Over Half Of All California Delinquent Mortgages Have Not Received A Foreclosure Notice After 15 Months

Here’s one reason that our shadow inventory is so hard to pin down: 59% of delinquent California mortgages still have not received a Notice of Default after 15 months.

From Mish:

Here are some interesting stats courtesy of Jon Maddux, CEO of You Walk Away.

ww Over Half Of All California Delinquent Mortgages Have Not Received A Foreclosure Notice After 15 Months

Says Maddux

 In Florida, 45% of our clients are in pre-foreclosure status. On average, these Florida homeowners are 17 months delinquent and have yet to receive even their first formal foreclosure notice. 59% of our California clients are in pre-foreclosure status. These California borrowers are an average of 15 months delinquent and also have yet to receive their first formal foreclosure notice. Eighty-five percent of the homeowners we’re working with are in pre-foreclosure and have not made a mortgage payment for an average of 14 months.

This entry was posted in Banking and Finance and tagged , , on by .

Free Updates!


Greg Fielding

Contact Info:

Real Estate Agent

925-212-2908

gregpfielding@gmail.com

Skype: gregfielding

http://gregfielding.com

J. Rockcliff Realtors

15 Railroad Avenue

Danville, CA 94526

DRE #:01397948

Connect With Me:


About Greg Fielding

I am a longtime real estate agent who has pretty much seen it all during the housing boom as bust. With experience in selling high-end property and low-end foreclosures, raw land, short sales, development work, apartment buildings, and working with investors, I bring a well-rounded perspective to my work.I also have started to do some paid real estate consulting. If you have questions or just need some good real estate advice, book an appointment at http://whattodorealestate.com/In addition to selling real estate, my insights have been featured in The New York Times, The Big Picture, and regularly on Patrick.net. I have also done consulting work with ForeclosureRadar.Starting my career, in 2003, I have sold homes throughout Alameda and Contra Costa counties, specializing in Danville, Alamo, Blackhawk, San Ramon, Dublin, Pleasanton, Walnut Creek, Lafayette, and Orinda. I live in Danville with my three kids.


Read All posts by

2 thoughts on “Over Half Of All California Delinquent Mortgages Have Not Received A Foreclosure Notice After 15 Months

  1. Picky Nicky

    Wow. I guess I should go get one of those 3.5% down FHA loans, “buy” a nice place, and live rent-free for a while…

  2. Tom Stone

    Not good news for the market, but it does give some people who are struggling a break. I have very mixed feelings about this, there are people I know who are having a very hard time and it is nice someone getting a break. On the other hand, our country would be in a lot better shape if we had used the swedish model with the banks and cleared the market. That would have required prosecutions and respecting the rule of law so it hasn’t been on the table. It will be interesting to see what changes after the election, perhaps Obomney will turn out to be a loose cannon.

Leave a Reply