Central California Foreclosure Rates on the Decline

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

Foreclosed? You Might Still Owe on Your Second Mortgage

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

Health Effects Of Foreclosure

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

New Foreclosure Developments

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