Trustee sale vs REO date

[Eugene]

You are absolutely right. I looked closer – REO date is usually within a month from the real trustee sale date shown by ForeclosureRadar.

Todd, can you check what’s the story with 2886 Morning Creek, 91914? FR shows it as a REO as of 6/20. I don’t see a corresponding entry on bubbleinfo.com. I was in the area last weekend and the house looked lived in (no lockbox, green lawn, car parked in front).

[urbanrealtor]

I would disagree with the assertion that only a small minority of defaults go on schedule. I don’t have actual numbers for this but I have a lot of anecdotal experience combing default records. Prepping a foreclosure tour (yes that’s me with the bus) is more work than it looks like.

That aside, I do think it worth mentioning that I am seeing more and more events in the foreclosure process get delayed. Sometimes they are delayed by years.

I do not know to what extent this is due to just the overwhelmingly huge number of defaults or as part of some attempt to mitigate the growing inventory.

On the topic of inventory, I had an interesting conversation with an agent I am acquainted with today. His firm handles scads of property management. He said that they are in discussions with major banks to put large portions of their repo portfolio into the rental pool.

If this is true, this means that we may see the overall inventory fall relative to the total repo inventory. In terms of sheer numbers it may continue to rise but the relationship of repo to listings may drop.

[urbanrealtor]

I would disagree with the assertion that only a small minority of defaults go on schedule. I don’t have actual numbers for this but I have a lot of anecdotal experience combing default records. Prepping a foreclosure tour (yes that’s me with the bus) is more work than it looks like.

That aside, I do think it worth mentioning that I am seeing more and more events in the foreclosure process get delayed. Sometimes they are delayed by years.

I do not know to what extent this is due to just the overwhelmingly huge number of defaults or as part of some attempt to mitigate the growing inventory.

On the topic of inventory, I had an interesting conversation with an agent I am acquainted with today. His firm handles scads of property management. He said that they are in discussions with major banks to put large portions of their repo portfolio into the rental pool.

If this is true, this means that we may see the overall inventory fall relative to the total repo inventory. In terms of sheer numbers it may continue to rise but the relationship of repo to listings may drop.

[urbanrealtor]

I would disagree with the assertion that only a small minority of defaults go on schedule. I don’t have actual numbers for this but I have a lot of anecdotal experience combing default records. Prepping a foreclosure tour (yes that’s me with the bus) is more work than it looks like.

That aside, I do think it worth mentioning that I am seeing more and more events in the foreclosure process get delayed. Sometimes they are delayed by years.

I do not know to what extent this is due to just the overwhelmingly huge number of defaults or as part of some attempt to mitigate the growing inventory.

On the topic of inventory, I had an interesting conversation with an agent I am acquainted with today. His firm handles scads of property management. He said that they are in discussions with major banks to put large portions of their repo portfolio into the rental pool.

If this is true, this means that we may see the overall inventory fall relative to the total repo inventory. In terms of sheer numbers it may continue to rise but the relationship of repo to listings may drop.

[urbanrealtor]

I would disagree with the assertion that only a small minority of defaults go on schedule. I don’t have actual numbers for this but I have a lot of anecdotal experience combing default records. Prepping a foreclosure tour (yes that’s me with the bus) is more work than it looks like.

That aside, I do think it worth mentioning that I am seeing more and more events in the foreclosure process get delayed. Sometimes they are delayed by years.

I do not know to what extent this is due to just the overwhelmingly huge number of defaults or as part of some attempt to mitigate the growing inventory.

On the topic of inventory, I had an interesting conversation with an agent I am acquainted with today. His firm handles scads of property management. He said that they are in discussions with major banks to put large portions of their repo portfolio into the rental pool.

If this is true, this means that we may see the overall inventory fall relative to the total repo inventory. In terms of sheer numbers it may continue to rise but the relationship of repo to listings may drop.

[urbanrealtor]

I would disagree with the assertion that only a small minority of defaults go on schedule. I don’t have actual numbers for this but I have a lot of anecdotal experience combing default records. Prepping a foreclosure tour (yes that’s me with the bus) is more work than it looks like.

That aside, I do think it worth mentioning that I am seeing more and more events in the foreclosure process get delayed. Sometimes they are delayed by years.

I do not know to what extent this is due to just the overwhelmingly huge number of defaults or as part of some attempt to mitigate the growing inventory.

On the topic of inventory, I had an interesting conversation with an agent I am acquainted with today. His firm handles scads of property management. He said that they are in discussions with major banks to put large portions of their repo portfolio into the rental pool.

