Lake Forest California Foreclosure Report - Find Lake Forest Foreclosures

Lake Forest California Foreclosure Report - Find Lake Forest Foreclosures

Lake Forest foreclosure inventory continues to grow in two of three categories.  The number of preforeclosure homes (a notice of default has been filed) has increased alarmingly over the last three months hitting 248 homes in October from a low of 134 in July. Bank Owned (REO) inventory has been rather steady for the last 7 months but is up by 25% over the course of the year.  The only category in decline is the Scheduled For Sale category of homes (Notice of Trustee Sale - Foreclosure Sale). This is largely due to the foreclosure moratoriums still in place with many lenders.  This decline, unfortunately, appears temporary as many of the growing number of Preforeclosures (Notice of Default) homes will be assigned trustee sale dates as the foreclosure moratoriums end, loan modification penetration continues to diminish and servicers seek final resolutions for delinquent assets.  

Cash or Financing A home which was foreclosed upon, not purchased by a 3rd party at the trustee sale and is now owned by the bank.  It is important to note that it may or may not be available for purchase at this time.  Check with us for more details.  If you will be financing a home purchase rather than paying cash then bank owned homes are what you are looking for.

Cash Only A home for which a Notice Of Trustee Sale (Often referred to as NTS, NOT or NOS) has been issued and a foreclosure sale date assigned.  It is important to note that the sale date is often delayed or postponed.  Interested parties are required to pay cash in certified funds at the time of sale. A home which has a pending trustee sale may or may not be actively listed and/or listed as a short sale.  If it is listed then financing as usual is available to prospective purchasers however the pending trustee sale date should be closely monitored. 

Cash or Financing A home for which a Notice Of Default (Often referred to as NOD) has been issued is often termed a preforeclosure.  The owner has defaulted on payments and a Notice Of Default has been recorded at the county recorder's office.  If, after 90 days, the owner remains in default a Notice Of Trustee Sale may be issued and recorded which allows for the trustee sale to occur 21 days following the NOTS.