By Borrowers in the higher end homes are sticking their feet into cement bricks at their homes and not budging for foreclosures. Not literally, but homeowners are not being as reluctant for the cash for keys scenarios anymore. Hollister is seeing a growing trend of borrowers, who have received foreclosure notices, seeking legal aid to keep them stay in their homes in order to allow time for loan modifications or additional months without payment. Borrowers are arguing that the lenders never disclosed the terms of the loan or never really qualified for the loan which creates a problem for the revolving world.
All the expected trustee sales from last year will not be available for purchase to the public, so buyers will not be able to purchase and receive the extended tax credit which needs to be in contract by the end of April. While people are looking for new beginnings, some people are struggling to keep what they have. Until the market is at a fuller recovery, all buyers, sellers, Realtor, escrow and title companies, lenders will have to stay on their toes as to where the market will transition to next.
