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Foreclosures exceed a 4 year high for the month of April

A recent report was released for the the Top 10 states
Where foreclosure filings are the highest.

The following are Ranked by State Households per foreclosure:

1 Nevada 68
2 Florida 135
3 California 138
4 Arizona 164
5 Idaho 255
6 Utah 312
7 Georgia 344
8 Illinois 384
9 Colorado 387
10 Ohio 411
 
Source:RealtyTrac
 
Just reported by CNNMoney.com — “Foreclosures in April exceeded even March’s blistering pace with a record 342,000 homes receiving notices of default, auction notices or undergoing bank repossessions, according to a regular industry report.”

Industry professionals at realty trac were expecting April to take a nose dive after the exceedingly high foreclosures for the month of March.  That was not the case with Aprils number going off the charts and hitting a 4 year high of foreclosed properties.

It was reported that 1 out of every 374 homes had received a foreclosure filing in the month of April. This was a 32% increase over March filings which became a real shock to everyone following the foreclosure reportings.

As of this date 1.3 million homes have been lost to foreclosure since the market collapsed in the 2007.  It is predicted by Realty Trac that an estimated 3.4 million homes will be lost by the end of this year.  If the foreclosures keep up this pace they will far exceed these estimates.

What can a person do to avoid foreclosure proceedings in the first place?  As soon as you begin having trouble paying your mortage loan you should ontact your lender to work out a payment or a loan modification San Diego program to save your home and protect your family.

The top ten states accounted for 75% of the foreclosures.

Filings by state:

California had 95,600 filings the most for a state
California 1 filing for 138 households
Nevada 1 filing for 68 households
Florida 1 filing for 135 households

Top cities

Las Vegas 1 filing for ever 56 homes
Cape Coral-Fort Myers 1 in evry 57 homes

“Five other California metro areas ranked in the top 10: Modesto was fourth, Riverside-San Bernardino fifth, Bakersfield sixth, Vallejo seventh and Stockton eighth. Miami and Orlando rounded out the list. ”

A loan modification San Diego program can be the answer to save your home and protect your family.

Publisher- Michael Kench Uncategorized 411, Array, Auction Notices, Avoid Foreclosure, Bank Repossessions, California 1, Cape Coral, Florida 135, Foreclosed Properties, Foreclosure California, Foreclosure Laws, Foreclosure Loan, Foreclosure Prevention, Foreclosure Proceedings, Foreclosures, Foreclosures In California, Fort Myers, Households, Industry Professionals, Loan Modification, loan-modification-san-diego, Month Of April, Month Of March, Mortage Loan, Nose Dive, Realty Trac, San Diego Ca, State California, Top Cities

Loan Modification San Diego Update

Loan modification is becoming more and more common and majority of the borrowers are opting for it to prevent foreclosure. Incidence of loan modification in California is quite high. The factors that can be held responsible for such financial upheavals include recession, unemployment and political pressures on banks to support loan modification instead of foreclosure.

Loan modification San Diego incidence is the highest. And of 10 top cities experiencing highest foreclosure rate in US, California is among them. In Stockton, California maximum number of homes is facing foreclosure. In San Francisco, the incidence is comparatively less. However, there has been an increase by 83% as compared to 2006 and 2007.

The debt-to income ratio is considered

The loan modification program introduced recently aims at helping homeowners to protect their homes from foreclosure. Lenders usually take a couple of factors into consideration before accepting a loan modification request of a borrower. The criteria may differ from one lender to another. Lenders dealing with homeowners opting for loan modification San Diego Ca programs take the DTI or the debt to income ratio into consideration while approving a request. If the debt-to income ratio exceeds 95%, even if loan modification is granted, probability is quite high that the homeowner will not be able to keep up with the mortgage payments since the cash available for making monthly payments is not enough. So, a homeowner in California cannot avail loan modification of the DTI exceeds 95%.

On the contrary, if the debt-to income ratio is below 65%, lenders believe that the homeowner should be in a position to keep up with the payments. And a loan modification is not what the homeowner should be opting for.

Majority of the lenders prefer a debt-to income ratio between 60% and 95% before loan modification is initiated. There are many loan modification companies operating in California and they can help borrowers by negotiating with the lenders so that the homeowners don’t have to lose their homes.

Publisher- Michael Kench mortgage Avail, Borrowers, Contrary, Debt To Income Ratio, Dti, Facing Foreclosure, Foreclosure California, Foreclosure Loan, Lenders, Loan Modification, Maximum Number, Modification Request, Mortgage Payments, Political Pressures, Probability, Recession, San Diego Ca, Stockton California, Top Cities, Unemployment, Upheavals