Lender malaise is truly the “elephant in the room,” here, ctr70. I’ve gotten the short shrift a few times for pointing that out here. Of course you are correct that lenders wasted no time in years past commencing the non-judicial foreclosure process in CA, and the defaulting trustors were given a few days after the recordation of the trustee’s deed to vacate or were evicted by the County Marshal (now Sheriff’s Dept). These defaulters knew their time was up and left without their hand out.
One of the properties on my “default tracking list” finally went back to bene last Thursday after 9 postponements since 2010. Opening bid amount on 5/3 was $924K. Market value is about $500-510K (IF cleaned up, painted and the junk hauled away). It didn’t have to be this way. This lender (a Big Bank) made its own bed here. I will await the trustees deed this week to promptly buy and use for another purpose. As far as I know, the defaulting (opportunist) trustor is still living in the property and its anyone’s guess where he’ll move to.
There is absolutely no excuse for lender malaise. The Big Banks could and can hire competent experienced collectors in short order and make ONE PHONE CALL to their trustee to get each foreclosure process started. That’s what all these homedebtors signed up for when they “bought” their homes.
