California’s efforts to help distressed homeowners did delay the day of reckoning but ultimately didn’t hold back a rising wave of foreclosure actions.
That’s the conclusion of Foreclosure Radar’s COO and General Counsel Mark C. Skilling.
On the company’s Foreclosure Truth Web page, Skilling shows data he recently presented to two state Senate committees. The lawmakers were seeking to gauge the impact of laws that took effect in 2008 and 2009 and required extra time before lenders filed notices of either default or of trustee sales.
The laws, when first implemented, did result in delays, Skilling writes. But data shows the level of lender action on default and trustee sales bounced back in relatively short order.
The one lasting effect of various state and federal efforts involves the amount of time from notice of default to foreclosure sale. That period has increased to an estimated 226 days for the first quarter of this year from 145 days when the state’s default notice law took effect in the third quarter of 2008.
Skilling also says he is isn’t convinced that the latest changes to federal efforts for distressed homeowners will succeed where others have failed.
You can read Skilling’s article here.