Loan Modification Blog » California Foreclosure

U.S. Foreclosures nears the 4 Million Mark

admin — Sat, 12 Dec 2009 09:54:27 +0000

According to RealtyTrac, the U.S. is now reaching the 4 million mark in foreclosure with currently 3.9 million foreclosure notices all ready in motion. That is a whole lot of families/people looking at possibly having to relocate or even become homeless. With the unemployment rate, things are not looking any better either. Overall, this doesn’t fair well with lenders either. The cost to even set a foreclosure in action, little lone follow through is quite high and more lenders are losing out greatly by initiating foreclosures than they are saving their skin. Lenders fair better by negotiating a loan modification with borrowers than they do foreclosures. 1st Foreclosure Prevention can do that for homeowners facing foreclosure. Currently there are four states that are account for more than 50% of the foreclosures in the United States – California, Florida, Illinois, and Michigan. If you live in one of these states, or anywhere in the U.S. and are looking at facing foreclosure or have already been served with foreclosure notice, contact us and let us help you keep your home out of the statistics.

To read more current facts regarding foreclosure and the U.S. foreclosure rate nearing the 4 million mark, read the article attached below.

Bank Foreclosed Properties Lead to the Failing of 9 Banks

admin — Thu, 19 Nov 2009 22:53:53 +0000

The total number of failed banks in the U.S. as of the end of October 2009 tallies 115 with 9 banks recently adding to that number. “Bank foreclosed properties in the states of California, Texas, Illinois and Arizona contributed largely to the collapse of nine banks owned by holding company FBOP Corporation.”

The nine banks involved are subsidiaries of FBOP: Bank USA in Phoenix, San Diego National Bank, California National Bank in Los Angeles, Pacific National Bank in San Francisco, Community Bank in Lemont, Park National Bank in Chicago, North Houston Bank, Citizens National Bank in Teague, Texas and Madisonville Bank in Texas.

“According to FBOP, it suffered huge losses in two areas: preferred stocks in Fannie Mae and Freddie Mac and bank foreclosed properties in the commercial sector.”

Read the full story here: CNN Money http://www.money.cnn.com/2009/10/30/news/economy/fbop_failure/?postversion=2009103023

Foreclosed and Homeless in California..

admin — Mon, 28 Sep 2009 13:51:29 +0000

Foreclosed and Homeless In California
The typical middleclass citizens are becoming homeless. Santa Barbara California has opened their parking lots for the homeless to have a place to sleep overnight in their cars. People are actually living out of their cars as they are trying to regain a step on their finances. Safe Parking Program has opened up locked parking facilities for people who have faced foreclosure and are now homeless due to it to provide them a safe place to sleep when living out of their vehicle. The program currently has 12 gated and locked parking facilities that are open to the foreclosed homeless from 7 pm to 7 am. This program is not available to the chronic homeless or those who have mental issues or drug issues, but designated to only those who have lost their home through foreclosure. Is this a solution to the problem. Not likely. The better solution would have been to help these individuals before they were put out on the street. Not only are they now homeless, they have to deal with what the foreclosure has done to their credit.

Do not allow this to be you and your family. Fight foreclosure if even by short sale. 1st Foreclosure Prevention can help you save your home, your credit, or work with your lender to find a suitable solution that works for you.

The Foreclosure Patrol

admin — Mon, 21 Sep 2009 16:11:32 +0000

When a home is foreclosed on in the state of California, it is the sheriffs’ duty to go to the home and evict the homeowners. Not a pleasant job by any means. The far too often disastrous side effects of foreclosure is evident to the sheriff… from families being disrupted, to even suicides. In the clip that follows an Associated Press correspondent Haven Daley, rode with the sheriff’s deputies to see exactly what it is they deal with. Sadly, the sheriffs would rather be doing anything else but the rising current demand of evicting individuals and families from their home, but it is sadly too much of a reality and it doesn’t appear to be slowing.

California Foreclosure

admin — Wed, 29 Jul 2009 10:16:39 +0000

If you live in the state of California and face foreclosure, you need to know the basics of the foreclosure laws of your state. In California, there are both judicial and non-judicial foreclosures; however, non-judicial foreclosure is most common.

In judicial foreclosures, a lender may sue the borrower to obtain a court order to foreclose and sell your property when there is no power of sale clause in the loan document. A lender can also publish a notice of sale in the county newspaper of where the property is located for four consecutive weeks and then sell the property at the county court house of where the property is located. In addition, in a judicial foreclosure, the court may give the borrower a year to redeem the property.

When the power of sale clause is present in the loan, a lender will utilize the non-judicial foreclosure procedure. The procedures set out in the power of sale clause must be followed by the lender, however if the power of sale clause lacks the pertinent information such as time, place and terms of sale then the lender must oblige by the California state foreclosure procedures. Notice of default must be recorded in the district courts where the property is located within 30 days of the default and no less then 3 months before the date of the sale. After recording intent, the lender must notify the borrower/occupant and any party that has a lien on the property within 10 days by court server or certified mail. The borrower can stop foreclosure process by curing the default plus cost incurred within 90 days from the date recorded. However, in the state of California, if the borrower fails to cure the default a Notice of Sale is recorded. The notice of Sale gives the lender the right to sale the property in the state of California via auction in 21 days. Intent must be sent to all lien holders on deed by certified mail and posted in the newspaper in the county of where the property is located for three consecutive weeks prior to sale date. The notice of intent to sale also needs to be posted at the local courthouse of where the property is located or at adjoining county courthouse if one is not located within. Notice is also required to be posted at the property itself.

Right of Redemption and Deficiency Judgments in the state of California are only available in judicial foreclosure.

If you live in California and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home.