4/12/2012

California Foreclosure Study by San Francisco Assessor

This information just came in this afternoon to me from Duane Gomer, a real estate trainer active in the real estate market:
The San Francisco Assessor commissioned a foreclosure study during 2009 and 2011. The results are revealing and stunning to me and I’ve studied this market for decades. For example: 1 – 99% had irregularities, 2 – 84% had violation of law, 3 – 75% had issues with the assignments of the trust deeds, 4 – 84% had problems with the substitution of trustees, 5 – 59% had evidence of backdating, 6 – 45% the foreclosing party had never been assigned the loan. The Assessor’s conclusion: The California Non-Judicial Foreclosure System is “utterly broken” and needs repair.
Just as further comment, the California non-judicial foreclosure law and procedures is explicitly spelled out in California code. 

This study of 382 San Francisco homes between 2009 and 2011 was conducted by a Newport Beach-based company, and a February 2012 Orange County Register article goes into more detail here.

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