I did a cursory check around south county zips (using parcel maps) over the wknd and noticed MANY NOD’s filed between May to Sept 2010 where nothing was filed since then. Was this the era of moratorium? I didn’t think CA was involved in that because we are a non-judicial state.
Perhaps lenders were working with borrowers on modifications. If these lenders now choose to foreclose after all these months, they will no doubt file and hang a new NOD showing the correct arrears and fees.
I can’t imagine all of these “mods” were successful. I truly believe some non-paying homeowners are “strategically” defaulting in attempt to “cram down” their lenders into short-selling. I even looked up people I knew to currently be employed and driving expensive *newer* European cars and found NOD’s filed against two of them during this time frame. Still, nothing done and still living in their underwater homes (and perhaps paying a “modified” payment).
In my experience, I have only seen two actual public filings of “Modify Trust Deed” on ARCC. Apparently, they aren’t filed until the modification is made permanent (and then maybe the law doesn’t require lenders to file them – dont’ know).
I’d personally like to know if people I know to have ATM’d their properties repeatedly are successfully obtaining principle reductions. I won’t have time for another month, but if I find this to be happening, I’m going to yank a few chains (letters to Congress, etc).
The random maps I checked on were comprised of SFR’s in the $300K to $500K range in both newer and older areas, not “high end” properties.
