Spring Brings Sales - In Foreclosures - II
Earlier this week, I reported on the number of foreclosures that appeared in the local newspaper last Friday (40).
As it is again Friday, the newspaper has listed the upcoming foreclosure sales today. This time there were only 10. Maybe last week was just an anomaly. The listings this week include sales that will be held beginning next Friday -- and run through sales scheduled through the first Friday of June. A quick glance shows the balances due on these loans running from about $140,000 to over $500,000.
It is interesting that several of these loans were originally written in 2006-2008 range. As a lender, I am surprised that with all the news and commercials about the low interest rates that have been around for over a year now, these folks did not take advantage of getting their loans re-written and payments lowered. If the sales actually go through, the former owners will then get to start the clock on their wait until they will be considered for another mortgage.