When is the best time to help a homeowner in the foreclosure process. The best short sale prospect

Submitted by Dedrick Wilson from CA - 02/04/2010 - 9:20am

How many payments do you find homeowners typically miss befor the banks begins foreclosure and how long does it take from the Lis Pendens filing until the homeowners lose their house?

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Submitted by bobinspira - 04/03/2010 - 8:16pm

Dedrick -

I am not sure there is a typical answer here - it depends on the lender - My gut is that lenders are typically not filing a Notice of Default (NOD) before 2-4 payments are missed - There is CA legistation that requires the bank to make a good faith effort to contact the Borrower. There are no Lis Pendens that I know if in CA with respect to the foreclosure process. There is a NOD, then a Trustee Sale Notice and the foreclosure saie.

BOB, MBA, CDPE, ePro
bob@inspiragroup.com

Submitted by Michelle - 04/05/2010 - 10:32am

Bob is absolutely right. California is a non judicial foreclosure state so the foreclosure process is started with the filing of the Notice of Default. Typically lenders do not file the Notice of Default until 3 payments are missed (although we have seen many in current months wait longer than that to file the NOD). You can see a complete outline of the non-judicial foreclosure process by going tohttp://www.foreclosureradar.com/foreclosure-guides/foreclosure-101/non-judicial-foreclosure-process.

Submitted by Dedrick Wilson - 04/05/2010 - 10:49am

Thank you very much. That was very helpful.

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