Northern and Central California were hard hit during the recession, with skyrocketing foreclosures and an imploding housing market. But, the comeback is continuing. And October brought some good news for the region.
According to Central Valley Business Times, homeowners – both nationally and locally – have kept up with their mortgage payments and decreased the rate of foreclosures. Across the country, the foreclosure rate for homeowners was down by 1.26 since July – which is 0.41 percent lower than the previous year. On a statewide level, California foreclosure rates were down nearly half a percent. Additionally, 90-day delinquency rates on both a nation and statewide level have decreased by over one percent. Continue reading
Did you lose your home in a foreclosure? Many people in California, and around the country, have had to go through the troubling and painful process of foreclosure during these past few years. The mortgage that you had while you bought and were paying for the home will go away when you file bankruptcy in California based on the non-recourse law. However, this does not apply to a second mortgage that you might’ve taken out on your home later. Continue reading
Foreclosure cancellations in California were up 62.1 percent from September to October, and 36.7 percent compared to the same period last year according to ForeclosureRadar. However, the trend is more likely the result of government intervention as opposed to economic recovery. Continue reading
From the New York Times.
A growing body of research shows that foreclosure itself harms the health of families and communities. In our 2008 survey of 250 people undergoing foreclosure in the Philadelphia area, 32 percent reported missing doctor’s appointments and 48 percent said they let prescriptions go unfilled, significantly higher rates than others in their community. A paper released last month by the National Bureau of Economic Research found that people living in high-foreclosure areas in New Jersey, Arizona, California and Florida were significantly more likely than those in less hard-hit neighborhoods to be hospitalized for conditions like diabetes, high blood pressure and heart failure. Continue reading
The effect of the recent foreclosure scandal is a reduction in new foreclosures. The scandal involved employees at the mortgage companies signing affidavits without first reviewing the underlying facts. Continue reading
Two million homeowners are in foreclosure nationwide. Another two million home loans are severely distressed.
The state attorney generals have presented a list of demands to mortgage lenders that prohibit foreclosure during pending loan modification. That would be a major change from the way lenders now conduct business. Usually I see modifications and foreclosures pending on the same loan with homeowners hopelessly confused. Continue reading
Foreclosure is worse than bankruptcy in at least three ways:
The latest statistics in the housing market are bleak: permanent loan modifications in September were at their lowest number since the start of the government program; home sales fell sharply compared to 2009 levels. Continue reading
Bank of America and GMAC, two of the biggest mortgage lenders, announced that they will resume filing foreclosures on Monday. Expect other mortgage companies to follow suit. Continue reading
60 Minutes had a recent segment on people who choose to walk away from their homes due to negative equity. Doing so requires careful consideration of tax consequences and the effect on credit scores. Continue reading