California is one of the State where the bank do NOT need to take the home owners to court to re-posses their home. This is also called a non-judicial foreclosure.  So, if you have NOT made any payments on your property for the past 2 years and you are wondering how much longer you can continue to milk the situation, this article is for you.

As you can see in the chart below, shows the Foreclosure Filing in Saratoga which are under single digits.    But the chart also shows that the Notice of Default (NOD) have increased 150% compared to April 2012 which is not that significant since the April 2012 numbers were too small to begin with.  .

However closer to home in Saratoga, the Time to Foreclose declined 100% compared to April 2012.   It’s also interesting to note that the Time to Resell for REOs has jumped 673% which indicates more than 600 days for the banks to NET any money from the time they issue their NOD.    

Time to Foreclose

Our conclusion is that Saratoga will be a tough market to find REOs, Short Sales and Auction properties for the balance of 2013 and the investors would be best served in other markets where there is higher number of NODs filed.

At the mean time, if you have missed some payments, you should determine when your Notice of Default filed by your lender.  This is a matter of public records and you can obtain such a record in the your County’s Recorder’s office. You can also Contact Us to get a Free copy of your Property Profile which would show the date of the NOD The silver lining could be that you could still

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