Alabama foreclosures up 53 percent Oct 23, 2008
Saccacio cited two new laws in affect in California and North Carolina, which require lenders to make contact with borrowers 30 days and 45 days, respectively, before filing a Notice of Default. Both states saw significant decreases in properties that received a Notice of Default, according to the monthly report. (Birmingham Business Journal, AL)
Experience vs. ambition in 25th District Oct 15, 2008
The bill, which passed, restricts the lender from filing a notice of default until after he or she has contacted the borrower in person or by telephone to explore options to avoid foreclosure. Modesto, which contains more than a third of the district's constituency, has been one of the hardest hit cities in the country by the foreclosure crisis. (The Union Democrat)
HOUSING: Foreclosure starts down last month Oct 14, 2008
The number of houses to receive the initial foreclosure filing, also known as a notice of default, fell by 58 percent from August to September, according to a report by ForeclosureRadar, a Contra Costa County research firm ... The reason: State legislation that took effect in early September required lenders to attempt a loan modification for 30 days before filing a notice of default. (North County Times)
SAN MARCOS: City hopes new law will get banks to maintain foreclosed properties Oct 13, 2008
"It actually requires lenders and owners to notify the city when they do a notice of default. At that time, they would also have a property management company file a registration with the city, keep it maintained and give the city the authority to 'cure' the problem, if necessary," Manley said in referring to the abatement process. The maintenance requirement changes planned in Escondido would expand the definition of who can be held responsible for property maintenance to include lenders and... (North County Times)
Homebuilder announces it is prohibited from making scheduled interest payment Oct 3, 2008
LLC, an Atlanta-based builder, said Wednesday it was prohibited from fulfilling a scheduled interest payment because of a notice of default filed by its lenders, according to a company news release ... Ashton Woods officials previously said in May and August that the company was prohibited from making its interest payments because of a notice of default from its lenders under its senior credit facility related to certain covenant defaults under that facility. (Atlanta Business Chronicle, GA)
This Week in Print Oct 3, 2008
Ashton Woods USA LLC, an Atlanta-based builder, said Wednesday it was prohibited from fulfilling a scheduled interest payment because of a notice of default filed by its lenders, according to a company news release. The one-two punch of the credit crunch and high oil prices sent the financial sector into a tailspin, but an economic forecaster said the rest of the economy is still moving along. (Atlanta Business Chronicle, GA)
Foreclosures on million-dollar homes surge Oct 3, 2008
Mr. Provost says he expects to receive a notice of default from the bank the first step to foreclosure in the next month or two. "A foreclosure would be devastating," he says. (MSNBC -- Business)
Ernst & Young on standby for Sigma Oct 3, 2008
At least one other bank then also filed a notice of default, while others filed extra margin calls. EDITORS CHOICE. (FT.com -- Markets)
County home defaults drop for 4th month Sep 20, 2008
Meanwhile, a new state law that became effective this month requires more time before lenders can send a notice of default. And local organizations are gearing up to take advantage of $4 billion set aside in the recent federal housing bill to deal with abandoned or foreclosed-upon properties. (San Diego Union-Tribune -- Business)
County defaultand foreclosure rates decline Sep 20, 2008
There is usually a six- to nine-month lag between the first notice of default and a trustee deed sale, so foreclosures taking place now generally originated with defaults posted last winter. If defaults continue declining, analysts expect foreclosures to follow suit. (San Diego Union-Tribune)
Frey close to losing Clovis house Sep 19, 2008
County records show that a notice of default on Frey's home was issued Sept. 4. It said the house would be put up for sale at a public auction outside the Fresno County Superior Court building on Wednesday unless she was able to take action to save her home. (Fresno Bee -- Local)
Bay Area leaders' financial forecasts Sep 19, 2008
