Foreclosures and Debt

California Governor Arnold Schwarzenegger reveals plan for state assistance to stop foreclosures.

The Governor announced a public awareness campaign aimed at California homeowners who may be staring down the barrel of foreclosure. According to the Governor’s website, he stated,

“Our message is that lenders are willing to work with borrowers on finding a solution. But right now we are seeing homeowners who are afraid to even talk with lenders,” said Governor Schwarzenegger. “In fact, loan officials have not been able to reach borrowers in more than half of all foreclosures. Some of these homes could have been saved, so seek out a solution now before it is too late.”

This 1.2 million dollar campaign is designed to educate California homeowners how and where to seek assistance with their mortgage to avoid foreclosure. California is one of the top 10 states with the highest foreclosure of homes.

Check out the Governor’s video below on his stop foreclosure plan.

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California cities are exploding to the top of the foreclosure list. Three cities with the highest foreclosure rates in the nation are Stockton,Ca., Detroit, Michigan, and Riverside-San Bernardino, Ca. Two (three, if you separate Riverside and San Bernardino), in California are at the top of the list.

According to RealtyTrac.com, these cities had the highest foreclosure rates among the nation’s 100 largest metropolitan areas during the third quarter in their 2007 “Metropolitan Foreclosure Market Report”. California had seven cities in the top 25 metro foreclosure rates.

James J. Saccacio, chief executive officer of RealtyTrac stated,

Although cities in just three states — California, Ohio and Florida — accounted for more than two-thirds of the top 25 metro foreclosure rates, increasing foreclosure activity was not limited to just a few hot spots. In fact, 77 out of the top 100 metro areas reported more foreclosure filings in the third quarter than they had in the previous quarter. Still, there continue to be pockets of the country — most noticeably metro areas in the Carolinas, Virginia and Texas — that have thus far dodged the foreclosure bullet.

The breakdown of mortgage foreclosures by household puts more reality on the numbers. As shown below, even if you are not in foreclosure on your home loan, you may have a friend, neighbor or relative somewhere in this nation, who is trying to stop foreclosure on their home. [Read more →]

Tags: Foreclosure News by Jacky
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