foreclosure

[runbeza]

How can I find out if a house is undergoing foreclosure? I'm suspicious that our house is undergoing foreclosure, but I can't prove it. I live in the state of California, but how can I find out whether or not a house is in foreclosure, or about to enter foreclosure?
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[Pottapaug1938]

That's simple -- contact your lender. If you are behind in your mortgage, they may have begun forclosure proceedings; but you may be able to stop them by working out a deal to become current again.

[Prof]

Although this seems to be a trolling question, I'll answer quickly, although P's answer above is very good and to the point:

Are you behind on your house paymtents?
Have you let the insurance lapse?
Have you failed to pay or meet the escrow requirments for real property taxes on your house?

Then, the lender may have begun to review the status of your home loan.

Have you received demands and late notices from the lender holding the lien on your house -- or any one of the lenders if you have multiple loans secured by the home?

Have you received a default notice? Have you received a notice of accelaration of the balance due on the note?

Then, you are "in foreclosure," I suspect, for those are the prerequisites to a foreclosure proceeding.

Have you received a formal notice of a foreclosure proceeding or trustee's sale? ( I am unfamiliar with California proceedure, but every state requires some sort of notice of the proceedings. Texas, where I reside, has "non-judicial" foreclosure by a trustee under a deed of trust. Florida requires a judicial proceeding under a mortgage. I do not know what procedure is used in California.)

If you have received such a notice, a foreclosure proceeding is ongoing.

[Judge Roy Bean]

How can I find out if a house is undergoing foreclosure? I'm suspicious that our house is undergoing foreclosure, but I can't prove it. I live in the state of California, but how can I find out whether or not a house is in foreclosure, or about to enter foreclosure?

If, by chance, you are among the millions of people renting a house and you want to find out if the owner is facing a foreclosure in California, you can check the county records - the notice of default is supposed to be recorded. Ninety days after the date of that notice the notice of trustee sale is recorded and the auction date is typically within twenty-one days of that.

As far as finding out about one about to enter foreclosure, a credit report will show the borrower's payment history but acquiring a credit report has privacy implications.

[Judge Roy Bean]

Hey, if you got it, keep it!

http://www.nytimes.com/2010/07/09/busin ... wanted=all

Biggest Defaulters on Mortgages Are the Rich

More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.

By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.

The delinquency rate on investment homes where the original mortgage was more than $1 million is now 23 percent. For cheaper investment homes, it is about 10 percent.

The rich and successful often come naturally to this sort of attitude, said Brent T. White, a law professor at the University of Arizona who has studied strategic defaults.

“They may be less susceptible to the shame and fear-mongering used by the government and the mortgage banking industry to keep underwater homeowners from acting in their financial best interest,” Mr. White said.