"It is pretty serious, and I think it is going to be longer rather than shorter. The cycle of a residential foreclosure is very long, and I suspect there are many homeowner delinquencies on mortgages where the lender has yet to file a notice of default. And most lenders are now understaffed in their workout departments, so it takes a while for them to file notices of default. ". On the other hand, the Bay Area is a remarkably resilient area because of its diversification and its knowledge-based... (San Francisco Chronicle)
Read about the demand to market distressed homes here. Sep 18, 2008
In July 2008, one of every 464 U.S. households received a foreclosure filing either a notice of default, auction, or real estate owned according to the latest report from RealtyTrac, publisher of a national database of foreclosed and bank-owned properties. Maryland is by no means immune to foreclosure activity. (Baltimore Business Journal, MD)
ESCONDIDO: Fight against blight Sep 14, 2008
Barratt American built four town houses at the site before filing a notice of default, the first step in the foreclosure process, in August. Now in receivership, the property is the responsibility of a court-appointed third party. (North County Times)
HOUSING: Banks haven't wiped out all risky loans Sep 14, 2008
Seven months later, a notice of default, the first step in the foreclosure process, was filed on the condo, according to county records. Washington Mutual declined to comment, citing privacy concerns. (North County Times)
Richie Sambora with Los Lobos at a benefit concert for the Midnight Mission of Los Angeles in March 2007. It was one of many events that have taken place at Malibu Performing Arts Center. The owners of MPAC are in danger of foreclosure on the property that houses the center. Photo by Devon Meyers / TMT Sep 11, 2008
Wednesday, September 10, 2008 Edition. " By 2006, all construction was complete.Shively stated that rumors about Vineyard Christian Fellowship's financial inability to make loan payments couldn't be further from the truth."The recording industry has never been worse, but the music industry has never been better," he said, adding that some of the world's most famous music artists frequent MPAC to make music videos, record albums and rehearse live shows, among many other purposes including benefit... (Malibu Times, CA)
Foreclosure Trackers Offers to Buy McMahon's Loan, Not His Home Sep 10, 2008
Lee says that he intends to end the emotional and financial roller coaster that McMahon has endured since the Notice of Default was filed on his Beverly Hills home, threatening foreclosure and financial ruin. After several attempts by well-meaning individuals to help save the T.V. icons estate, Lee says enough is enough. (Yahoo! Wire -- Entertainment News)
Florida Real Estate Bottom Signaled by Sale of Distressed Miami Apartments Sep 5, 2008
In July, one in every 186 homeowners in Florida either had their home repossessed by a lender bank, received a notice of default or were issued a warning that their house was going on the auction block for failure to make monthly mortgage payments, according to , an Irvine, California-based seller of real estate data. That foreclosure rate, a 139 percent increase from July 2007, ranked the state third in the country behind Nevada and California. (Bloomberg)
HOUSING: Banks waiting longer to foreclose Aug 31, 2008
Several homeowners interviewed last week said that they stopped paying their mortgages six to eight months ago and still have not received a notice of default, which typically comes by the fourth month of nonpayment ... But now, real estate agents, mortgage brokers and homeowners are reporting that as many as eight months can pass before a notice of default is filed ... One San Marcos homeowner, who did not want her name released for fear of initiating foreclosure, said she missed her first... (North County Times)
Westaff cuts second default deal with banks Aug 30, 2008
The Walnut Creek staffing firm, which first received a notice of default from the banks last April, worked out a deal at the end of July that expired Aug. 26. The new agreement between Westaff (NASDAQ: WST) and the lenders takes the company through the end of September. (East Bay Business Times, CA)
Cupertino Square owners: No sale Aug 29, 2008
That notice came just months after Gramercy filed a notice of default with the county in May, saying the mall had failed to make a $1. 2 million payment on the loan. (San Jose Business Journal, CA)
Ed McMahon Finds Homebuyer and Triumphs Over Foreclosure Threat Aug 26, 2008
