Not Hardly – but we have our fair share of the “distressed” inventory. Although, for the last 18 months it has been no where as dramatic as we observed in 2008 throughout 2009.
The First step in any Foreclosure process is the Bank recording a Notice of Default (a court process letting the “legal system” know that the homeowner has not made payment on their obligation). Typical time frames between non-payment and filing is anywhere at 90 days or more without payment to the mortgage holder.
We have seen this being dramatically different in some circumstances and know of NOD’s(notice of defaults) having been filed when payments were not received after a single month. We have also seen the other end of the spectrum – with a Country Wide Mortgage that converted to B of A – 23 Months until a NOD filing…
It is much easier to save a home when a person is only one month behind – but the charges go up dramatically after the NOD is filed – in some cases these “attorney fee’s” and “late fee’s” can exceed $5,000 or more. These fee’s are placed on top of your regular payments. Some banks throw the dirt in much faster than others.
It seems the smaller and more disconnected the bank holding the mortgage are, the more their shovel holds. The Big 4 Banks have changed their process streamlining it with Standardization in place. If your mortgage is held by one of them, you can almost set your watch by their method of operation.
When feeling buried – it is paramount that you get good advice about your options. Make sure those whom you choose to work with understand the Short Sale process and have a track record to prove their ability. You would not get major surgery without a second option anymore than you should Short Sale without having all of the facts.
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