customized local assistance summaries to help consumers reduce their living expenses so they are better able to meet financial obligations and pay their mortgage. Current subscribers to MortgageKeeper's database connect consumers to 65,000 resources every month. Michael McAuliffe, president of Family Credit Management, said, "Family Credit helps people become debt free, and assistance from local resources is critical to reaching this goal. We are excited about the addition of MKDesktop to our resources, which will help our counselors guide even more indi- viduals and families to the ultimate objective of financial freedom."

• Cover