OCC and OTS Mortgage Metrics Report
Third Quarter 2008
Appendix C—Short Sales and Deed-in-Lieu-of-Foreclosure Actions
Overview
Short sales and deed-in-lieu-of-foreclosure actions require borrowers to forfeit the home to pay (partially or in whole) the mortgage debt. Short sales and deed-in-lieu-of-foreclosure actions allow borrowers to avoid foreclosure and lessen the impact on their credit rating. Both short sales and deed-in-lieu-of-foreclosure actions typically have a less adverse impact on borrowers than foreclosures.
New short sales and deed-in-lieu-of-foreclosure actions totaled 14,097 during the third quarter, a 56 percent increase from the second quarter.
Prime loans had nearly 50 percent of new short sales and deed-in-lieu-of-foreclosure actions during the quarter.
| Short Sales and Deed-in-Lieu-of-Foreclosure Actions
|
| |
First Quarter
|
Second Quarter
|
Third Quarter
|
| Prime |
2,835 |
4,012 |
7,027 |
| Alt-A |
1,597 |
1,918 |
2,821 |
| Subprime |
1,771 |
2,003 |
2,566 |
| Other |
705 |
1,096 |
1,683 |
| Overall |
6,908 |
9,029 |
14,097 |
|
