foreclosure: Home Foreclosures Down by Half
- 06/07/13 10:32 AM
Home Foreclosures Down by Half Just over 4300 homeowners are is some part of the foreclosure process that is less that 1/2 the number from one year ago April to April). This trend in Orange County does mirrors what is happening in California. As the home prices continue to increase, as radically as they have and are at this time, we will see even fewer people being foreclosed upon. The healing of our market is happening very quickly and with it many are moving from being upside down to having equity in their homes again. This is all good news. … (4 comments)
California law requires an owner of vacant residential property purchased through foreclosure to maintain the property. If the owner fails to do so, existing law allows a governmental to impose a civil fine of up to $1,000 per day, have the required work performed, and bill the property owner. These provisions were scheduled to sunset 12/31/12. Recent legislation removes the sunset provision and extends the statue indefinitely.
The State of California Department of Justice mailed out claim forms to 432,000 to homeowners who had their homes foreclosed between January 1, 2008 and December 31, 2011. The forms serve as a way for them to receive part of the $1.5 billion cash settlement, part of the broader settlement between the 49 state attorneys general and five mortgage servicers. The lenders involved are Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo each have paid into the fund.
It is important for the homeowners to … (6 comments)
foreclosure: There are 6 California State Bills Concerning Foreclosure
- 03/05/12 11:19 AM
There are 6 California State Bills Concerning Foreclosure California has 6 new bills concerning foreclosure they propose to: End the process in which homeowners are continually passed frome one bank officer to another as well as a "dual track" practice of foreclosure and and loan modification. Creating "robo signing" penalties. Fining the lenders that allow properties to get blited. Provisions to allow tenants more time to relocate. These are in the new proposed bills. Expect major resistance by the big … (4 comments)
foreclosure: Fewer Foreclosure Notices Were Filed In 2011
- 01/16/12 02:23 PM
Fewer Foreclosure Notices Were Filed In 2011 21.7 percent fewer foreclosure notices were filed in 2011 than the previous year. Realty/Trac reported Thursday the 21.7 figure and that put us 3rd highest foreclosure rate in the country. In the nation there was a 34 percent drop in 2011 from the prior year. A lot of this could be because of the problems the banks have in the way the processed foreclosures. The pace will increase during the coming year if that was the problem. In California one in 32 homes are being foreclosed in California. The message is really that people … (14 comments)
foreclosure: Orange County Foreclosures Are Down
- 05/01/11 11:02 AM
There is some good news in the economy foreclosures are down slightly in Orange County. Data Quick showed that the number of homes that were foreclosed were down 3 percent. In our area Ladera Ranch was the hardest hit in our county, followed by Santa Ana, Stanton, Buena Park, Rancho Santa Margarita and Aliso Viejo. Best areas with no foreclosures were Midway City, Newport Beach and Villa Park for the quarter. The other good news is that the number of notices of default were also down by 12 percent and that is significant. The Cities with the most defaults were: Ladera … (4 comments)
foreclosure: The Shadows Of the Real Estate Industry
- 04/17/11 12:34 PM
What is in the shadows of the real estate industry? If you are talking to agents that follow distressed properties they talk about the shadow inventory. What is it and why do any of us care? The shadow inventory would be those homes that are not shown anywhere. They are the homes where the homeowner has not made payments in a long period of time and the bank has not shown their property as a distressed property. No notice of default published and no record to look to to find the distressed property. The banks know that the homeowner is in trouble. Realtor's … (0 comments)
foreclosure: More Properties have Default Notices 19% More
- 10/31/10 09:51 AM
In the Orange County Register today they reported that California real estate market was still having difficulties as shown in an increase of properties that have default notices - 19% more. The number of properties in default in California climbed 19% over the last quarter. This is the first time we have had an increase quarter over quarter since the beginning of last year. We have extremely high unemployment and underemployment here in the state which is not helping the overall market. It is not changing to the better 83,300 homes went into default from July through September. We had been seeing … (12 comments)
foreclosure: Tax Shocks Short Sale Homesellers in California
- 03/11/10 04:31 AM
Many homeseller in California are in trouble with the state of California as the tax shocks the short sale homesellers and for those who lost their homes due to foreclosure. A few Californians are figuring out their income tax now and are in shock at the amount of the tax bill. California did not continue the forgiveness on the tax liability for the loan forgiveness for the whole of 2009.
The amount of tax liability can and often is over $100,000 and their 2009 tax is very high, a tax shock for the homeseller in California. To learn more contact us. … (2 comments)
foreclosure: Loan Modifications, Short Sales, Foreclosures or Bankruptcies Impact Consumers
- 03/09/10 08:35 AM
Modifications, Short Sales, Foreclosures or Bankruptcies Impact Consumers Consumers, lenders, real estate agents and regulators alike are wondering how mortgage-related actions such as loan modifications, short sales, foreclosures or bankruptcies will impact consumers' credit profiles and, especially, their credit scores going forward. To get the answers there have been several studies made by the credit bureaus and here are some of those answers. Loan modifications: Consumers should proactively seek out loan modifications before they experience severe delinquency in their credit file. Late payments have a far greater impact on a credit score than loan modifications. Several types of loan modifications … (9 comments)
foreclosure: News on Defaults
- 10/22/09 09:47 AM
Default notices drop by ten percent in California now that is good news. Mortgage defaults notices filed against homeowners dropped in the last quarter of the year. There have been some loan modifications or work on loan modifications and short sales. Those two actions can slow the process of foreclosure but the banks usually will still continue on and file the defaults. There were nearly 112,000 morgage default notices that were filed during the July to September time period. The second quarter April through June had 125,000 mortgage defaults. The good news is the that is a drop of 10 percent. … (0 comments)
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Home Foreclosures Down by Half
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