Mortgage Modification Fails to Slow Foreclosures

The number of California households receiving notices of default — the first step in the foreclosure process — rose 122 percent between November 2008 and December 2008, following a three-month decline, according to RealtyTrac.

Some real estate analysts believe a California law that required mortgage lenders to provide customers with 30 days notice, before filing a default, only postponed the foreclosure, but did not resolve the challenges associated with loan defaults.



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