Digital News Report – Notice of Default filings for the months of July through September was increased for the state of California reported MDA DataQuick. The total number of mortgage defaults filed at the county recorder offices in the state were 83,261.
MDA DataQuick analysts say that the foreclosure process being in turmoil and being halted hasn’t yet been seen in the data yet. Bank foreclosures were halted recently and will be reflected in the fourth quarter data.
The report also said that it took an average of 8.7 months for the formal foreclosure process to complete once the Notice of Default is filed. This is shorter than the previous quarter which was averaging 9.1 months. However it was longer than the same time frame last year which averaged 7.0 months.
Some homeowners are avoiding foreclosure through government programs. The Home Affordable Mortgage Program (HAMP) helps struggling homeowners lowering their monthly mortgage payments with their existing lenders. In addition to this the government has other financial programs to help person’s that may have lost their job and need help making their mortgage payments. They also offer other options in order for a homeowner to avoid foreclosure. To learn more about the home loan modification program and other government help to prevent home foreclosure please visit hopenow.com.
By: Victoria Brown