The third quarter data on home foreclosures are out and they are not good. The number of first-time default notices issued between July and September was up 14% from the previous April to June period. An August spike in first default notices was responsible for the overall quarterly figure.
The foreclosure process was delayed for a time because questions were raised about the manner in which foreclosures were being processed. While the investigations were on-going, the foreclosure rate dropped dramatically. Now with the problems being cleared up, even if the lawsuits haven’t, banks are revving up their foreclosures again.
A first default notice is the initial step. It simply tells the homeowner that their mortgage payments are late by whatever terms their mortgage defines as default. For some, it can be as little as 45 days beyond the payment due date. It is not a legal proceeding, but failure to restructure the loan, refinance the mortgage or win enough money in the lottery to catch up will lead to second notices and eventually to the foreclosure process.
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