Foreclosure Filings in Tehachapi are Increasing

by Sally Lawrence

Every time you catch the news lately, there’s more doom and gloom regarding foreclosures.  The truth is that we are going to have to live with this situation for a while until we fight our way out from under.  For those who care about the numbers, I gathered some data on the local Tehachapi foreclosure situation.  All of this information covers the period from October 2009 to October 2010.

Foreclosure Filings are reported as Notice of Default (NOD) and Notice of Trustee Sale (NTS).  NOD filings are the first step in the foreclosure process.  NTS filings set the date and time of an auction, and serve as the homeowner’s final notice before sale.

Graph of Foreclosure Filings in Zip Code 93561

Foreclosure Outcomes following the filing of a NTS have only three possibilities.  The sale can be cancelled, sold to the bank, or sold to a 3rd Party investor.  The sale can be cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements.  If the property sale is conducted, the bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank’s opening bid, the property will be sold to 3rd Party.  If no one bids above the bank’s opening bid, the property will go back to the bank and become part of that bank’s REO inventory.

Graph of Foreclosure Outcomes in Zip Code 93561

Foreclosure Inventories estimates the number of properties in pre-foreclosure, awaiting sale, or bank owned.  Pre-foreclosure properties that have had a Notice of Default filed against the property, but have not yet been Scheduled for Sale.  The Scheduled for Sale inventory indicates those properties that have had a Notice of Trustee Sale filed, but have not yet been sold or had the sale cancelled.  The Bank Owned (REO) inventory indicates the number of properties that have been sold Back to the Bank at the trustee sale, and which the bank has not yet resold to another party.

Graph of Foreclosure Inventories in Zip Code 93561

If you or someone you know is having trouble paying their mortgage, there are alternatives to foreclosure.  Don’t become a statistic.  Call or write today to find out what you can do to avoid foreclosure.

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