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How is Your State Responding to the Foreclosure Crisis?

The Center for Responsible Lending estimates that one in 33 U.S. homeowners will be in foreclosure within the next 2 years. Nevada, California, Florida & Georgia are among the states hardest hit by the national foreclosure crisis, California also being among the hardest hit by ARM foreclosure starts.

Among the steps taken by California to help ease this crisis:

Launched a task force
Regulates high-risk loans
Encourages lenders to modify defaulted loans
Mandates that lenders give borrowers in danger of defaulting early notice about available assistance
Has sought voluntary agreements with loan servicers to offer borrowers steps to prepare for payment adjustments

Read the report and find out what your state is doing to help!

Defaulting on the Dream: States Respond to America’s Foreclosure Crisis

Posted by Lynnette Phillips Real Estate Consultant on 10/10/2008 02:55 PM

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