Foreclosure notices are “still playing catch-up”

as reported by Marilyn Kalfus with the OC REGISTER, 4/27/10

Here’s another way to look at notices of default vs. homes with pending foreclosure auctions in Orange County.

Sean O’Toole, ForeclosureRadar.com founder, says:

“NTS [notices of trustee sales]are still playing catch-up with NOD’s [notices of default] from a year ago as the foreclosure process continues to extend.

“The time it took to file a NTS after an NOD took 188 days in March, up from 142 days in February.

“Lenders giving borrowers time to have loan mod applications reviewed or short sales processed could certainly be at least partially responsible for the delays.

“One other thing to note. We are seeing more and more NTS postpone for the maximum period of one year which then requires the notice be cancelled, and a new notice re-filed. Refiling of the NOD is not required, so these NTS re-filings will cause NTS to rise relative to NODs.”

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