Can Salt Lake Foreclosures Get Any Worse ?
Can Salt Lake foreclosures get any worse? I guess it depends in which side of the deal your sitting on.
I would think that If you are waiting to be removed from your house, the longer it takes to foreclose, the better.
On the other hand, if you are a buyer of a Foreclosed Home in the Salt Lake area and want to close so your kids can start the new school year in their new house. The sooner the better!
I saw an article in resmedia yesterday, written by Steve Cook about whats happening nationally in the foreclosure market. The article was posted by Susanne and was titled " foreclosures now take 20 months". You can read the entire article @ foreclosures.
What I would like to share with you are some of the points made by Steve in his article that may give you a better understanding of the frustration with the entire foreclosure process no matter if you are in Salt Lake City UT, or Sandy City Nebraska.
You will see from this article, that foreclosure is no longer certain, and no longer predictable. No wonder so many buyers and sellers and their representatives are disgusted with the process.
It is pretty obvious however that the sooner the industry gets back to a predictable and realistic time frame regarding filing for foreclosures, the sooner the Real Estate market will be able to begin to heal .
If you are trying to fight off having the family house foreclosed, look at these statistics from the other perspective..
New home owners will not move in to the foreclosed home they bought for about 20 months after their new home has entered the foreclosure market.
1.9 million home loans are delinquent beyond 90 days.
No payment has been made in over a year on 42% of these pre-foreclosures.
Average delinquency is 397 days on these pre-foreclosed homes.
Foreclosure starts in June were at the lowest level in 3 years, 25% of available foreclosed home inventory.
4.1 million loans were either in foreclosure or 90 days delinquent.
Foreclosure starts outnumber sales of foreclosures almost 3 to 1.
These foreclosure stats are significantly different in Utah, and in the Salt Lake Valley than those we see reported nation wide.
Since Utah is a non judicial foreclosure state, the entire foreclosure process can be completed in about 120 days. The process starts with filing the notice of default, which can be started as soon as a mortgage payment is not made, but generally when 3 payments have been missed. What we are seeing in Utah is many lenders are failing to file when allowed. Banks and Lien Holders are preferring to wait, leaving the debtor in possession. The Banks hope the owners will maintain the house until they (the lenders) can clear a backlog of their REOs. (Real Estate Owned).
So if you are buying a Salt Lake Foreclosure and you have a time constraint, make sure the home has gone to sale and the bank can deliver title.
If you are delinquent on your payments and are worried about the bank foreclosing on your home (mortgage), remember banks are not set up to manage property. You might want to talk with your lien holder and explain that there are a lot of homes on the market, and vacant homes lose value quickly.
To see all of the Foreclosures For Sale in Salt Lake click on Salt Lake Foreclosures.
If you have questions about buying a Foreclosed HUD Home, see Buying a HUD Home.
Have questions about Foreclosures? Call us 801-567-0946. We would be happy to talk about Foreclosures and if they can get any worse in Salt Lake City.