California Home Foreclosure
California Home Foreclosure Process
California home foreclosure
The Foreclosure Procedure Includes
Home Foreclosure – Five Events
Event 1: Missing a Single Payment – The foreclosure procedure may begin when you miss a single monthly mortgage loan payment (delinquency). A
lender or its servicing agent is required to contact the homeowner 30 days in advance if initiating foreclosure. Read more 
Bank’s Decision to Delay Foreclosures
home foreclosure delays
The news of major banks halting home foreclosures will have an adverse effect not only on the tepid recovery, but also on the entire economy. Yes, the longer the banks delay home foreclosures, the later the ‘real’ housing recovery can start.
Housing has generally represented 17-18% of the nation’s economy, as measured by Gross Domestic Product. With almost a fifth of the economy enduring pain as a large number of foreclosures grind through the system, the new normal of higher unemployment and slow growth appears to be the most likely course of the economy. Read more
Home Mortgage Delinquencies Climb
home mortgage delinquencies
Lender Processing Services reported that the national mortgage delinquency rate grew to 9.2% in May, up 2.3% from a month earlier and 7.9% from a year earlier. Home mortgages becoming 30-days delinquent lead the overall uptick, according to the report, while new real estate owned (REO) assets slipped from recent all-time highs. More than 7.3m mortgages in some stage of delinquency or REO. Read more
Home Foreclosures Hit A Record
home foreclosures
Foreclosures hit a record in the first quarter. According to RealtyTrac Inc. more than 900,000 households or one for every 138 homes received a foreclosure notice in the past three months. Experts say it s a sign that banks are beginning to sort through a backlog of troubled homes at a faster pace. The rate of foreclosures had eased last year as the Obama administration sought to modify loans to give owners more time to work out problems. As several states had similar programs, the trend of foreclosures slowed down, but now that appears to be reversing. We re finally seeing the banks start to process the inventory that has been in foreclosure, but delayed in processing. We expect the pace to accelerate as the year goes on, said Rick Sharga, a RealtyTrac senior vice president. Read more
Home Foreclosures and Unemployment
home foreclosures
Job loss and reduced income are the top reasons that many U.S. homeowners are facing foreclosure, according to a recent report by NeighborWorks America, which administers the National Foreclosure Mitigation Counseling (NFMC) program. The report finds that 54 percent of U.S. homeowners who received foreclosure counseling through the program were facing foreclosure because of job-related reasons.
Home Foreclosure Reality
home foreclosures
ForeclosureRadar says it now takes an average of 229 days for a bank to foreclose on a home in California after sending a notice of default, up from 146 days in August 2008.
RealtyTrac notes that the number of loans in which the borrower hasn’t made a payment in 90 days or more but is not in foreclosure is at 5.1% nationally, a record high. Read more