Bank and Citibank Foreclosures for Sale Unaffected in California- By: John Cutts
Housing market analysts have stated that the California market for foreclosed homes, including Citibank foreclosures for sale, has not been affected by the nationwide moratorium imposed by several major lenders. The reason, analysts have revealed, is partly due to the fact that foreclosures are not processed in courts in the state.
Following Bank of America and other lenders' announcement that they are temporarily putting on hold the sale of bank foreclosures in Los Angeles and in other areas of the state, buyers became worried that their purchases will be delayed or that the properties they have already acquired have documentation problems.
For sellers of foreclosures in California, the main concern was that buyers will stay away from the market or cancel ongoing purchase transactions. Homeowners facing potential foreclosures, on the other hand, were given some hope that they will be able to keep their houses or get them back if they happened to have already undergone the full foreclosure process.
As it turned out, foreclosure processing, including those of Citibank foreclosures for sale, continued on in the state. The buying and selling of distressed properties was also unaffected in most parts despite the moratorium, analysts have reported. They also stated that the moratorium issue has been overblown in most parts of the country, including California.
Several surveys have reportedly revealed that lenders find bank foreclosure properties that were not processed by the book, but in general, the documentation problem was allegedly inconsequential. Foreclosures reportedly continue while the moratorium was in place. Although the issue did cause some home buyers to reconsider their plans of buying distressed homes, their number did not create any significant impact on the market, market experts have stated.
According to latest housing reports, the moratorium failed to halt foreclosures in general because it only affected the sale of foreclosed properties at the stage of auctioning them off or when such properties are sold to third parties or repossessed by banks. The temporary freeze did not stop banks form issuing default notices, so the process continues.
Most housing industry observers in California had asserted that the state's process of handling foreclosures, including Citibank foreclosure for sale, is quite simple compared with other regions. This, they argued, meant that chances of mistakes are practically nonexistent.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.