If this is true, this means that we may see the overall inventory fall relative to the total repo inventory. In terms of sheer numbers it may continue to rise but the relationship of repo to listings may drop.

[SD Realtor]

E,

fyi Monring Creek does have a title transfer recorded to EMC as of 6/26/08. Also recall that Chula Vista does have an ordinance regarding upkeep of bank-owned homes that was passed last year for daily fines of unkept homes.

Also you may want to use fidelityasap.com to check on reo and trustee sale information. It only goes back 1 month from the present date but it is actually a pretty useful site.

[SD Realtor]

E,

fyi Monring Creek does have a title transfer recorded to EMC as of 6/26/08. Also recall that Chula Vista does have an ordinance regarding upkeep of bank-owned homes that was passed last year for daily fines of unkept homes.

Also you may want to use fidelityasap.com to check on reo and trustee sale information. It only goes back 1 month from the present date but it is actually a pretty useful site.

[SD Realtor]

E,

fyi Monring Creek does have a title transfer recorded to EMC as of 6/26/08. Also recall that Chula Vista does have an ordinance regarding upkeep of bank-owned homes that was passed last year for daily fines of unkept homes.

Also you may want to use fidelityasap.com to check on reo and trustee sale information. It only goes back 1 month from the present date but it is actually a pretty useful site.

[SD Realtor]

E,

fyi Monring Creek does have a title transfer recorded to EMC as of 6/26/08. Also recall that Chula Vista does have an ordinance regarding upkeep of bank-owned homes that was passed last year for daily fines of unkept homes.

Also you may want to use fidelityasap.com to check on reo and trustee sale information. It only goes back 1 month from the present date but it is actually a pretty useful site.

[SD Realtor]

E,

fyi Monring Creek does have a title transfer recorded to EMC as of 6/26/08. Also recall that Chula Vista does have an ordinance regarding upkeep of bank-owned homes that was passed last year for daily fines of unkept homes.

Also you may want to use fidelityasap.com to check on reo and trustee sale information. It only goes back 1 month from the present date but it is actually a pretty useful site.

[toddt]

RE: 2886 Morning Creek, 91914

This one went back to EMC (Bear) on 6/20 (recorded 6/26). Was originally scheduled to go to auction on 3/27. 3 month delay. Still owned by EMC.

Likely cause on this delay was procedural – there was an assignment of the foreclosing mortgage on 5/14 from Norwest to EMC. It’s nearly impossible to unravel the securitization of this from just recorded docs, but it looks like it was originally a Norwest originated loan sold to Bear/EMC.

Most importantly, this was discounted about 220k from the outstanding balance at auction and still did not sell to a third party.

Hope that helps.

[toddt]

RE: 2886 Morning Creek, 91914

This one went back to EMC (Bear) on 6/20 (recorded 6/26). Was originally scheduled to go to auction on 3/27. 3 month delay. Still owned by EMC.

Likely cause on this delay was procedural – there was an assignment of the foreclosing mortgage on 5/14 from Norwest to EMC. It’s nearly impossible to unravel the securitization of this from just recorded docs, but it looks like it was originally a Norwest originated loan sold to Bear/EMC.

Most importantly, this was discounted about 220k from the outstanding balance at auction and still did not sell to a third party.

Hope that helps.

[toddt]

RE: 2886 Morning Creek, 91914

This one went back to EMC (Bear) on 6/20 (recorded 6/26). Was originally scheduled to go to auction on 3/27. 3 month delay. Still owned by EMC.

Likely cause on this delay was procedural – there was an assignment of the foreclosing mortgage on 5/14 from Norwest to EMC. It’s nearly impossible to unravel the securitization of this from just recorded docs, but it looks like it was originally a Norwest originated loan sold to Bear/EMC.

Most importantly, this was discounted about 220k from the outstanding balance at auction and still did not sell to a third party.

Hope that helps.

[toddt]

RE: 2886 Morning Creek, 91914

This one went back to EMC (Bear) on 6/20 (recorded 6/26). Was originally scheduled to go to auction on 3/27. 3 month delay. Still owned by EMC.

Likely cause on this delay was procedural – there was an assignment of the foreclosing mortgage on 5/14 from Norwest to EMC. It’s nearly impossible to unravel the securitization of this from just recorded docs, but it looks like it was originally a Norwest originated loan sold to Bear/EMC.

Most importantly, this was discounted about 220k from the outstanding balance at auction and still did not sell to a third party.

Hope that helps.

[Author]

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