Foreclosures In Folsom- Notice of Defaults Way Up- Notice Of Foreclosure Sale Way Down

Folsom Foreclosure Starts are way up month over month and year over year. The number of filings have been anything but consistent but had been greatly reduced in December, Which is normal for the holidays.  Notice of default or NOD is the first step a lender takes in the foreclosure process.  This starts the foreclosure time clock. This notice can be filed any time after the loan is 60 days past due, but is normally sent several months afterward. The average is five months.
The number of Notice Of Trustee Sales in Folsom, have declined for the first time in several months, yet are nearly unchanged year to year. The Notice of Trustee Sales in Folsom is the document that schedules the Trustee Sale, it can be no less than 21 days after the notice is filed with the county recorders office.  Most banks take much more time – usually30 to 60 days.

Foreclosure Timeframes in Folsom are the length of time it takes to foreclose, how long it takes the bank to resell what it has taken back at Trustee Sale and the length of time it takes a third party to sell once they have acquired the property at Trustee Sale.  What makes the difference in whether a foreclosed home goes back to the bank or to an investor? It’s all about the initial bid; Who sets the initial bid?…