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Western States Record Highest Foreclosure Rates

[Aug 22, 2007.]

 

While the current housing crisis appears to have national implications, the problem appears to be most acute in Western states. RealtyTrac reports that, during the first half of 2007, Nevada, Colorado, and California led the pack, as far as foreclosure rates were concerned.

However, Midwestern and Southern states are also taking a hit. There also appear to be pockets of trouble in the Northeast. According to RealtyTrac, Michigan ranked 4th in foreclosures, followed by Florida, Ohio, and Georgia. Meanwhile, Arizona, Connecticut, and Indiana rounded out the list.

Each state has its own laws regarding foreclosures. Still, the initial step always involves a notice of default sent by the lender to the homeowner indicating that the homeowner is 90 days behind on mortgage payments. A lender may also be called upon to print a notice in the community's newspaper.

Once you've received a notice of default, you have a few options before you. Of course, the best possible outcome occurs when you are able to get caught up on your payments and have your loan reinstated. Another option is to sell your home quickly so that you can avoid having a foreclosure listed on your credit record. In the worst cases, your home will be sold at auction by a lawyer or the sheriff, or the bank will repossess your home.

If you find yourself in danger of default, experts recommend taking immediate action. Although you may feel embarrassed to do so, it is in your best interests to contact your lender and let the institution know that you are experiencing financial problems. It is actually in the lender's interests to resolve the problem as quickly as possible, since foreclosure proceedings can be costly for the lender as well.

So, by remaining calm, cool, and collected, you should be able to hold onto your house - and your hope as well.

Julie Ann Amos
August 22nd 2007

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