Foreclosures coming soon to a neighborhood near you…?

[Bob]

[quote=poorsaver]I would welcome the foreclosure wave around my neighborhood (Diamond Bar, eastern LA county). There’s only one foreclosure listed in a neighborhood of over 700 homes. This explains why prices are holding firm near all time highs. Meanwhile I rent and wait, and wait….[/quote]

Although I’m not too familiar with your neck of the woods, if you really want to get in on a good deal, you might want to look in Riverside County. Places like Lake Elsinore, Murrieta, Temecula, and Menifee continue to have more than the average share of foreclosures compared to the rest of Southern California. And if this article turns out to be accurate, the entire region will have an increased supply in the coming months.

[5yearwaiter]

[quote=poorsaver]I would welcome the foreclosure wave around my neighborhood (Diamond Bar, eastern LA county). There’s only one foreclosure listed in a neighborhood of over 700 homes. This explains why prices are holding firm near all time highs. Meanwhile I rent and wait, and wait….[/quote]

Don’t worry – your wait would surely give you some meaningful yield, however you need to be firm on the wait – don’t even get into these cheap tricks giving to us these days as 8K bonanaza etc. The plenty of drops and heavy downturn is ahead

[5yearwaiter]

[quote=poorsaver]I would welcome the foreclosure wave around my neighborhood (Diamond Bar, eastern LA county). There’s only one foreclosure listed in a neighborhood of over 700 homes. This explains why prices are holding firm near all time highs. Meanwhile I rent and wait, and wait….[/quote]

Don’t worry – your wait would surely give you some meaningful yield, however you need to be firm on the wait – don’t even get into these cheap tricks giving to us these days as 8K bonanaza etc. The plenty of drops and heavy downturn is ahead

[5yearwaiter]

[quote=poorsaver]I would welcome the foreclosure wave around my neighborhood (Diamond Bar, eastern LA county). There’s only one foreclosure listed in a neighborhood of over 700 homes. This explains why prices are holding firm near all time highs. Meanwhile I rent and wait, and wait….[/quote]

Don’t worry – your wait would surely give you some meaningful yield, however you need to be firm on the wait – don’t even get into these cheap tricks giving to us these days as 8K bonanaza etc. The plenty of drops and heavy downturn is ahead

[5yearwaiter]

[quote=poorsaver]I would welcome the foreclosure wave around my neighborhood (Diamond Bar, eastern LA county). There’s only one foreclosure listed in a neighborhood of over 700 homes. This explains why prices are holding firm near all time highs. Meanwhile I rent and wait, and wait….[/quote]

Don’t worry – your wait would surely give you some meaningful yield, however you need to be firm on the wait – don’t even get into these cheap tricks giving to us these days as 8K bonanaza etc. The plenty of drops and heavy downturn is ahead

[5yearwaiter]

[quote=poorsaver]I would welcome the foreclosure wave around my neighborhood (Diamond Bar, eastern LA county). There’s only one foreclosure listed in a neighborhood of over 700 homes. This explains why prices are holding firm near all time highs. Meanwhile I rent and wait, and wait….[/quote]

Don’t worry – your wait would surely give you some meaningful yield, however you need to be firm on the wait – don’t even get into these cheap tricks giving to us these days as 8K bonanaza etc. The plenty of drops and heavy downturn is ahead

[peterb]

Govt intervention may stall this once again.

[peterb]

Govt intervention may stall this once again.

[peterb]

Govt intervention may stall this once again.

[peterb]

Govt intervention may stall this once again.

[peterb]

Govt intervention may stall this once again.

[jpinpb]

The gov is already trying to take care of seconds, as was posted on this thread

Also – it would have been nice if Mr. Mortgage would have mentioned SBX2 7 Senate Bill in California (especially since I emailed him)

Excerpt:

SB 7, Corbett. Residential mortgage loans: foreclosure.
Existing law requires that, upon a breach of the obligation of a
mortgage or transfer of an interest in property, the trustee,
mortgagee, or beneficiary record a notice of default in the office of
the county recorder where the mortgaged or trust property is
situated and mail the notice of default to the mortgagor or trustor.
Existing law provides that, after not less than 3 months after the
filing of the notice of default, the parties described above may give
notice of sale, stating the time and place of the sale, as
specified.
This bill, until January 1, 2011, and only with respect to
specified loans that were recorded between January 1, 2003, to
January 1, 2008, would prohibit a mortgagee, trustee, or other person
authorized to take sale from giving a notice of sale for an
additional 90 days if the loan at issue is the first mortgage or deed
of trust that the property secures, the borrower occupied the
property as his or her principal residence at the time the loan
became delinquent, and the notice of default has been filed

So in conclusion, though I know there’s a tsunami of foreclosures on the horizon and we’re already thrashing about in the surf, it remains to be seen. I’ll just keep monitoring my little corner of the world.

Edit – I was trying to find the thread here on Piggington about this bill.

Other excertps:

Lowers rates AND
(D) Reduction of principal.

This section shall remain in effect only until January 1, 2011, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2011, deletes or extends that date.

The saving grace:

Nothing in this section or Section 2923.52 shall require a servicer to violate contractual agreements for investor-owned loans
or provide a modification to a borrower who is not willing or able to pay under the modification.

As if someone won’t lie and say they are not investors – and who the heck won’t be able to pay if their principle and interest is reduced.

