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The Unforeclosed

The Unforeclosed
We all know the stories of the unforeclosed.  They are not an urban legend or myth.  As a real estate professional, I have met more than a few people who have been living in homes where they haven't paid the mortgage for a year or more.  Contrary to popular belief, not very many of them consider themselves "lucky," as the stress of their financial situation is typically very intense.  Some don't even have a Notice of Default filed on their property. 

Often they are moving through the loan modification process, and once complete, many will opt to begin a short sale process that could extend their unpaid stay even longer.  In reality, not all these homes are occupied.  Neighbors worry as homes sit vacant with no end in sight.  The bottom line is that there is a great deal of inventory, which by ordinary timeframes, would have already moved through the foreclosure process.  As a result, I've been hearing the prediction of a tidal wave or tsunami of inventory for about 2-3 years. 
Yet, I haven't seen it. In fact, in 2008 and 2009, I could have sold even more homes if the inventory in Santa Maria and Orcutt ... more

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