47 Newport Beach properties had notice of default filings during October 2011, which is up more than 23% from the same time last year (Notice of Default filings are the first step in the foreclosure process).
27 notice of trustee sale filings were filed re Newport Beach properties in October, which is up more than 42% from same time last year (Notice of Trustee Sale filings set date and time of an auction and serve as homeowner’s final notice before foreclosure sale).
After filing of a Notice of Trustee Sale for non-judicial foreclosures in California, there are three possible outcomes.
- Sale can be canceled by trustee because of instructions from owner of the note, a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements.
- If the property is taken to sale, the lender/bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank’s opening bid, the property will be sold to 3rd Party.
- If property is not sold to third party at auction, it would go back to the bank and become part of that bank’s REO inventory.
12 Newport Beach properties went back to bank/lenders and became REOs after trustee sale auctions during October, 2011 – while Newport Beach properties were sold to third parties at the auctions.
320 Newport Beach properties are now in preforeclosure with notice of defaults filed. 158 Newport Beach properties are now scheduled for trustee sale auctions at some time during the next 60 days.
Source of information is ForeclosureRadar.com, is for information only and is not the providing of legal or tax services. If you are a California property owner facing foreclosure, you should consult with an experienced real estate attorney in your area.
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