Sunland & Shadow Hills Foreclosures:
The following charts show current foreclosure patterns of Sunland & Shadow Hills Home Foreclosures. Click on any of the charts to search for foreclosure information in areas you are interested in.
Notices of Default (the green line) are filed when a homeowner has been late on their mortgage payments for one or more payments. It is the first step in the foreclosure process. The foreclosure process can take anything from four months to a year once the notice of default is filed.
Notices of Sale (the blue line) may not be filed sooner than 90 days after the Notice of Default was filed. The Notice of Sale gives the owner of the property a 21 day notice that the house will be sold at auction.
Once the Notice of Sale is filed there are three possible outcomes:
- The bank becomes the owner of the property (It is “Foreclosed”)
- The bank postpones the auction
- The bank sells the house (more on that later)
Banks have been postponing auctions for several reasons; to avoid having too many foreclosures on the market, to allow homeowners an opportunity to do a “short sale”, to allow homeowners to do a “loan modification”, or because of a bankruptcy or other legal issue.
At the time of the foreclosure auction banks offer the home for sale at the “Trustee Sale”. The trustee conducts an auction on the courthouse steps or other place described in the “Notice of Sale”. If there is a satisfactory bid the trustee sells the house to the bidder on behalf of the bank. The bidder must bring cash or cashiers checks to the auction and conclude the sale at that time. There is no escrow, no loan, no insurance, no inspections, no warranty. The bidder buys the house “As-Is”. Often the house is in poor condition, has tenants who won’t move or other legal problems that the bidder must take responsibility for.
The following chart shows recent foreclosure filings in Sunland & Shadow Hills: