After taking a few years off due to pandemic-related moratoriums, foreclosures increased drastically to start the year. These numbers continue to climb upward going into Q2. Double-digit month-over-month growth is likely for months to come. Already in February, foreclosure activity had surpassed numbers seen before the pandemic began. We’ve been informed that this is bound to be the case as foreclosure activity levels come back after being suppressed for that length of time. Court systems and servicers are trying to catch up on their backlog while simultaneously other homeowners are defaulting.
We research all types of properties nationwide for our clients and have found that our foreclosure law firm clients generally require the most thorough research of all. These requests are generally more involved and have their own series of event triggers and requirements. While we are always open to client requests and customizations, the following seems to be the “usual” when it comes to these clients:
They order our Two Owner Search at the time of pre-foreclosure. Then once the property goes to sale (after the Sheriff Sale and only once a Purchase Agreement is in hand) they request our 30-40 Year Search. This can vary a bit depending on the underwriter requirements they have to fulfill.
Our company provides a wide range of services which are a necessary part of the foreclosure action. From the research needed at the time of pre-foreclosure to the bank selling the property post-foreclosure; Capitol Lien is able to provide the abstracting support needed throughout the process.
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