The first round of foreclosures halted by Bank of America were in the Judicial States, now the Non-Judicial States are being halted due to the Robo-Signing crisis. Arizona is both! (a judicial and non-judicial state). Not good, Arizona has 3 of the 4 rising foreclosure rates amoung others like California & Nevada. The halt in October caused delays in inventory coming to the market (which BOFA holds about 23% of the share of lender owned property here).
"The prolonged curtailment in NOD (notices of default) volume will lead to fewer foreclosure completions in 2011 than forecast," notes mortgage consultant Mark Hanson. "After four months of total uncertainty over the entire foreclosure process nationwide, it will have consequences on the mortgage, housing, and related sectors."
Hanson says distressed loan pipelines are "poised to get out of control beginning in Q1"
Understanding the difference
Simply stated, the non-judicial foreclosure process starts with a Notice of Trustee Sale recorded with the county. The foreclosure process is done outside of the judicial system and the home is sold at a Trustee Sale 91 days after the notice is recorded. Unless, the homeowner is able to come to terms (reinstate) with the mortgage lender prior to the trustee sale, the home will be sold. The judicial foreclosure process is a civil lawsuit filed in the court system by the mortgage holder against the borrower. Once the mortgage holder obtains a judgment, the court will direct the mortgaged property to be sold to satisfy the judgment. The property will be sold by the County Sheriff by conducting an auction. There is no right of redemption once a Trustee Sale occurs, but there is a redemption period prior to a Sheriff Sale. The borrower can pay the entire balance of the mortgage and may even have certain statutory rights of redemption after the Sheriff sale.
(A.R.S. 33-807, 33-808, 33-809 and A.R.S. 33-721, 33-752, and 33-725)
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About Kathleen Mazzocco
- Kathleen Mazzocco, Realtor in Anthem, AZ Relocation to Scottsdale, AZ
- Scottsdale, AZ, United States
- Kathleen has worked with a variety of clients and employees from across and outside of the country, and this has given her a firm grasp of all the details that need to be considered when buying a home in Scottsdale, Anthem, or other areas of Phoenix, Arizona. Kathleen is a AZ Corporate Relocation Professional, and Buyer's Agent. She doesn't just help you find the home you want, she also insures that you're settling in well and that you have all the information you need in order to enjoy the highest-quality lifestyle Arizona has to offer. Begin your plan moving to Arizona with Kathleen today. It's a buyer's market right now, so there are great opportunities for you to land the home of your dreams for much less than you ever imagined possible. Acquiring property foreclosures, short sales, and bank owned homes are ways you can save in today's market. As Certified Distressed Professional she can negotiate the best possible price and terms for you. Please browse through Kathleen's website and let Kathleen Mazzocco help you come home to Arizona,search the newest home listings at www.KathleenInAZ.com.