As many Orange County residents have experienced first-hand, the foreclosure process can be a difficult one. Sometimes Orange County homeowners purposely do not pay their mortgage, so it really can be no surprise when the bank takes their home back. Other times, however, a homeowner does not deliberately set out to not pay their bills and ‘get away’ with something. Either way, banks are required to follow certain legal guidelines during the foreclosure process. A recent San Francisco shows that in 8% of the foreclosures examined, homes were seized from owners who never got a required-by-law default notice.
Furthermore, in 45% of the cases, there was inadequate documentation that a lender actually owned the mortgage for a home it was repossessing. In 75% of the cases, flaws cropped up in the transfer of mortgages from original lenders to investors acquiring the loans.
This means that in all of those cases, the home’s seizure may have been invalid. Additionally, the key finding of the study, released this week, was that 84% of foreclosures violated state law in some respect and irregularities occurred in 99% of the foreclosures.
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Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 25 years. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. A member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). To talk to Cheryl about buying or selling a home in Orange County, call her at 949.683.1501 or visit her online at www.CherylSellsOC.com.