Just a quick note to clarify this past Friday's news about Bank of America halting foreclosures, effective today, in all 50 states, (obviously) including Califorina.
PLEASE NOTE- The foreclosure world has a jargon all its own. REMEMBER there are TWO meanings to the word "foreclosure."
The foreclosure, also known as the trustee sale, is when the bank sells your home, usually at the court steps in your city or area to a cash wielding investor, or "sells it back to itself" (translation: when an investor doesn't buy it).
However, the foreclosure process, also known as the default process, or "being in default," is when the bank is going through the necessary steps to foreclose on your home.
Bank of America is halting their FORECLOSURES in all 50 states. That does NOT mean they are halting their FORECLOSURE PROCESS. If this moratorium on foreclosing homes lasts for 30 days, then everyone will be one month further in to the foreclosure process, and thus one month closer to being foreclosed on.
Could it be there may be a drastic increase on foreclosures when this moratorium is over, because all these distressed mortgages had time to continue closer to an inevitable foreclosure when the homeowners thought they were safe?
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