During the month of October, foreclosure cancellation has rose 62.1 percent and 36.7 percent since October 2011. That is a pretty big increase!
It seems that the Homeowner Bill of Rights legislation that will go into effect on Jan 1, 2013 is responsible for the new change. Under the bill, there will be a restriction on dual-tracking of foreclosures.
Dual-tracking is the term applied to loans that are being considered for either a short sale or loan modification, while proceeding through the foreclosure process at the same time. Prior to Jan 1, lenders have to cancel any foreclosure on a loan that a short sale has been approved or a loan modification is being considered.
Foreclosures aren't the only decrease during the month of October, but Notice of Defaults declined 8 percent in California and 48.9 percent decrease since last year.
Source: ForeclosureRadar.com
It seems that the Homeowner Bill of Rights legislation that will go into effect on Jan 1, 2013 is responsible for the new change. Under the bill, there will be a restriction on dual-tracking of foreclosures.
Dual-tracking is the term applied to loans that are being considered for either a short sale or loan modification, while proceeding through the foreclosure process at the same time. Prior to Jan 1, lenders have to cancel any foreclosure on a loan that a short sale has been approved or a loan modification is being considered.
Foreclosures aren't the only decrease during the month of October, but Notice of Defaults declined 8 percent in California and 48.9 percent decrease since last year.
Source: ForeclosureRadar.com
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