BofA’s NOD Increase in August

by | Sep 17, 2011 | Foreclosure Count, North County Coastal, REO Counts | 4 comments

The mainstream media and blogs were buzzing this week about the big increase in BofA’s NOD filings last month.

Let’s examine the local NOD and NOTS counts to see if the foreclosure waters are rising. These are the monthly totals of notices/sales for all property types in SD County filed by all lenders, with BofA’s total right below (and NSDCC counts for SFRs only):

NOD Filings May June July Aug Sept
SD County-All
1,476
1,456
1,353
2,235
472
SD County-BofA
268
369
523
1,361
231
NSDCCSFR-All
56
76
74
121
17
NSDCCSFR-BofA
10
3
6
43
3
NOTS Filings May June July Aug Sept
SD County-All
640
666
760
1,152
362
SD County-BofA
288
162
300
401
62
NSDCCSFR-All
38
36
49
64
15
NSDCCSFR-BofA
17
10
13
19
2
Trustee Sales May June July Aug Sept
SD County-All
582
480
491
585
252
SD County-BofA
236
147
136
205
111
NSDCCSFR-All
18
20
25
30
13
NSDCCSFR-BofA
4
2
3
8
1

Looking at September’s month-to-date totals, the new-notice issuance is cooling off already. It doesn’t really matter how many notices they file, unless they actually start forclosing on people. We’ll keep an eye on them.

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Jim the Realtor
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4 Comments

  1. anon
    anon on September 17, 2011 at 4:37 pm

    Mish has a post on this topic.
    ______

    Hello Mish,

    This is what was expected, and the timing is just about right.

    Apr 13, 2011, the OCC ordered the Consent Decree affecting 16 entities, banks, servicers, & MERS. The lenders were given 60 days to present plans how meet the demands of the Decree, and 60 days to actually implement the plans, which would have been Aug 13.

    The Decree covered the foreclosure process, and specifically addressed MERS and Certifying Officers. The Decree detailed what need to be done to ensure that any MERS signing and foreclosure was lawful in the particular state where the property was located.

    Combine this with the MERS “order” to foreclose in the lenders name, decisions like Gomes v Countrywide in the CA Appeals Court, and now the 9th Circuit ruling supporting MERS, the lenders can begin to foreclose again with relative ease, as long as they follow the Decree.

    Likely, much of the rest of the country will experience similar actions, especially since the lid has been lifted in New Jersey.

    Most of the homeowner lawsuits to come will be based upon issues with loan modifications. There will still be some based upon foreclosure processes, but these will likely be on pre Aug 13, initiations. Of course, for large numbers of attorneys, they will still file actions based upon the old allegations, but such attorneys only care about the income stream.

    There are 1.9 million homes over 90 days late in the US. 6.9 million are delinquent. So, we can see what is coming.

    Also, I am now noticing a new trend. Homeowners who received legitimate HAMP loans in 2010 and were able to afford repayment are now re-defaulting again. This time, like before, the defaults are caused by substantial loss of income due to the economy. I expect to see much more coming.

    Patrick Pulatie

    http://globaleconomicanalysis.blogspot.com/2011/09/more-on-coming-wave-of-foreclosures.html

  2. profhoff
    profhoff on September 17, 2011 at 5:25 pm

    What’s the difference between late and delinquent?

  3. shoppingaround
    shoppingaround on September 18, 2011 at 7:59 am

    Profhoff,
    I believe it’s “90 days late” and (at least one missed payment or min. 30 days) “delinquent.”

  4. Jim the Realtor
    Jim the Realtor on September 18, 2011 at 10:31 am

    If you are late, you’re late in my book.

    They can start foreclosing after one missed payment.

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