Straits Times provides an article on Saturday that there are more distressed mortgages:
- Delinquent mortgages up 20% (3.3k 2013 to 4.18k)
- Banks wrote off 6 mortgages in the first 5 months versus 5 last year
- Banks typically consider mortgages outstanding for 90 days to be defaulted loans
- Analysts feel that the increase is due to investors taking advantage, pushing the limit before the TDSR
- Unemployment up form 1.8% to 2%
- 42 mortgage auctions, highest since 63 homes in 2009
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Eric
Sunday 20th of July 2014
Any idea how to find distressed mortgages from banks?
MS
Sunday 20th of July 2014
only for accredited investors. only available in auctions, usually these auctions are invite only.