[quote=pencilneck] . . . Does anyone have local historical data regarding the time between NOD and eventual foreclosure?
(Edit: I may be confused. It may be the length of time between non-payment of a loan and eventual filing of a NOD or foreclosure that is currently running very high. Either way, any information would be appreciated.)[/quote]
Prior to all these government “machinations of the system” enabling the Big Banks to sit on their delinquent inventory, the typical length of time for conventional loans (from the filing of an NOD to a successful trustee’s sale or return to bene) was 111 days to 145 days. For VA-guaranteed loans, it was 8-9 months and for FHA loans it was 5-10 months. Add onto these amounts 90-105 days prior to NOD (for the borrower to get behind in their payments and the “grace period” to expire in the third month).
These 14+ month-old NOD’s I am speaking of here will likely have to be refiled/re-hung, as the amount owed with late fees and trustees fees has no doubt grown so they are inaccurate.
