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Foreclosure Information, Questions, Need Help?

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Foreclosures are at an all time high throughout the United States. Some areas are harder hit than others. All of the media and press cover areas all across the country except Imperial County, CA. Foreclosures are taking place in the County at an increasing pace from previous years. Click for Imperial County Foreclosure Information

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Preventing Foreclosure - Steps to Take


California Foreclosure Process

Each state has it's own rules and regulations regarding the process of Foreclosure.

In California process usually involves the use of the Deed of Trust, which by its legal definition involves three parties; the Trustor (borrower), the Beneficiary (lender), and the Trustee (neutral third party receiving the right to foreclose). The deed of trust usually includes a "power of sale" clause that gives the trustee the legal right to enforce collection of the debt. Collection of the debt is ultimately enforced by beneficiary's right to sell the house when the borrower fails to make their mortgage payments.

Defaulting on a loan causes the start of "foreclosure", the process by which the lender takes over the home in order to recover their principal investment. Once the house is either sold at auction or "repossessed" by the lender, it is sold and the former owner must vacate at the discretion of the new owner. When there is a power of sale clause in the deed of trust the non-judicial process of foreclosure is used.

In a non-judicial foreclosure, the trustee must meet a few requirements before he or she sells the property. In comparison to a judicial foreclosure, Non-judicial foreclosure is quick because the trustee does not have to obtain a court order to foreclose, nor is court supervision required in order to sell the house, as is required in the judicial foreclosure process. The judicial process of foreclosure is used when a power of sale clause is not in the deed of trust.

In California, the timeline of non-judicial foreclosure begins when the trustee files a Notice of Default. This is a letter which is sent to the owner/trustor notifying him or her of their default of the loan. This notifies the owner of the intent of the lender to follow through on their right to collect on the debt. The copy of the notice, which is recorded at the County Recorders Office of the appropriate county, is mailed to the address of notice as per the deed of trust. Recording of the notice of default can vary greatly depending on the beneficiary.

This recording can occur anywhere between a week to many months after one misses their first mortgage payment. The step that follows next is the stage of the foreclosure process in which there is a filing of the Notice of Trustee's Sale. No sooner than ninety (90) days after the trustee records the Notice of Default, the Trustee must publish a Notice of Trustee's Sale in the local paper and simultaneously file that notice with the county recorder's office. No sooner than twenty days (20) after the Notice of Trustee's Sale is filed, the home may be sold at public auction for the amount of the debt plus foreclosure costs. If no one bids at the auction, the lender assumes ownership of the property, and may dispose of that property to recover their cash investment.

A homeowner should keep in mind that with each succeeding legal action, that these filings are formally recorded and become part of the legal record. Very often these filings can and do have damaging effects to a homeowner's credit for a period of seven years. The earlier a homeowner can address the situation, the better the overall result will be regardless of the outcome.

General Foreclosure Process

* General foreclosure process. Laws vary state to state.

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Imperial County Foreclosure Information & Statistics

Note: the purpose of the following foreclosure information is meant to educate, empower, and protect our homeowner communities. The data used for the statistics was sourced from public record documents, legal advertisements, title records, and lender notices. For more information about these statistics, contact me.

Imperial County Notice of Trustee Sale Historical Graph 1997 to 2006, includes 1st Qtr 2007

Imperial County Notice of Default vs Notice of Trustee Sale Graph 1997 to 2006, includes 1st Qtr 2007

Imperial County Foreclosure Statistics Report 2 - by Origination Vintage

Imperial County Foreclosure Statistics Report 2 - by Funding Lender

Analysis of Notice of Trustee Sale and Corresponding Mortgage Data

• Fourteen purchase transactions (45.16%), accounting for four new home and ten resale home transactions and seventeen refinance transactions (54.84%)
  
• 74.19% of these transactions have an origination date of 24 months or less indicating recently acquired loans
  
• 71.43% of purchases have an origination date of 24 months or less
  
• 76.47% of refinances have an origination date of 24 months or less
  
• 90.32% of all transactions were financed using sub-prime loans
  
• 85.71% of purchases were financed using sub-prime loans
  
• 94.12% of refinances were financed using sub-prime loans

Quick Facts Regarding Notice of Trustee Sale Activity from 1997 to 2006, including 1st Qtr 2007

• Currently NOS represent 37% of NODs filed or about 1 in 3 Notice of Defaults will end up at Notice of Trustee Sale
  
• A review of NOD during 1997 to 2006, a ten year span, indicates that Imperial County has an average of 465 pre-foreclosures per year or an average of 116.25 per quarter
  
• A review of NOS during 1997 to 2006, a ten year span, indicates that Imperial County has an average of 226 foreclosures per year or an average of 56.5 per quarter
  
• On average, pre-foreclosures increased 5% during 1997 to 2006
  
• On average, foreclosures declined 2% during 1997 to 2006
  
• The highest instance of pre-foreclosures noted was during 2006 when a total of 610 NOD were filed
  
• The highest instance of foreclosures noted was during 1998 when a total of 330 NOS were filed
  
• The lowest instance of pre-foreclosures noted was during 2005 when a total of 260 NOD were file
  
• The lowest instance of foreclosures noted was during 2005 when a total of 132 NOS were filed
  
• During the first quarter of 2007, a total of 301 pre-foreclosures have been filed in Imperial County, an increase of 179% from first quarter 2006
  
• During the first quarter of 2007, a total of 112 foreclosures have been filed in Imperial County, an increase of 286% from first quarter 2006
  
• During 206, a total of 610 pre-foreclosures were filed and 207 is up to 301, or 49% of last years total during the first quarter
  
• During 2006, a total of 196 foreclosures were filed and 2007 is up to 112, or 57% of last years total during the first quarter
  
• During the year 2000, when conventional mortgage rates averaged over 8%, pre-foreclosures filings were 433 and foreclosure filings were 228 in line with the average for the ten year span
  
• During 1998, the highest number of foreclosures recorded experienced interest rates averaging in the high 5%'s and low 6%'s

NOD = pre-foreclosure, indicates the bank/lender has formally filed a default notice. This is the warning before foreclosure

NOS = foreclosure, indicates the bank/lender has formally filed a trustee sale notice, a non-judicial process which allows the bank/lender to sell the property in order to recover what it is owed on the mortgage/note

For more information regarding these statistics or the information analysis provided, please contact me.

Imperial County Notice of Trustee Sale Historical Graph 1997 to 2006, includes 1st Qtr 2007

Imperial County Notice of Default vs Notice of Trustee Sale Graph 1997 to 2006, includes 1st Qtr 2007

Imperial County Foreclosure Statistics Report 1 - by Origination Vintage

Imperial County Foreclosure Statistics Report 1 - by Funding Lender

Analysis of Notice of Trustee Sale and Corresponding Mortgage Data

• Sixteen purchase transactions (53.33%), accounting for eight new home and eight resale home transactions and fourteen refinance transactions (46.67%)
  
• 80.00% of these transactions have an origination date of 24 months or less indicating recently acquired loans
  
• 87.50% of purchases have an origination date of 24 months or less
  
• 71.43% of refinances have an origination date of 24 months or less
  
• 93.33% of all transactions were financed using sub-prime loans
  
• 100.00% of purchases were financed using sub-prime loans
  
• 85.71% of refinances were financed using sub-prime loans

Quick Facts Regarding Notice of Trustee Sale Activity from 1997 to 2006, including 1st Qtr 2007

• Currently NOS represent 37% of NODs file or about 1 in 3 Notice of Default will end up at Notice of Trustee Sale
  
• A review of NOD during 1997 to 2006, a ten year span, indicates that Imperial County has an average of 465 pre-foreclosures per year or an average of 116.25 per quarter
  
• A review of NOS during 1997 to 2006, a ten year span, indicates that Imperial County has an average of 226 foreclosures per year or an average of 56.5 per quarter
  
• On average, pre-foreclosures increased 5% during 1997 to 2006
  
• On average, foreclosures declined 2% during 1997 to 2006
  
• The highest instance of pre-foreclosures noted was during 2006 when a total of 610 NOD were filed
  
• The highest instance of foreclosures noted was during 1998 when a total of 330 NOS were filed
  
• The lowest instance of pre-foreclosures noted was during 2005 when a total of 260 NOD were file
  
• The lowest instance of foreclosures noted was during 2005 when a total of 132 NOS were filed
  
• During the first quarter of 2007, a total of 301 pre-foreclosures have been filed in Imperial County, an increase of 179% from first quarter 2006
  
• During the first quarter of 2007, a total of 112 foreclosures have been filed in Imperial County, an increase of 286% from first quarter 2006
  
• During 206, a total of 610 pre-foreclosures were filed and 207 is up to 301, or 49% of last years total during the first quarter
  
• During 2006, a total of 196 foreclosures were filed and 2007 is up to 112, or 57% of last years total during the first quarter
  
• During the year 2000, when conventional mortgage rates averaged over 8%, pre-foreclosures filings were 433 and foreclosure filings were 228 in line with the average for the ten year span
  
• During 1998, the highest number of foreclosures recorded experienced interest rates averaging in the high 5%'s and low 6%'s

NOD = pre-foreclosure, indicates the bank/lender has formally filed a default notice. This is the warning before foreclosure

NOS = foreclosure, indicates the bank/lender has formally filed a trustee sale notice, a non-judicial process which allows the bank/lender to sell the property in order to recover what it is owed on the mortgage/note

For more information regarding these statistics or the information analysis provided, please contact me.