California, Nevada and Arizona See High Levels of Troubled Home Loans
These three states are seeing a large number of people who are either behind
on payments or in the process of foreclosure.
Lead Processing Services Inc. reported recently that California, Nevada
and Arizona are among states with the highest number of home loans that
were not current in April.
In measuring non-current loans, LPS takes into consideration delinquencies
and foreclosures. From a national standpoint, the delinquency rate on
home loans in the country was 8.99 percent, while the foreclosure inventory
rate was at 3.18 percent.
Areas such as California, Nevada and Arizona were all hit hard by the
recent recession, which may have led to more residents trying to stop
foreclosure. According to RealtyTrac, those three states are seeing some
of the highest rates of home loans in trouble.
However, some people in those states have managed to avoid foreclosure
through the government's Home Affordable Modification Program. With
HAMP, homeowners experiencing trouble with their mortgage loans may have
their payments reduced to a more manageable percentage of their total income.
The goal of the program is to help between 3 million and 4 million people
across the country avoid foreclosure.
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