Foreclosure filings slowing down in California or are they?

The Notice of default filings with the county recorders office are what mark the beginning of a home foreclosure process have fallen just over 60 percent in September compared to August and fell about 36 percent compared to the same month last year in California.

The California Senate Bill 1137 in which seeks to reduce foreclosures in the state by requiring lenders to reach out to homeowners prior to initiating foreclosure proceedings, requiring a waiting period, and other provisions. It seems to of had a chilling effect on foreclosures in the state in September. BTW...Good luck getting your lender to take or return your call. Lender's are buried in paperwork and are unable to create the time to resolve issues until they are on fire. This senate bill is pretty much a joke as the lender's don't have the staff to really address the concerns of the consumer. I would love to here that someone has had success because of this bill.

But the slow-down is very likely to be short-lived as this may just be delaying (not stopping) many Notice of Defaults from being filed with the county. Let's see what happens in the next few months. Then we will have a realistic understanding if things are getting better or not.

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085