In addition to this, his mortgage lenders filed a notice of default in February, after they found the TV veteran had more than $644,000 in unpaid debt. However, Ed McMahon claims his financial problems are a result of a neck injury he suffered about 18 months ago, which prevented him from working. (eFluxMedia)
Ed McMahon finds home buyer, avoids foreclosure Aug 23, 2008
His mortgage lenders filed notice of default in February, when McMahon was about $644,000 in arrears. He has blamed his financial problems on having broken his neck about 18 months ago, preventing him from working. (Reuters)
Ashton Woods expects $114M annual loss Aug 23, 2008
On Aug. 21, the lenders sent a notice of default to the company. This notice prohibits the company from making scheduled payments of interest on or otherwise repaying or purchasing its 9. (Atlanta Business Chronicle, GA)
Trump offers help Ed McMahon avert foreclosure Aug 17, 2008
McMahon's mortgage lenders filed notice of default in February, when McMahon was about $644,000 in arrears on the mortgage for the Beverly Hills house. It has been on the market for about two years and the asking price in June was $5. (Reuters)
Arizona ranks second in July foreclosure fillings Aug 13, 2008
That can include notice of default, foreclosure auction and REO (lender-owned real estate after a foreclosed property reverts back to the lender). Pre-foreclosure filings are an initial notice and not all affected properties are actually foreclosed. (Phoenix Business Journal, AZ)
Pre-foreclosure filings reach a record in 14 states Aug 12, 2008
ForeclosureS.com bases its analysis on the number of formal notices filed against a property during the foreclosure process, including a notice of default, a foreclosure auction and/or lender-owned real estate after a foreclosed property reverts back to the lender. Pre-foreclosure filings are the first notice and not all such properties end up foreclosed. (Sacramento Business Journal, CA)
Foreclosures.com Aug 12, 2008
Pre-foreclosure filings set record in July - Jacksonville Business Journal. Members: Not Registered. (Jacksonville Business Journal, FL)
Pre-foreclosure filings set record in July Aug 12, 2008
California-based ForeclosureS.com bases its analysis on the number of formal notices filed against a property during the foreclosure process, including a notice of default, a foreclosure auction and/or lender-owned real estate after a foreclosed property reverts back to the lender. Pre-foreclosure filings are the first initial notice and do not all end up foreclosed. (Orlando Business Journal)
City Square on brink of foreclosure (1349) Aug 11, 2008
Four of the City Square town houses, brand-new properties at Second Avenue and Centre City Parkway, will be sold by a court-appointed receiver after the lender, Bank of America, filed a notice of default, the first step in the foreclosure process ... "The last thing we want to do is file a notice of default.". (North County Times)
Vallejo Slaps Nationwide Homebuilder With Default Notice Aug 8, 2008
A nationwide homebuilder was sent a notice of default Wednesday for failing to make a scheduled $3 million payment to the for the purchase of 17. 2 acres of school property. (NBC 11, CA)
Continue reading Aug 6, 2008
In other business, the council also unanimously approved an ordinance which will require abandoned residential property -- due to notice of default, notice of trustees sale, or that which has been the subject of a foreclosure sale -- to be registered with the City of Selma. The ordinance goes into effect on Sept. 4. (Selma Enterprise, CA)
Subordinate Debenture interest default Aug 1, 2008
The Trustee has issued a notice of default to the Company under the trust indenture. As a consequence, the Trustee may, on behalf of the holders of the Debentures (the "Holders"), declare the principal amount and the accrued amount of interest to be due and payable. (PR Newswire)
Aguirre's default Jul 25, 2008
Aguirre received his first notice of default from Countrywide on Jan. 13, 1995, according to documents filed with the San Diego County Assessor/Recorder/Clerk. He was $21,401 in arrears. (San Diego Union-Tribune -- Opinion)
Foreclosures hit record heights, especially in North Valley Jul 23, 2008
On Tuesday, council members learned that 50% of the families that lose their houses to foreclosure never seek help, that 64% of the Fresno households who received a notice of default in February lost their houses in May and that banks take over about 300 properties monthly. Help is coming from a variety of resources, including credit-counseling services and other agencies that have joined forces through the No Homeowner Left Behind program. (Fresno Bee)
