Showing posts with label OC. Show all posts
Showing posts with label OC. Show all posts

Friday, March 19, 2010

Homes in 15 Orange County cities get foreclosure dates

First, in recent foreclosure news:

Often these homes revert to the lenders, who eventually put them back on the market. Sometimes the homes are bought by investors and resold.

Foreclosures affect more than the homeowners involved. They can impact entire neighborhoods. At the very least, they can affect nearby home sales.

All of these homes and addresses have been listed in the public notices, as required by law.

For auction info, click on city:

Posted via web from The Newport Beach Lifestyle

Thursday, February 25, 2010

$100 million reported lost in OC real estate fraud

Investigators search Ladera Ranch home

More than 1,000 victims have lost more than $100 million in cases of real estate fraud referred to a special unit of the Orange County District Attorney’s Office, a report from the DA states.
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“The number of referrals has been overwhelming, with more than 346 referrals to date,” says the report, an update on the special unit approved last year. ”The vast majority of referrals have been direct from victims or real estate professionals to the District Attorney’s Office.”

A “significant number” of cases involve loan modification schemes.

Several cases were cited, including one in which 3 men were charged with 101 counts of real estate fraud in a loan mod scheme that “generated millions of dollars in boiler room loan modification receipts. Victims lost their homes to foreclosure after paying up-front fees.”

The report by the numbers:

Referrals to the DA of suspected real estate fraud: 346 +

Referrals from county Clerk-Recorder: 16

Investigations received from law enforcement agencies: 17

Filed criminal cases: 29

Cases rejected for filing: 30

Cases referred to other state or federal agencies: 12

Convictions: 14

Victims in referred/investigation/filed/refused cases: 1,000 +

Total money loss in referred cases: Exceeds $100 million

Want to report a case to the DA’s office? Go to orangecountyda.com

We’ll do updates in the coming weeks and months on cases going to trial. 

More on real estate crime:

Posted via web from The Newport Beach Lifestyle

Thursday, February 18, 2010

Orange County Foreclosures seen ‘for many years to come’

New notices of default in Orange County in January dropped 29%  compared to last January, though they increased slightly from December, 2009, according to ForeclosureRadar.com.

But new notices of trustee sales — homes headed to foreclosure auctions — went up 20%  from last January, though they were down compared to December.

Here’s how the O.C. numbers shake out:

Statewide, “With hundreds of thousands of California homeowners in foreclosure a stalemate continues as only a small percentage reach the end of the process through cancellation or sale and the time to foreclose increases,” says Sean O’Toole, founder and CEO of ForeclosureRadar. “With delinquent payments rising, foreclosures slowing, and foreclosure alternatives failing, it appears the foreclosure crisis will be with us for many years to come.”

O’Toole and others say just a portion of borrowers are getting loan modifications and are able to avoid losing their homes. Critics of  these workout attempts have dubbed them  ”extend and pretend.”

You think short sales are making a dent? Share in the comments!

O’Toole has come up with a new calculation: “Time to foreclose.” It measures the difference between the date the initial notice of default is recorded and the date the property was sold at the foreclosure auction.

He says statewide, time to foreclose has increased from 146 days in August 2008 to 229 days in January 2010.

I asked top REO broker Tom Moon, to weigh in on the O.C. data. He said:

“Prior to a homeowner receiving an NOD, the bank MUST try to contact the homeowner many times, for 90 days, prior to filing the NOD. This is not to be confused with the initial 4 to 6 months of non payment it finally takes for the bank to take action.

“With banks now waiting an additional 90 days to file NODs, this is going to backlog the NODs 90 days. So call this period a 90-day grace period and the eventual NODs may catch up thereafter.

“Bottom line, banks are afraid to be criminally prosecuted for not being able to prove they did every thing in their power to attempt a loan modification for those 90 days.”

Posted via web from The Newport Beach Lifestyle

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