[jpinpb]

The gov is already trying to take care of seconds, as was posted on this thread

Also – it would have been nice if Mr. Mortgage would have mentioned SBX2 7 Senate Bill in California (especially since I emailed him)

Excerpt:

SB 7, Corbett. Residential mortgage loans: foreclosure.
Existing law requires that, upon a breach of the obligation of a
mortgage or transfer of an interest in property, the trustee,
mortgagee, or beneficiary record a notice of default in the office of
the county recorder where the mortgaged or trust property is
situated and mail the notice of default to the mortgagor or trustor.
Existing law provides that, after not less than 3 months after the
filing of the notice of default, the parties described above may give
notice of sale, stating the time and place of the sale, as
specified.
This bill, until January 1, 2011, and only with respect to
specified loans that were recorded between January 1, 2003, to
January 1, 2008, would prohibit a mortgagee, trustee, or other person
authorized to take sale from giving a notice of sale for an
additional 90 days if the loan at issue is the first mortgage or deed
of trust that the property secures, the borrower occupied the
property as his or her principal residence at the time the loan
became delinquent, and the notice of default has been filed

So in conclusion, though I know there’s a tsunami of foreclosures on the horizon and we’re already thrashing about in the surf, it remains to be seen. I’ll just keep monitoring my little corner of the world.

Edit – I was trying to find the thread here on Piggington about this bill.

Other excertps:

Lowers rates AND
(D) Reduction of principal.

This section shall remain in effect only until January 1, 2011, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2011, deletes or extends that date.

The saving grace:

Nothing in this section or Section 2923.52 shall require a servicer to violate contractual agreements for investor-owned loans
or provide a modification to a borrower who is not willing or able to pay under the modification.

As if someone won’t lie and say they are not investors – and who the heck won’t be able to pay if their principle and interest is reduced.

[jpinpb]

The gov is already trying to take care of seconds, as was posted on this thread

Also – it would have been nice if Mr. Mortgage would have mentioned SBX2 7 Senate Bill in California (especially since I emailed him)

Excerpt:

SB 7, Corbett. Residential mortgage loans: foreclosure.
Existing law requires that, upon a breach of the obligation of a
mortgage or transfer of an interest in property, the trustee,
mortgagee, or beneficiary record a notice of default in the office of
the county recorder where the mortgaged or trust property is
situated and mail the notice of default to the mortgagor or trustor.
Existing law provides that, after not less than 3 months after the
filing of the notice of default, the parties described above may give
notice of sale, stating the time and place of the sale, as
specified.
This bill, until January 1, 2011, and only with respect to
specified loans that were recorded between January 1, 2003, to
January 1, 2008, would prohibit a mortgagee, trustee, or other person
authorized to take sale from giving a notice of sale for an
additional 90 days if the loan at issue is the first mortgage or deed
of trust that the property secures, the borrower occupied the
property as his or her principal residence at the time the loan
became delinquent, and the notice of default has been filed

So in conclusion, though I know there’s a tsunami of foreclosures on the horizon and we’re already thrashing about in the surf, it remains to be seen. I’ll just keep monitoring my little corner of the world.

Edit – I was trying to find the thread here on Piggington about this bill.

Other excertps:

Lowers rates AND
(D) Reduction of principal.

This section shall remain in effect only until January 1, 2011, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2011, deletes or extends that date.

The saving grace:

Nothing in this section or Section 2923.52 shall require a servicer to violate contractual agreements for investor-owned loans
or provide a modification to a borrower who is not willing or able to pay under the modification.

As if someone won’t lie and say they are not investors – and who the heck won’t be able to pay if their principle and interest is reduced.

[jpinpb]

The gov is already trying to take care of seconds, as was posted on this thread

Also – it would have been nice if Mr. Mortgage would have mentioned SBX2 7 Senate Bill in California (especially since I emailed him)

Excerpt:

SB 7, Corbett. Residential mortgage loans: foreclosure.
Existing law requires that, upon a breach of the obligation of a
mortgage or transfer of an interest in property, the trustee,
mortgagee, or beneficiary record a notice of default in the office of
the county recorder where the mortgaged or trust property is
situated and mail the notice of default to the mortgagor or trustor.
Existing law provides that, after not less than 3 months after the
filing of the notice of default, the parties described above may give
notice of sale, stating the time and place of the sale, as
specified.
This bill, until January 1, 2011, and only with respect to
specified loans that were recorded between January 1, 2003, to
January 1, 2008, would prohibit a mortgagee, trustee, or other person
authorized to take sale from giving a notice of sale for an
additional 90 days if the loan at issue is the first mortgage or deed
of trust that the property secures, the borrower occupied the
property as his or her principal residence at the time the loan
became delinquent, and the notice of default has been filed

So in conclusion, though I know there’s a tsunami of foreclosures on the horizon and we’re already thrashing about in the surf, it remains to be seen. I’ll just keep monitoring my little corner of the world.

Edit – I was trying to find the thread here on Piggington about this bill.

Other excertps:

Lowers rates AND
(D) Reduction of principal.

This section shall remain in effect only until January 1, 2011, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2011, deletes or extends that date.

The saving grace:

Nothing in this section or Section 2923.52 shall require a servicer to violate contractual agreements for investor-owned loans
or provide a modification to a borrower who is not willing or able to pay under the modification.

As if someone won’t lie and say they are not investors – and who the heck won’t be able to pay if their principle and interest is reduced.

[Author]

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