Carrie Bay of DSNews.com is reporting that commercial defaults continue to rise because refinancing efforts are still saddled with delays because of the large influx of new troubled loans. Many property owners resorted to bankruptcies to try to fend off foreclosures with most failing to do so.
Michael Merriam, Standard & Poor’s servicer analyst, explained that between June and December of last year, total delinquencies within primary servicing portfolios increased to 4.59 percent from 2.90 percent based on loan count. Looking at outstanding principal balances, the delinquency rate increased to 5.50 percent from 3.28 percent.
In total, special servicers’ loan portfolios grew 26 percent to 5,676 loans at year-end 2009 compared with midyear, S&P said. Their REO portfolios also grew 26 percent to 946 properties. In comparison, these same special servicers had $71.1 billion of unresolved assets (4,504 loans and 750 REOs) as of June 30, 2009, and $34.2 billion of unresolved assets (3,966 loans and 576 REOs) as of December 31, 2008.
Acquired Asset Solutions, Inc. has private investors looking to refinance these troubled mortgages.
For more information, visit our website at http://www.acqas.com
Email: lending@acqas.com
or call us at 1-877-227-7503.
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