In the latest foreclosure report published by ForeclosureRadar.com show that the number of homes foreclosed on by the banks in April 2010 was 33% higher than April 2009. This means that while banks are being encouraged to work out loan modifications for struggling homeowners, the reality is that they are not that successful in doing so.
| April | 2009 | 2010 | Up or Down |
| Notice of Default | 3031 | 1671 | -45% |
| Notice of Trustee Sale | 1712 | 1776 | 4% |
| Foreclosed On | 417 | 556 | 33% |
| Sold to 3rd Party | 162 | 297 | 83% |
A home goes through the following steps in the process of foreclosure:
1) Notice of Default – Filed after 3 or more missed payments
2) Notice of Trustee Sale – Notice to the buyer that they home will be sold at auction
3) Trustee Sale/Auction – If no one buys the home at the trustee sale it goes back to the bank (foreclosure) and becomes an REO. If a 3rd party buys it, it is also a foreclosure but the investor determines what to do with the property.
If you, or someone you know is in the process of foreclosure, please contact us today. You may have other options, including a short sale.
I will give you an honest opinion based on my experience in dealing with these tough situations.
To get your free copy of this foreclosure report, visit www.YorbaLindaLiving.com
Sabrina Solesbee, SolesbeeGroup.com
The best time to sell is during the first two phases of foreclosure, yes. But it’s harder to do that unless you have great advertisement. That’s almost unfair.