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Prairie Oaks Neighborhood
Folsom Distressed Homes November Report
Folsom is still seeing Notice of Defaults(NOD) filed on homes. In November 50 homes had NOD’s filed on them, down 23.08% from this time last year. Notice of Trustee Sales(NOT) are up 59.45% from this time last year. Folsom homes ranging in size of 1,250 to 1,500 square feet had the highest NOD’s with 10 in that category. There was a tie for the Notice of Trustee Sale sized homes, 3,000sqft and above had 6 NOT’s and so did 2,000 – 2,500sqft homes.
Folsom Defaults and Trustee Sales
Folsom Foreclosures for November 2010
Folsom Foreclosure Outcomes for November 2010
In the chart above you can see what happened to the 35 Folsom homes to be foreclosed on in November. Out of the 35 homes, 34.29% did go back to the bank. Another 42.86% of the homes that were due to be foreclosed on were canceled, possibly because they were negotiating a short sale, or loan modification. Seven homes, or 20% were sold to a third party on the court house steps.
Wells Fargo Modifying Loans For Old Wachovia & World Savings Pick-a-Pay Mortgages
Folsom Home Owners: Did you have a Wachovia or World Savings Pick-a-Pay Mortgage?
This from the Sacramento Business Journal (12/21/10)
Wells Fargo will modify loans to thousands of California homeowners with pick-a-pay loans, the controversial financing that led many consumers into bankruptcy and foreclosure — and greatly hurt the housing market.
The bank will pay $2 billion under the agreement.
Wells will also pay $32 million to thousands of homeowners who lost their homes through foreclosure with the pick-a-pay loans, which allowed borrowers to make payments at various levels, from the monthly interest and principal due to interest-only loans. Then, the loans would reset at much-higher rates, forcing homeowners deeper in debt or out of their homes.
The bad economy and double-digit jobless rate have increased the problem during the past few years, as cash-strapped homeowners get behind on their mortgages, including the Sacramento region, one of the hardest-hit markets for foreclosures in the nation.
Now, Wells Fargo did not approve or fund these loans, but Wachovia Bank and World Savings Bank did. Wachovia bought World Savings in 2006, and Wells Fargo acquired Wachovia two years later.
Under the agreement, Wells Fargo will offer affordable loan modifications to about 14,900 borrowers in the state with pick-a-pay loans approved by Wachovia or World Savings. Many of the loan modifications will include principal forgiveness, according to Attorney General officials. The agreement is expected to reach more than $2 billion.
Wells Fargo will also pay $32 million in restitution to more than 12,000 borrowers who used pick-a-pay loans and lost their homes through foreclosure. Payments will average about $2,650.
The bank has been aggressively working with homeowners who have the former Wachovia and World Savings loans, with about 577,000 modifications nationally, said Frankin Codel, chief financial officer of Wells Fargo Home Mortgage in Des Moines, Iowa. He added the banking giant will continue to work with homeowners who are experiencing problems with the pick-a-pay program.
The bank has conducted three home preservation workshops in the state, the closest was in Oakland. Wells Fargo also has opened 15 home preservations centers to help homeowners, Codel said.
California borrowers eligible for loan modifications should get a notice from Wells Fargo within the next two months, while borrowers who endured foreclosures should be contacted during the first six months of the year.
Wells Fargo customers looking for more information about the loan modification program, should call 888-565-1422.
“Customers were offered adjustable-rate loans with payments that mushroomed to amounts that ultimately thousands of borrowers could not afford,” California Attorney General Jerry Brown said in a news release Monday. “Recognizing the harm caused by these loans, Wells Fargo accepted responsibility and entered into this settlement agreement.”
Wells Fargo Home Mortgage co-president Mike Heid said the agreement Monday with the Attorney General will “assist with outreach, so that we can continue to work with as many customers as possible on the options available to them to prevent foreclosures.”
Wells Fargo is the leading bank in the four-county Sacramento region, with about $8 billion in deposits and 25 percent market share, according to the Federal Deposit Insurance Corp.
Wells Fargo has reached similar agreements in Arizona, Colorado, Florida, Illinois, Nevada, New Jersey, Texas and Washington state.
Folsom Top Home Pick
REO Homes For Sale in Folsom
My mission this past week was to take a look at the Folsom foreclosed homes and find my Top Pick. Today there are 32 single family homes in for sale in Folsom, that are bank owned. Currently there are 29 bank owned that are pending. In the past month 18 homes have closed escrow that were bank owned. The average days on market for the sold homes, were 96, and only two of the sold homes sold for original list price. The Folsom REO’s sold for an average of 95.42% of list price. It looks like even the banks are not understanding where the Folsom home prices are and are not pricing the homes where the buyers will buy them.
Folsom Foreclosed Homes For Sale
While none of the bank owned homes, in my opinion screamed a deal, I did see one that had personality, seemed well maintained and if it fit your needs, would be worth a look. This home is an older home, built in 1975. The kitchen has been remodeled and has newer (and nicer) cabinets, granite counters, stainless higher end appliances. Wood floors throughout the home. Larger master bedroom, with two sliders. The home has 3 bedrooms, 2 baths and a 2 car garage. Room for RV parking. The backyard is huge (lot size is 10,280) and has a pool, with diving board. This home has lots of custom woodwork. The home is 1194 square feet. It does have a wood-shake roof and you would want to have someone take a look at it, to see what kind of shape it is in. It is priced at $224,900. My Folsom top pick home for sale is 113 Sierra Woods Circle. Click here to see more about it.
To see this home or others, contact me!
Finding the Best Folsom Foreclosure
Folsom Top Home Pick For Sale
There are 34 Folsom foreclosures for sale in the mls as of today. I am going to take a look at them and pick the best one for my next Folsom Top Home Pick.
Be sure and check back to see what I find!
Folsom Top Pick Home For Sale – REDUCED
Folsom Foreclosure Reduced More!A couple of weeks ago I had blogged about my Top Home Pick, being 365 Hansen Circle, in the Prairie Oaks neighborhood. It has just been reduced to $275,000. That puts the home
Mechelle's Folsom Top Home Pick
at $160.82/sqft. Comps for the same size age home are (on average) $184.65 for active, $179.82 for active short contingent, $186.20 for pending and $177.05 for solds in the past 6 weeks.
This home has 3 bedrooms, 2.5 baths. Tile counters and pantry in the kitchen. Formal living room. This Folsom home backs to open space, is within walking distance of Sandra J. Gallardo Elementary, Folsom High School, and Intel.
With the frequent price reductions on this home, it seems to me the bank wants to get this home sold!
The Folsom mls # is 10055936, click here for more info and pictures. If you or someone you know, would be interested in seeing this home, contact me.
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