InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] confusion on timeline Posted by Bill M on May 16, 2009 at 2:12 PM In Reply to: Get ready for the deluge posted by CC in OC on May 14, 2009 at 1:27 PM CC: Thank you for your comment. I am confused by the time line of this 90-day moratorium. It seems like it is NOT in effect yet. According to one law office "This law will go into effect in late May (supposed to be 90 days from signing of the bill i.e. May 21, 2009. Bill believed to have been signed on February 20, 2009). Bill M : In a few weeks California's 90-day foreclosure moratorium will expire and then servicers can pull the ripcord and start filing the appropriate paperwork to take over the real estate securing delinquent loans. According to ForeclosureRadar.com, in Orange County (CA) mortgage "notices of default" totaled 2,002 in April, a 21% decline from the same month a year ago, and 23% from March. Lenders foreclosed on 573 houses and condos, down 49% from a year ago but up 52% from March. As The Orange County Register pointed out, banks typically file a notice of default (NOD) after a borrower misses three or more monthly payments. NODs initiate the foreclosure process. Orange County was home to many subprime lenders, including the granddaddy of them all: Ameriquest Mortgage, the brainchild of the late Roland Arnall. Follow Ups: Yep, I was scratching my head about that post, too. (NT) Rick, the Probate Guy 1:12 PM, 05/17/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : CC: : Thank you for your comment. I am confused by the time line of this 90-day moratorium. It seems like it is NOT in effect yet. : According to one law office : "This law will go into effect in late May (supposed to be 90 days from signing of the bill i.e. May 21, 2009. Bill believed to have been signed on February 20, 2009). : Bill M : : : In a few weeks California's 90-day foreclosure moratorium will expire and then servicers can pull the ripcord and start filing the appropriate paperwork to take over the real estate securing delinquent loans. According to ForeclosureRadar.com, in Orange County (CA) mortgage "notices of default" totaled 2,002 in April, a 21% decline from the same month a year ago, and 23% from March. Lenders foreclosed on 573 houses and condos, down 49% from a year ago but up 52% from March. As The Orange County Register pointed out, banks typically file a notice of default (NOD) after a borrower misses three or more monthly payments. NODs initiate the foreclosure process. Orange County was home to many subprime lenders, including the granddaddy of them all: Ameriquest Mortgage, the brainchild of the late Roland Arnall. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455