All the news about the number of Foreclosures being down was only the calm before the storm as Bank of America announces a huge surge in Foreclosure Filings. Bank of America has sent out far more notices of default to borrowers in August than in previous months, well over 200 percent more month-to-month. This is, more than likely, to continue as pre-foreclosure property inspections are at an all time high.
According to CNBC's Real Estate Reporter, Diana Olick:"Bank of America is ramping up its foreclosure processing, sending out far more notices of default to borrowers in August than in previous months, well over 200 percent more month-to-month.
A notice of default is the first stage of the foreclosure process in non-judicial foreclosures states, that is, where foreclosures do not go before a judge.
The notice of default is usually sent when a borrower is 90 days or more overdue in payments, but that timeline has been extended significantly during this housing crisis, due to the so-called "robo-signing" processing scandal and the sheer volume of troubled loans.
Mortgage and housing analyst and strategist Mark Hanson alerted me to unusually high legal default filing activity, and his research points to Bank of America <!-- cnbc_comboQuoteMove('popup_bac_ID0ETBAC15839609'); // -->[BAC 7.00 
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"It appears the numbers you noted to me this afternoon generally track with our own numbers for key categories. It should be noted it’s driven more in key states like California and Nevada than overall, and certainly the progress we’re seeing is limited to non-judicial states. Judicial states continue to move very slowly, with key states like New Jersey only beginning to start processing foreclosures again this month."
The foreclosure numbers are down very slightly year-over-year, but only because August 2010 was one of the highest foreclosure months on record, and of course was just before the "robo-signing" scandal was uncovered. Delays in processing have artificially lowered the foreclosure numbers over the past year, so this new surge is likely addressing loans that have been long delinquent, but unaddressed.
In other words, the foreclosure pipeline is filling again. "
If you or someone you care about is behind in their mortgage payments or in default, I can help.
As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, it is my mission to help homeowners avoid the financial devastation of foreclosing on their home. In the process, I help them move forward on a positive path. If you'd like to learn more, I invite you to access my free report: Is Your Mortgage Payment Dragging You Down? Is-your-mortgage-payment-dragging-you-down.aspx
As my report points out, there are currently 6.5 million mortgages in the country that are delinquent or in foreclosure. Stemming the tide of foreclosures has become a national priority because a foreclosure is nothing short of a disaster for all concerned – families, communities, the real estate market and the national economy as a whole.
As a CDPE, I am tapped into the most up-to-date solutions for financially distressed homeowners, and am distinctly qualified to work with you to determine your best possible option.
Contact me today and let's get started!
To request a full report ; Is-your-mortgage-payment-dragging-you-down.aspx
If you or someone you care about is feeling the stress of an unaffordable mortgage, I urge you to take a moment and call me…
Alexandra von Bryce--- Direct: 603-387-1674
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Or go to my Blog: http:www.nhshortsalecenter.com
Alexandra von Bryce, CDPE, REALTOR®
CDPE (Certified Distressed Property Expert) CDPE Advanced Member, Certified Short Sale Specialist, Certified Distressed Luxury Property Specialist
Direct: 603-387-1674
RE/MAX Properties
169 Daniel Webster Hwy.
Nashua, NH 03060
Direct: (603) 387-1674
Office: (603) 589-8800
Fax: (603) 589-887
To read Diane Olick's entire article go to: Huge Surge in Bank of America Foreclosures
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