California homes accounted for more than half of all the nation’s adjustable rate mortgage foreclosures as of September 30, 2008, according to the Center for Responsible Lending.
The data, which came from the Mortgage Bankers Association, also showed that nearly 11% of all mortgage loans in California were either delinquent or in foreclosure at the end of the third quarter of 2008.
In that third quarter, out of the 7.3 million outstanding mortgage loans in California, 449,000 were considered delinquent & 112,000 had started the foreclosure process.
If you’re facing foreclosure, a bankruptcy lawyer may be able to help you find solutions to save your home.
Tags: California, foreclosure
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