Foreclosures At 20-Yr. High Jul 23, 2008
Their primary lender issued a notice of default but ultimately modified the mortgage after Merlyn Amaya, a nanny, went to nonprofit ACORN Housing for help. The couple remains several payments behind with Franklin Credit, which controls the second loan. (San Francisco Chronicle -- Business)
17,000 valley homes seized Jul 23, 2008
The median for California homeowners who were behind on their payments when their lender filed the notice of default was five months. The borrowers were behind a median $11,583 on a median $346,400 mortgage. (Modesto Bee, CA)
Northern California foreclosures up 21% in Q2 Jul 23, 2008
Notice of defaults and trustee sales climbed 21 percent in Northern California during the second quarter compared to the previous quarter, according to a report released Tuesday ... The worst foreclosure numbers in California came from the state capital of Sacramento with 11,470 notice of default and trustee sales in the second quarter of 2008 ... On the flip side, San Francisco was the least affected by the foreclosure crisis with only 601 notice of default and trustee sales in the quarter and... (East Bay Business Times, CA)
A buyer’s primer on real estate terms Jul 20, 2008
A property in foreclosure means a notice of default has been filed in the public records. The owner has stopped making mortgage payments and the lender has given notice that unless payments are brought up to date, it will sell the property to the highest bidder. (Lihue Garden Island, HA)
Law helps struggling homeowners Jul 13, 2008
-- Requires lenders to contact homeowners 30 days before filing a notice of default, the official beginning of the foreclosure process. -- Encourages banks to explore loan-restructuring options before initiating foreclosures. (San Francisco Chronicle)
Housing stable in Ames Jul 6, 2008
The report said the count includes "all three phases of foreclosure: notice of default and 'lis pendens' (the Latin legal term for "pending action," either a lawsuit or other procedure), as well as notices of trustee/foreclosure sales and properties already foreclosed and repurchased by lenders. According to the statistics, Iowa was one of the more stable states during May, with 256 "notices of trustee sales" and 194 lender repossessions, or a total of 450 for the month. Highest foreclosure... (Ames Daily Tribune, IA)
Foreclosure aid bill in hands of governor Jul 3, 2008
The bill, which came in response to California's subprime mortgage crisis, requires mortgage holders to contact homeowners by phone or in person at least 30 days before filing a notice of default and calls for discussions about alternative payment options. The bill also doubles the time preceding eviction from foreclosed rental properties from 30 to 60 days, and gives local governments the authority to fine owners of vacant lots that are not maintained. (San Francisco Chronicle)
D.A.G. sues to stay on job Jul 3, 2008
The housing agency sent D.A.G. a notice of default by e-mail on Oct. 22, according to an Oct. 23 letter from Donald Troendle, executive director of Cincinnati Metropolitan Housing Authority, to Dale White, president of D.A.G., a copy of which was filed with the court by D.A.G.. The letter cited D.A.G.'s failure to obtain an occupancy permit, to apply for a permit to install a fire alarm system, to make arrangements for telephone service, and to satisfy other requirements necessary for it to... (Cincinnati Business Courier, OH)
HOUSING: High-end neighborhoods also suffering Jun 22, 2008
At the end of March, the lender filed a notice of default, the first step in the foreclosure process. San Diego County's housing market enjoyed massive appreciation in the early 2000s, doubling in value in about four years. (North County Times)
Region's home sales rise for fourth consecutive month Jun 17, 2008
The company noted there has been a continued increase in notice of default foreclosure filings, and that foreclosed inventory is expected to increase through the summer. Foreclosed homes account for 58 percent of all existing home transactions, whether pending sales or those that have closed escrow and price-per-square-foot of sold properties continue to drop. (Sacramento Business Journal, CA)
Foreclosures Rise 48% in May as Repossessions Double (Update2) Jun 14, 2008
