To follow up my post on foreclosures this post is related to notice of defaults. This is the first step in the foreclosure process when a homeowner receives a letter from their lender letting them know that they are behind 3 months or more and in danger of foreclosure. This is sometimes called pre foreclosure. There are some interesting statistics and trends that you need to know POPULACE! Kern county falls into the median home price range of below 500K. One thing that stood out to me was the length of time it takes the lending institutions to actually foreclose or at least file the NOD. What this says to me is that should you be in this situation (behind on your mortgage payments) you may still have time to contact you lender and work something out.
Remember: BE IN THE KNOW!
Carl O
http://www.nuwireinvestor.com/articles/california-real-estate-notice-of-defaults-declining-55092.aspx
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