Monday, February 08, 2010

Orange County Foreclosure Auctions Online

Orange County Foreclosures Auctions is handle in a room with a small group of bidders, but the foreclosure process starts in the judicial system and has 32,065 pending cases.  To move this back log along, Orange County will be implementing online auction.  Palm Beach and Miami-Dade have online auctions.  Palm Beach went from 20-30 bidders present, to 900 online bidders.  Orange County anticipates this will help facilitate sales. In addition, the Bankers Association is proposing to move to non-judical foreclosure process like 37 other states.  This mean the process will be handled outside the court system and will increase process speeds to 3 month to 12 months to complete, as compared to several years.  HOA are in favor of this as owners stay in homes for years without paying any HOA fees, this means faster sales and HOA fee collection.  In addition, these abandoned, non-maintained homes will be less of an eyesore, if filing process is quicker.  For full article, please click here.