Real Estate Law
In 2010, mortgage lenders initiated foreclosure on approximately 2.8 million properties in the United States by serving homeowners with notices of default and notices of intent to foreclose. This number is a 120% increase from 2007. One in every 45 households received a foreclosure related filing in 2009. This rate is 4 times higher than 2006.
In 2010, mortgage lenders repossessed approximately 1,050,500 homes across the United States. This number represents a 14% increase from 2009. Since 2006, the number of homes repossessed in the United States has increased annually.
California and Nevada were in the top ten states for loan-failure rates. California, Florida, Arizona, and Illinois counted for more than half of all foreclosure actions in 2009 in the United States. In those four states, more than 1.4 million properties received foreclosure related notices.
In the beginning of 2011, one in ten loans in California was passed due or already in foreclosure. In March of 2011, foreclosure sales in California increased 35.1%.
Currently, banks across the United States still have half a huge inventory of repossessed homes on their books, which have yet to be sold again.
For many, losing their homes to foreclosure means losing the most important investment of their lives. Dealing with banks and their loan servicers is a frustrating and confusing experience, which adds to the difficulty of handling the stress associated with foreclosure.
Since California is a non-judicial foreclosure state, mortgage lenders and banks are not required to proceed with foreclosure steps under the scrutiny of courts. However, this does not mean that mortgage lenders and banks do not have to follow statutory requirements throughout the foreclosure process. In fact, California has an entire body of law specifically meant to guide banks and loan servicers foreclosure actions.
If you are one of the millions of people faced with the threat of foreclosure, you likely feel powerless against the banks and their loan servicers, yet your most important goal may be to keep your home.
As a California and Nevada attorneys knowledgeable in foreclosure law, the Law Offices of William B. Cherry & Associates can assist you in assessing your situation and provide the advice you need when facing foreclosure. If you desire to keep your home, or want to learn about the best way to protect your rights when faced with foreclosure, contact the Law Offices of William B. Cherry & Associates for a free consultation.
Statistics according to RealtyTrac, and Foreclosure Radar.
Recent Foreclosure Law News:
For information about California’s rising foreclosure rates as of April, 2011, click here.
Click here to read about the Massachusetts Supreme Court’s ruling that US Bankcorp and Wells Fargo foreclosure sales were invalid. The case is titled US Bank vs. Ibanez.
United States government sues Deutsche Bank, check out the story here.
To read about the United States Government’s efforts to reduce homeowner’s mortgages click here.