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Don't Get Behind on Your Mortgage in Palo Alto!
Many distressed homeowners have found that if they are unable to make mortgage payments they are frequently not foreclosed on for many many many months. It appears as if many banks are trying to release foreclosures in a way that will not further depress prices and want to keep these delinquent homeowners in a home so that it is not vacant for long periods of time, which further devalues their investment. However, this does not seem to be the case for Palo Alto. While Palo Alto has had very few foreclosures come to the market, the ones that have are not in the delinquent phase for long. If a homeowner misses 3 payments the banks can record a notice of default. In Ca. they must give the homeowner 90 days to cure the default or they can set a date for the trustee sale, where the bank can buy back the home or an investor with all cash can purchase the home if they pay off all the liens. Since most homes in foreclosure have larger liens on them than the home is worth, investors do not often get to buy at the courthouse auctions. In many areas the time between the ... more
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