Currently in Rivermark there are 17 homes in some form of distress, either owners in default, trustee sales that have been scheduled and properties that have already been foreclosed and are currently bank owned. Out of the seventeen distressed properties, 2 are single family homes and 15 are town homes.
Some of the distressed homes are already short sales pending sale, some are bank owned homes that are listed or pending sale. Leaving about 11 homes that are in some form of distress that may come up for sale.
Conversations with my buyers about foreclosure moratoriums and pent up foreclosures that will hit the market in the coming months just are not the case in Rivermark. As you can see there are only 11 homes left that may eventually come to sale. Keep in mind some of these home owners my successfully modify their mortgages, in a rare occasion they may become current on their mortgage, or eventually opt for a short sale and avoid foreclosure.
If you have any questions about the Rivermark development please call me and I will be happy to assist you.
Foreclosure Lingo:
Notice of Default: Letter sent to party as reminder loan has not been paid; may include a grace period and penalties for failing to cure the default. May lead eventually to a Notice of Trustee Sale.
Notice of Trustee Sale: Non-judicial action in which trustee may auction and sell property secured by a deed of trust subsequent to default in terms and conditions of loan.May lead eventually to a Trustee’s Deed.
Trustee’s Deed: Type of deed issued to buyer at foreclosure by trustee. In this case it is the primary lien holder generally the first primary bank or lender.
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