Foreclosure cancellations continue to rise

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Foreclosure cancellations continue to rise
Foreclosure cancellations have risen more than 32 percent since the beginning of 2009, according to ForeclosureRadar.  The company also reported the number of properties sold to third parties continues to rise.  

“The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction,” Sean O’Toole, founder and CEO of ForeclosureRadar.com said.  “I’d caution, however, that cancellations also occur due to filing errors and extended postponements, which require the Notice of Trustee Sale to be re-filed. In fact, 14.6 percent of new Notice of Trustee filings in April were on previously cancelled foreclosures.”

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