Foreclosure Timeframe Update

[Chris Seveney]

Right now, we all are aware foreclosures are and will continue to be delayed. If you have an ongoing FC and are at the point where you are receiving sale dates please feel free to share.

Right now:

In Maryland in PG county I cannot get the sheriff to serve  a borrower since August, so this has of course been delayed.

In Illinois, I received a date in October for a FC in April of 2021.

I heard someone in MI just received a date of June 2021.

Feel free to share to let people know approximate delays. Right now I am anticipating timeframes to double from prior experience.

[Aaron Amuchastegui]

In Texas, still getting filings but only 20% or normal postings..  Hard money, commercial and non conforming vacant pretty much only thing getting scheduled.  So can get scheduled but need to show they are not government backed loans.. 80% are just continuing to get postponed indefinitely with no real date.

Texas is normally 3 week posting time frame. We already have more January 3rd postings than December which is totally abnormal.. 

New stimulus proposes extending moratorium another twelve months though.. Will see.