Santa Cruz County Mortgage Delinquencies rise
Mortgage delinquencies have risen from 7.3 percent to 7.6 percent for the past two years.
In 2011, so far, more than 480 homes have been sold through foreclosure auctions. An uptick since 2010, when 471 homes were auctioned.
Since the 2008 economic meltdown, 6,400 local borrowers have defaulted on their mortgages i.e. falling 90 days behind on mortgage payments.
Foreclosure Radar, which tracks default notices and foreclosure statistics by ZIP code says:
- The average number of days from notice of default to foreclosure auction has gone from 220 days to 355 days
- Lenders are taking longer to resell homes bought back in auction from 107 days to 219 days.
Borrowers have three choices:
- Request a loan modification from the lender (a difficult labyrinthine process at best)
- Request lender approval for a short sale
- Walk away from the home: Strategic Default or Deed in Lieu of Foreclosure
If you need help deciding which course of action is best for you, contact Pamela Papas, Real Estate Broker, for a consultation: 831-515-3009 or consultants@papasgroup.com.
