State Senate Bill 1137 Fails to Reduce California Foreclosures

State Senate Bill 1137 Fails to Reduce California Foreclosures

Back in July of 2008 the governor aka "the Terminator" signed a legislation that imposed new requirements on lenders before they can notice of default (NOD) on properties that where behind on payments.

Senate Bill 1137 forces lenders to "talk" to homeowners and try to resolve a work out (via: loan modification) prior to filling a notice of default. The state is forcing lenders to give x-amount of calls and additional 30 days prior to the NOD fillings. Now it has been several months since the the bill passed. They say number do not lie.

NOD filling is slowed down but to look at a chart and assume we are out of the storm - without looking at the legislation will change your views. The numbers are out and it is mind boggling to see what may occur few months from now.

The November NOD filings are 21,557 and December NOD filings are 42,421. Can you say DOUBLE!!! What is going to happen when these NOD (after 90 days) must go into Notice of Trustee Sale (NTS)? Another Moratorium?

Is it going to double or even triple again in 2009? Scary if you are on the wrong side of the boat. This market is schifting fast and hard. This is a great opportunity, especially for agents who understands what is ahead. If you as an agent position yourself to be the market expert you will be able to save hundereds and even thousands of Californinains from the devistating affects of a foreclosure.

Be Prepared. Be Informed.

Jeff Coga aka "The Short Sale Samurai"

If you are a licensed real estate agent in the state of California and would like to partner with Short Sales Buyers, please contact chris@shortsalesbuyers.com - with the subject "partnership" and ask for an application.

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