Replies to This Discussion

Permalink Reply by Steve Maloney on September 12, 2012 at 7:23am

Excellent response. I appreciate your insight as I've been stumped by the lack of movement of these distressed properties. I think the take away for me is that eventually people who are just camping out in their house while the banks continuously postpone the sale will be shown the door. My guess after the election. The number of homes going into pre-foreclosure (NOD), while slowing down, is still pretty strong. The number of homes getting to the NTS stage is likewise. At some point I believe the pipeline will fill once again, just how soon is the question.

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Permalink Reply by Rebekah Gamble on September 16, 2012 at 3:54am

CA. Good Sunday Morning!  I agree with both sides!  I am a CA broker that uses Foreclosure Radar as a tool, but always call the Trustee for accurate information.  I have found mistakes on Foreclosure Radar.  They have always repsonded with courtesy and made quick corrections.  I wouldn't know where to find the most up-to-date information more easily.

PRE-FORECLOSURE = "late on mortgage payments".  Some resources follow those 90 days or more late.

FORECLOSURE = NOD, NTS and Trustee SALE, right?

Right!  CAR can spin a story with the best of them.  I am a member, but really..if you believed everything they wrote you would think the recession is over and there is a housing boom.

 

Permalink Reply by Joseph Alfe on October 16, 2012 at 3:28am

This is incorrect. Once an NOD is filed, it is considered a foreclosure. In different states, this means different things. For example, in IL, it could be another year for the judicial process to get to the sale, and once the sale is complete, there is no redemption.  In other states, redemption occurs before the sale.  It is also important to know that creditors count NOD the same as foreclosure.

www.ssprocessors.com

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Permalink Reply by Steve Maloney on October 10, 2012 at 9:46am

I think the focus of this thread got hjacked. I'm not too concerned about how accurate Foreclosure Radar is. Frankly I don't use the tool as I find getting default and NTS notices directly from the county to be much faster.

What I was interested in is whether or not you're seeing the number of short sale opportunities drying up. In the east bay the number of homes going to auction is a fraction of last year even though the number of NTS recorded are just about the same. Do you think this is an election year issue? Or are more bank granting loan mods than we think?

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Permalink Reply by Jeff Payne on October 10, 2012 at 10:41am

Steve Lis Pendens activity in my area is up 68% from same period last year.  

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Permalink Reply by Steve Maloney on October 10, 2012 at 10:46am

I believe Lis Pendens is the same as Notice of Default in CA - the first notice that starts the 90 march to foreclosure. I as well see plenty of those being filed. What I don't see is the banks actually foreclosing. Foreclosures are being postponed month after month. Also, homeowner's interest in doing a short sale is way down, which I don't understand given the mortgage debt relief act is expiring in a couple of months. Somethings going on, I just can't figure it out.

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Permalink Reply by Steve Maloney on October 10, 2012 at 2:17pm

HI Ron, your reply is interesting in the fact that you've seen no impact in 2012 on your short sale business. Quite the opposite for me. Same marketing tactics, completely different results from 2011. Back to the drawing board for me then.  

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Permalink Reply by Brent Innocenzi on October 11, 2012 at 2:33am

I'm located in Florida and my volume of files has pretty much doubled since 2011.

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Permalink Reply by Kevin - Greenville, SC on October 11, 2012 at 4:24am

No way.  Accelerating.

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