foreclosure: Foreclosure Filings are Down as the Time to Foreclosure Speeds Up In Some States
- 07/13/11 10:20 AM
On average it took less Time to Foreclose in California, Arizona and Nevada in June 2011, countering what has been a growing trend to extend the foreclosure process. The time to foreclose has increased on a year-over-year basis throughout our coverage area, with the largest increase seen in Nevada where it now takes on average 319 days to foreclose, up from 239 days a year ago. California saw the second most significant increase with the average time to foreclose at 317 days, up from 261 days a year ago. The least change was observed in Washington where the average time to … (1 comments)
foreclosure: Foreclosure Moratorium Facts (real time)
- 10/13/10 02:24 PM
No doubt you've heard the news recently that a number of major banks have volunteered to temporarily suspend foreclosures in 23 states and Bank of America is temporarily suspending foreclosures nationwide. What does this mean for the short sale market? Will this delay help short sales or contribute to the already increasing mentality of distressed borrowers to simply wait it out before reaching out to their servicer or a real estate agent for help? While this situation is changing daily, I want to tell you what we currently know to answer any questions you may have. (sourced from N.A.R. - Realtor.org) … (2 comments)
foreclosure: Foreclosure, Short Sale, REO? What they are explained.
- 09/21/10 09:55 AM
In Los Angeles, I have had many people ask me: "So I would like to buy a foreclosure." No one really wants to buy a short sale but usually when someone says they want to buy a foreclosure that's what they mean. Here is a quick cheat sheet for all of you foreclosure buyers. The first thing that usually happens to a homeowner is they can't pay their mortgage. This triggers a Notice of Default. The lender notifies the homeowner that they need to become current in their loan or risk the sale of their property at a foreclosure auction. If … (0 comments)
foreclosure: Looking to purchase a short sale? Patience Pays Off
- 06/17/10 08:22 AM
Many homes on the market right now are short sales. What that means is the seller is likely in default (they are behind on their mortgage payment) and are asking the bank(s) that hold the loans on the property to take less than what the loan balance is. The listing agent typically prices the home for less than what is owned to the bank (this is where the term "short sale" comes from). Many people laugh when I tell them it's a short sale as the process can take many months to close. Once you write an offer on a short … (0 comments)
On average it took less Time to Foreclose in California, Arizona and Nevada in June 2011, countering what has been a growing trend to extend the foreclosure process. The time to foreclose has increased on a year-over-year basis throughout our coverage area, with the largest increase seen in Nevada where it now takes on average 319 days to foreclose, up from 239 days a year ago. California saw the second most significant increase with the average time to foreclose at 317 days, up from 261 days a year ago. The least change was observed in Washington where the average time to … (1 comments)
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