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Foothill Ranch Foreclosure Report November 2010
Foothill Ranch Foreclosure Report November 2010
Foreclosure inventory has grown steadily in two out of three categories in Foothill ranch during 2010.  While Preforeclosure (Notice of Default filed) inventory has trended downward since August 2010 Bank Owned (REO) and Scheduled For Sale (Notice of Sale filed) have steadily climbed. While several of the largest loan servicers are still enforcing a foreclosure moratorium the 113 homes currently at Notice of Default or Notice of Sale stages in Foothill Ranch (as of 11/30/2010) will be increasingly in jeopardy as servicers lift foreclosure moratoriums and permanent loan modification resolutions that do not result in re-default continue to decline.

There are four potential resolutions for homeowners dealing with mortgage/financial hardship:
1. Hardship Resolved and you reinstate your mortgage by paying back all delinquent amounts and resume regular payments.  Unfortunately this is the least frequent resolution as the job market and personal income remains flat and national unemployment remains at 9.6% (9.1% in Orange County).
2. Effective Permanent Loan Modification.  You obtain an effective permanent loan modification that reduces your mortgage obligation by a factor great enough for you to maintain your mortgage payments on a long term basis.  The key word is "effective".  There is a mountain of ... more

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