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Agenda - 11-07-2024; 12-5 - Information Item - Memorandum - Overview of Foreclosure Procedure and Foreclosure Activity & History Graph
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Agenda - 11-07-2024; 12-5 - Information Item - Memorandum - Overview of Foreclosure Procedure and Foreclosure Activity & History Graph
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10/31/2024 1:51:34 PM
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BOCC
Date
11/7/2024
Meeting Type
Business
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Agenda
Agenda Item
12-5
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Agenda for November 7, 2024 BOCC Meeting
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2 <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> HUMAN RESOURCES <br /> Nancy Freeman, Director 1 228 South Churton Street, Hillsborough, NC 27278 1 919.245.2735 <br /> • Staff must docket the judgment. By law, we wait three months before moving forward. <br /> • At about Month Six, possibly Seven or Eight: We schedule the tax sale. This must be scheduled at least <br /> 45 days in the future for notification purposes. <br /> • Tax Foreclosure sale is held. <br /> • Upset period begins—this period can go on for months. <br /> Most tax foreclosures sales in Orange County take approximately 6-8 months from start to sale in the best- <br /> case scenario. Often a foreclosure initiated in a calendar year is not completed until the next calendar year. <br /> Approximately 65% are paid in full AFTER the foreclosure process has been initiated but BEFORE the actual tax <br /> foreclosure sale occurs. <br /> Orange County has acquired 7 parcels via tax foreclosure since 2002. <br /> Approximately 45 parcels were sold during the years 2002-2014. Since 2015, 33 properties have been sold. <br /> Considering that we send out 1,800 advertisement notices annually, the number of properties sold at <br /> foreclosure is very low. <br /> Foreclosure is generally reserved as the last resort action for a tax collector. Tax collection professionals are <br /> encouraged to use enforced collection remedies in this order: payment arrangements, wage garnishments, <br /> bank attachments, rent attachments, levies, and finally foreclosure. Tax collectors are encouraged to closely <br /> review any parcel before proceeding with tax foreclosure. <br /> A graph is attached to provide a ten-year history of foreclosure data in Orange County. It includes an annual <br /> breakdown of the number of foreclosures that were initiated (title searches completed), the number of <br /> parcels sold at foreclosure, and the number of foreclosures that were paid before the foreclosure sale. This <br /> graph will be updated and submitted monthly with the Monthly Enforced Collections Spreadsheet. To get a <br /> true picture of the foreclosure proceedings and its impact on collections, and because it is a lengthy process, it <br /> is important to see all three of these measurements together. Typically, foreclosure sales are scheduled every <br /> few months, so there will not be frequent changes in the Number of Parcels Sold at Foreclosure. <br /> In addition, the language in the Monthly Enforced Collections spreadsheet has been updated to match the <br /> language in the graph (changed from "Foreclosures Initiated" to "Foreclosure Title Searches Completed"). <br /> Orange County Government I www.orangecountync.gov 1 919.732.8181 <br />
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