News today from CNN that the number of foreclosed homes in the US has topped 1,000,000. Yes, that is over one million homes in foreclosure. This is approximately 2.5% of all mortgaged homes.
The bad news really hits home here. “California, Florida, Arizona, and Nevada have been hit by a hangover after a home building boom in the middle of the decade, which was fueled by rising home prices and investors snatching up real estate using risky mortgages. Those four states have nearly 400,000 homes in foreclosure, or a third of the nationwide total. Roughly 3.6% of all of the loans in these states are now in foreclosure.”
If you start to get behind, or if you think you may get behind, call your mortgage company. If that does not work, talk to an attorney.