A homeowner usually receives a notice of default after falling more than 90 days behind on mortgage payments. If the borrower still doesn't pay what's owed, the property is sold to the highest bidder at an auction, typically held at a county courthouse. (Bloomberg)
Valley home default rates decline Jun 12, 2008
Homes typically aren't repossessed by lenders, via foreclosure auctions on the courthouse steps, until about 145 days after the notice of default is filed. Last month, 2,350 houses were foreclosed on in the three counties, including a record-high 817 in Stanislaus. (Modesto Bee, CA)
Foreclosures fell 12% in May Jun 10, 2008
Pre-foreclosure filings, such as a notice of default on a loan, also fell in May ... That can include notice of default, notice of foreclosure auction or notice of lender-owned real estate that occurs after a foreclosed property fails to sell at auction. (Sacramento Business Journal, CA)
Developer LandSource Seeks Bankruptcy Protection Jun 9, 2008
LandSource spokeswoman Tamara Taylor said then the company had received an official notice of default on a $1 billion loan, but the default situation "had not accelerated" further. LandSource is a joint venture between home builder Lennar Corp , LNR Property Corp, which each have a 16 percent stake and MW Housing Partners, which holds a 68 percent stake. (ABC News -- Wire)
Ed McMahon talks about mortgage woes on 'Larry King' Jun 6, 2008
Matt Sayles / Associated PressMcMahon was about $644,000 in arrears on the loan when the notice of default was filed, according to a source ... Matt Sayles / Associated PressMcMahon was about $644,000 in arrears on the loan when the notice of default was filed, according to a source ... McMahon's lender, Calabasas-based Countrywide Financial Corp., filed a notice of default in March on $4. (Los Angeles Times)
Sidekick problems? Jun 6, 2008
ReconTrust reportedly filed a notice of default related to a loan for Ed McMahon's house ... The newspaper reported that ReconTrust, a division of Countrywide Financial, filed a notice of default related to a loan for McMahon's house in Los Angeles County Recorder's Court on Feb. 28. (CNN -- US)
Foreclosures hit record high -- and crisis may get worse still Jun 6, 2008
Fresno County's foreclosure rate was 16th in the nation in April, with one of every 182 households receiving a recorded notice of default, according to RealtyTrac, which monitors such activity. The company said Tuesday that 1,648 notices were recorded in April in Fresno County, up 10% from March and an increase of 150% from the same period a year earlier. (Fresno Bee -- Local)
Ed McMahon Facing Home Foreclosure Jun 6, 2008
Countrywide Home Loans Inc. filed the notice of default on Feb. 28, with the amount owed to "increase until your account becomes current," according to documents obtained by Celebtv. com. (CBS News -- US)
Mortgage Mess On Mulholland... Jun 5, 2008
ReconTrust, a unit of mortgage lender Countrywide Financial, on Feb. 28 filed a notice of default on a $4. 8 million Countrywide loan backed by Mr. McMahon's home. (The Drudge Report)
U.S. veteran host Ed McMahon faces housing crisis Jun 5, 2008
8 million U.S. dollars in mortgage loans with a unit of Countrywide Financial Corp., which filed a notice of default in March. Documents show that McMahon is nearly 644,000 dollars behind in payments on the mortgage loan he got in 2005. (Xinhuanet, China)
Mortgage turmoil snares Ed McMahon Jun 4, 2008
8 million in mortgage loans with a unit of Countrywide Financial Corp., which filed a notice of default in March, according to ForeclosureRadar, a company that sells default data pulled from public records ... McMahon was about $644,000 in arrears on the loan when the notice of default was filed, the paper said. (Los Angeles Times)
Chapter 11 for Drummond ... Fuller student license bill stalled in committee ... Cerro Coso to offer new summer first-aid classes ... New site for Navy museum ... CLOTA auditions begin Thursday at Center Stage theater ... ';var marqueewidth="350px";var marqueeheight="25px";var marqueebgcolor="#FFFFFF";////NO NEED TO EDIT BELOW THIS LINE////////////var pauseit=1;var marqueespeed=1 //slow speed down by 1 for NSvar copyspeed=marqueespeedvar pausespeed=(pauseit==0)? copyspeed: 0var iedom=document.all||document.getElementByIdif (iedom)document.write(''+marqueecontent+'')var actualwidth=''var cross_marquee, ns_marqueefunction populate(){if (iedom){cross_marquee=document.getElementById? document.getElementById("iemarquee") : document.all.iemarqueecross_marquee.style.left=parseInt(marqueewidth)+8+"px"cross_marquee.innerHTML=marqueecontentactualwidth=document.all? temp.offsetWidth : document.getElementById("temp").offsetWidth}else if (document.layers){ns_marquee=document.ns_marquee.document.ns_marquee2ns_marquee.left=parseInt(marqueewidth)+8ns_marquee.document.write(marqueecontent)ns_marquee.document.close()actualwidth=ns_marquee.document.width}lefttime=setInterval("scrollmarquee()",20)}window.onload=populate;function scrollmarquee(){if (iedom){if (parseInt(cross_marquee.style.left)>(actualwidth*(-1)+8))cross_marquee.style.left=parseInt(cross_marquee.style.left)-copyspeed+"px"elsecross_marquee.style.left=parseInt(marqueewidth)+8+"px"}else if (document.layers){if (ns_marquee.left>(actualwidth*(-1)+8))ns_marquee.left-=copyspeedelsens_marquee.left=parseInt(marqueewidth)+8}}if (iedom||document.layers){with (document){document.write('')if (iedom){write('')write('')write('')write('')}else if (document.layers){write('')write('')write('')}document.write('')}}Thursday, May 29, 2008 Chapter 11 for Drummond May 29, 2008
According to RealtyTrac, Drummond's lender Ridgecrest MedL First Mortgage filed a Notice of Default against the Medical Group on Feb. 27. The property entered pre-foreclosure on March 5 with an opening bid of 4,095,000. (Ridgecrest Daily Independent, CA)
Life a 'struggle' for Laree May 22, 2008
Ms Jane, her sister Natarsha Ryan and her husband Glenn Ryan have taken Supreme Court legal action to win a ruling that the Bob Jane Corporation was not legally entitled to issue a notice of default on the T-Mart franchises at Taylors Lakes and Essendon after they ran up debts of $440,000. The three still run the franchises but the corporation is seeking an order that the franchise agreements were breached and it had a right to issue notices of default. (Melbourne Herald Sun)
California Congresswoman walked away from $578K mortgage... May 22, 2008
The vote on the MFDRA07 took place on October 4, 2007 and she received a notice of default on December 13, 2007, which means she was likely behind on her payments when she voted for the MFDRA07 ... If she owed $40,000 more upon Notice of Default (which happened in December 2007) it means she may have paid NO mortgage payments. (The Drudge Report)
Land venture involving huge pension fund seeks to redo loan May 21, 2008
LandSource received a notice of default from the banking syndicate on April 22 after missing a payment when a decline in the assessed value of the 15,000 acres of undeveloped land in Southern California's Santa Clarita Valley triggered an additional charge, Taylor said. "It was a remargining payment that was required because the land was reappraised by the bank group and the land lost value," she said. (Fresno Bee -- Business)
U.S. foreclosure filings surge 65 percent in April May 16, 2008
The April data show nearly half of the properties received an initial notice of default, suggesting many homes were new entrants to the foreclosure process. We're still sitting at roughly the same percentage of loans handled in any way successfully as we were a year ago, and the volume (of foreclosure filings) still keeps going up, said Rick Sharga, RealtyTrac's vice president of marketing. (San Diego Union-Tribune -- Business)
Foreclosures Climb 65% as Loan Workouts Fall Short (Update3) May 15, 2008
The foreclosure process typically begins when a borrower is more than 90 days late on mortgage payments and the lender files a notice of default. If the borrower doesn't pay what's owed, the property goes to auction. (Bloomberg)
‘BEARER OF BAD NEWS’ May 14, 2008
What Mr. Nakamura posts is a Notice of Default, the first step in foreclosure. Next will come a Notice of Trustee Sale. (Scranton Times, PA)
Cupertino Square shopping center in default on $195M loan May 9, 2008
"It's total gamesmanship. Why they would file a notice of default is just punitive and intended to generate the exact response it has had -- your calling me," said James R. Evans, an attorney with. Gramercy also has filed a countersuit to an April 2 complaint filed against it by Cupertino Square, Evans said. (San Jose Business Journal, CA)
Tropicana: Harbinger accumulates bonds; crossholding rumors circulate after loan default notice May 6, 2008
However, the Las Vegas entity was recently served with a notice of default by its loan holders, many of whom are rumored to be owners of the Tropicana Entertainment bonds. If the Las Vegas asset were included in a bankruptcy filing, bonds at the Entertainment level could try to stake a claim on the propertys value, said buyside and sellside source. (FT.com -- Markets)
