California Cities Lead Nation In Foreclosure Rate

Experts Blame Troubled Economy For Disproportionate Foreclosure Numbers

In a recent study conducted by local research firm, the state of California is currently one of the hardest hit by the foreclosure outbreak. Although the total numbers have been in decline recently, six California cities are ranked in the top ten by foreclosure-per-home, with two local cities at the very top of the list.

When the recent economic crisis caused rising costs of living and skyrocketing unemployment, one of the hardest hit places in the United States was California. Thanks to budget issues and the shaky economy, not to mention the sub-prime mortgage epidemic, more and more homeowners have been finding it difficult to pay their mortgages on time. This has created a nationwide rise in foreclosure rates, which reached its peak several years ago.

State Proposes Legislation For Increased Loan Modification Options

According to a new study, published by a company in Irvine, ResearchTrac, of the ten cities in the United States with the worst foreclosure-to-home rates, six are in California. In fact, the cities of Stockton and Riverside rank one and two on the list respectively. Despite the diminishing foreclosure levels of the past couple years, California remains one of the most troubled states in the country. In Riverside alone, one out of every 187 homes is in the process of being foreclosed upon.

In an effort to combat this issue, the state government is attempting to pass new legislation that would potentially stem the tide. One of the most important measures would involve adopting the terms of a federal settlement with five of the largest banks, helping to provide increased financial stability. As well, the proposed legislation would increase the availability of loan modification for homeowners, giving an alternative to foreclosure. By relaxing the qualification requirements, more people would be able to seek these alternative avenues and prevent the loss of their homes.

A Loan Modification Attorney Can Help You

If you are in danger of being foreclosed upon for failure to pay your mortgage, do not despair! There is hope with the help of a trained legal professional with The Law Office of Bruce C. Bridgman, A lawyer from our firm can help guide you through the process of seeking a loan modification, helping you start the path to a new life! Please, contact us at our website to learn more about your financial options before it is too late!