Southern California Mortgage Crisis

Orange County Foreclosures Rise

30. June 2009

ForeclosureRadar.com reports in Orange County in April: Notices of default totaled 2,002, down 21% from a year ago, and 23% from March. Banks foreclosed on 573 houses and condos, down 49% from a year ago but up 52% from March. Banks typically file a notice of default (NOD) after a borrower misses three or more monthly payments. NODs [...]

A New Correlation Between Unemployment and Foreclosures?

30. June 2009

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[From Political Calculations] The group Calculated Risk posted a thought-provoking chart showing how single family mortgage delinquency rates have largely tracked changes in the U.S. unemployment rate since 2005, which we’ve excerpted. From that chart, it would appear that foreclosure activity in the U.S. is pretty closely tracking changes in the unemployment rate. Whenever we see [...]

Foreclosure Timeline

30. June 2009

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When a real estate transaction involves a property in foreclosure, knowing the foreclosure timeline helps you as the real estate agent to assess whether you have enough time to close escrow before the foreclosure sale. Starting September 8, 2008, California has a special foreclosure timeline for loans originated between 2003 and 2007, inclusive, which are secured [...]

Ohio sues three foreclosure rescue firms

29. June 2009

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Ohio Attorney General Richard Cordray is suing three companies that bill themselves as foreclosure rescue firms, claiming they took money from struggling homeowners in exchange for pledged foreclosure assistance but failed to deliver. Cordray’s office said Thursday that it filed lawsuits against 21st Century Legal Services Inc., Foreclosure Home Assistance LLC and Michael Brotherton, who does [...]

Riverside Foreclosure Rate in May 2009

29. June 2009

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California ranked highest nationally in the overall number of foreclosure filings, totaling 92,249, according to RealtyTrac. Nevada had the highest foreclosure rate — 1 in every 64 households. California’s rate was 1 in every 144. Florida was third with 1 in 148, data showed. RealtyTrac CEO James J. Saccacio said that while defaults and foreclosure auctions [...]

Foreclosures Jump 18%

29. June 2009

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The number of U.S. properties for which a foreclosure filing was received rose 18% in May from a year earlier, according to online foreclosure concern RealtyTrac, as bank repossessions surged in several states outside the Sun Belt, which had been seeing the worst of the housing crash. Filings fell 6% from April, the first month-on-month decrease [...]

U.S. Home Prices Drop 6.8 Percent in April as Foreclosures Rise

29. June 2009

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June 23 (Bloomberg) — U.S. home prices fell 6.8 percent in April from a year earlier as rising unemployment and record foreclosures kept buyers out of the market. Measured monthly, the average price fell 0.1 percent from March, the Federal Housing Finance Agency in Washington said today. The number was projected to drop 0.4 percent in [...]

Telltale Foreclosure Rescue Scam Indicators

29. June 2009

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WHAT IS A FORECLOSURE RESCUE SCAM? A Foreclosure Rescue Scam is when a thief pretends to ‘Help’ people in foreclosure, but is really trying to steal their money. There are many different types of scams and there are more scam artists than legitimate counselors. Once you are in foreclosure, your name, address, and the fact that [...]

Criteria to Qualify for 90-Day Foreclosure Delay

26. June 2009

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The California Foreclosure Prevention Act, was introduced by Sen. Ellen Corbett, D-San Leandro, and attached to the budget package in February. The 90 foreclosure moratorium took effect June 15th and covers owner-occupied homes where the first loan was recorded between Jan. 1, 2003, and Jan. 1, 2008. California’s non-judicial foreclosure process requires a mortgage loan servicer [...]

Listen here: SoCal NPR – California Foreclosure Moratorium

25. June 2009

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Loan modifications are on the minds of many in the Southland these days. And more are succeeding. Over the first three months of this year over 20-thousand modifications a month were reported to the California Department of Corporations, up from around 15-thousand in the previous year. A new law is designed to make lenders even more willing to modify loans It's the California Foreclosure Prevention Act, which went into effect on June 15th.