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Prairie Oaks Neighborhood
Folsom See’s High Notice of Default’s
There is no easy way to write this. June saw Folsom's second highest month of new Notice of Default's(NOD) filed. There were 77 NOD's filed in June. The highest month has been March 2009 with 86. The earliest they would be sold on the courthouse steps would be September or October.
Folsom's new Notice of Trustee Sale(NOT) for June came in at 46. The highest was again March 2009 at 59. But we have seen at least a few months that they have been higher than 46. The earliest these could be sold at auction would be July and August.
June also saw 28 homes sold back to the bank(foreclosed or REO). The highest is September 2008 with 35 taken back by the banks. From October 2008 till May 2009 Folsom was seeing under 20 homes per month going back to the banks.
If I map all of the distressed properties from NOD, NOT and REO, there is not one area that is immune. It seems fairly evenly spread out across Folsom.
The banks for the most part are taking longer than legally required to go through the foreclosure process. Whether this is due to them trying to work with the homeowners, or because they have so many to deal with I don't know. But if I were to wager a bit, I think it because they are overwhelmed with distressed properties.
Is Your Foreclosure Consultant Registered?
After July 1, 2009 homeowners who are considering working with someone to help them with their lender regarding their mortgage will have somewhere to check on those people.
From the California State Attorney’s Office:
Oakland — Continuing his fight against scam artists who “prey on”
vulnerable Californians, Attorney General Edmund G. Brown Jr. today
issued a directive forcing foreclosure consultants to register with his
office and post a $100,000 bond by July 1, 2009.
Those who fail to do so will be in violation of state law, subject
to criminal penalties of up to a year in jail and fines ranging from
$1,000 to $25,000 per violation.
“California is awash with con artists who prey on vulnerable
families facing foreclosure,” Brown said. “By forcing foreclosure
consultants to submit detailed information to my office and post a
$100,000 bond, this registry will help bring long-overdue transparency
to this shadowy world.”
Up and down the state, scam artists pose as legitimate foreclosure
consultants, promising homeowners they will prevent foreclosure. In
reality, these scam artists charge huge up-front costs, but don’t
provide an ounce of help.
Earlier this month, Brown’s office prosecuted a scam artist who
provided hundreds of homeowners with forged bank documents and directed
them to send their mortgage payments to accounts she had created,
instead of the homeowners’ lender.
Additionally, Brown’s office has seen a significant increase in the
number of complaints from homeowners regarding foreclosure consultants.
The registry unveiled today will provide Californians with
information about potential consultants and recourse in the event that
a consultant violates the law.
All foreclosure consultants operating in California must post a
$100,000 bond and register with Brown’s office by July 1, 2009 and
submit the following information:
- Name, address, and telephone number;
- All names, addresses, telephone numbers, websites, and e-mail addresses used or proposed to be
used in connection with their business;
- Copies of all advertising;
- Copies of each different contract the consultant will use with consumers; and
- A copy of its $100,000 bond.
Foreclosure consultants who provide proper information will receive
a Certificate of Registration. Brown’s office, however, may refuse to
issue, or revoke, a Certificate of Registration if the foreclosure
consultant has made any misstatement in its registration form, has been
convicted of fraud or misrepresentation, has been convicted of a
violation of the state’s foreclosure consultant laws, California’s
false advertising, unfair or deceptive practices laws or other laws
dealing with mortgages.
If the company violates the law, a court may order restitution to victims out of proceeds from the $100,000 bond.
In order to obtain a Certificate of Registration by July 1, 2009,
foreclosure consultants should send in their registration application
and materials as soon as possible so they can be reviewed prior to July
1.
The registry was established through legislation sponsored by
Speaker of the Assembly Karen Bass, AB 180, which was signed into law
last year.
A copy of the registration forms may be found at http://ag.ca.gov/register.php under the “Foreclosure Consultant Registry.”
After July 1, 2009, consumers can call the Attorney General’s
office to determine whether the company they are considering dealing
with has been issued a Certificate of Registration.
Latest Folsom Real Estate Trends – Reo
The Folsom reo market is as a hot as the weather. In April Folsom had 15 reo homes for sale.
We had 16 that were pending 18 that sold in April. Basically Folsom reo’s are going pending and selling soon after they hit the market. There are a few that are not priced for the market and condition but overall their days on market is 43 days.
Folsom’s reo price per square foot average for April was $169. That is down 7.9% from April 2008.
The median price of an reo in Folsom in April was $356,000.
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