Update on Foreclosure & Eviction Moratoriums

[Andy Mirza]

What's the latest status on foreclosure & eviction moratoriums in the state's y'all are investing in?

In our experience, things have really loosened up with the re-openings with the exceptions of CA, IL, and NV.

In May, we foreclosed on a note in TN and were able to get foreclosure sale dates for a couple of notes in TX. Last week, we got another sheriff's sale date for a NPN in WI.

After a couple of hearing postponements, a BK court in VA granted our MFR and we are clear to FC the first week of July.

IL is still not giving out sale dates.

Not sure about sales in CA or NV but we have two REOs with active evictions. CA has started to re-open the courts but evictions are supposed to be the last to schedule hearings. NV has an eviction moratorium in place until the end of June.

Curious to know what others are experiencing?

[Andy Mirza]

@Chad U. Now that I think about it, it's not so crazy that a servicer would be over cautious. I'd be mad as  hell, though!

We had an attorney for a borrower want proof that our foreclosure in TN was valid. People hear that there's a foreclosure moratorium and they stop thinking. They assume it's for all loans. Then you have to educate them about what non-GSE means.

We found out yesterday that NV evictions can resume 7/1/20 so we're good to go on that REO....