Residential mortgage foreclosures in Philadelphia have risen to nearly their pre-pandemic levels in recent months as COVID-related homeowner protections lift, and while lawyers say they don’t expect foreclosures to rise to Great Recession levels, some say they’re bracing for the fallout.
According to Blank Rome’s Edward Chang, who represents national mortgage services in contested residential mortgage litigation, a huge number of loans nationwide are currently in severe delinquency. He pointed to a February report from data analytics company Black Knight that put the number of loans in the United States that were 90 days past due but not in foreclosure at around 900,000 as of February.
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