In the five Southern California counties just in the month of December there were 821 New Foreclosure filings and 436 Properties scheduled to be sold at Foreclosure Auction right away.
This paints an important picture.
Although the homes currently scheduled to be sold at Foreclosure Auction were filed many months ago, you can still see that it equals to more than 1/2 of all new filings are ending up going to be sold on the courthouse steps very soon AND the occupants will be evicted almost immediately after if they haven’t already left.
So based on these very simple statistics, a large number of people are choosing to let the bank have the property back instead of choosing to sell it. It is a huge mistake especially if you have ANY equity in the home.
Why?
1. You’re still the homeowner and entitled to whatever equity you can get from the sale of the home. Even after it’s foreclosed and resold by the bank.
2. If you let the bank have the property back, the foreclosure process is reported to cost around $75,000 or more and the bank will add that to what’s owed and take it out of any equity when they sell it.
3. The bank will never sell the property for it’s full value. Their only concern is to recover the outstanding balance and costs and they don’t care if you get a dime.
4. Your credit will reflect a Foreclosure for up to 10 years which could be detrimental in acquiring any other kinds of loans and sometimes even prevent you from getting a job.
So if you or someone you know is in this situation, don’t just sit back and hide or ignore the situation. Deal with it now so you can at least walk away with something.
I provide free consultations with people behind on their mortgage payments at any stage. I can provide ideas and strategies that you can implement right away that doesn’t cost you anything.
Just schedule a call and we’ll talk.
I forgot to include Los Angeles County numbers in the graphic above but I added them in the post numbers.
In Los Angeles, there were 369 new foreclosure filings in December and 216 scheduled to go to foreclosure auction.
