Record number of Californians miss mortgage payments

Liberal_in_LA

(1000+ posts) Send PM | Profile | Ignore

Wed Apr-22-09 07:18 PM
Original message

Record number of Californians miss mortgage payments

Record number of Californians miss mortgage payments

More than 135,000 notices of default -- the first step toward foreclosure -- were issued in the first quarter of 2009. That's a steep increase from the end of 2008; still, actual foreclosures decline.

By William Heisel
10:32 AM PDT, April 22, 2009

A record number of California homeowners failed to make their loan payments in the first three months of 2009, even as the number of homes lost to foreclosure continued to drop, according to figures released today.

According to MDA DataQuick, the number of notices of default, the first step in the foreclosure process, rose to more than 135,400 for the period from Jan. 1 to March 31.

http://www.latimes.com/business/la-fi-foreclose23-2009apr23,0,7383726.story

Printer Friendly | Permalink | | Top

Arctic Dave

(1000+ posts) Send PM | Profile | Ignore

Wed Apr-22-09 07:19 PM
Response to Original message

1. ?....so people are waiting until default to pay?

Sounds like someone is playing with the numbers.

Printer Friendly | Permalink | | Top

DJ13

(1000+ posts) Send PM | Profile | Ignore

Wed Apr-22-09 07:51 PM
Response to Reply #1

2. Most banks didnt want to renegotiate terms unless 3 months behind on payments

That kind of creates this situation where people felt they had to fall behind just to get some relief.

Printer Friendly | Permalink | | Top

Arctic Dave

(1000+ posts) Send PM | Profile | Ignore

Wed Apr-22-09 07:52 PM
Response to Reply #2

3. Ahaa. Thank you for the clarity. :)

Printer Friendly | Permalink | | Top

JuniperLea

(1000+ posts) Send PM | Profile | Ignore

Wed Apr-22-09 08:08 PM
Response to Reply #2

4. Yep...

And many people are just walking away from their homes and their mortgages.

California is a lot different than the rest of the country when it comes to home prices. Sometimes it's really hard to get DUers in other states to understand this.

My folks bought their home in Lomita, CA, for $10,000. I put more than three times that down on my home... which is now underwater by almost half... through no fault of my own.

Printer Friendly | Permalink | | Top

Liberal_in_LA

(1000+ posts) Send PM | Profile | Ignore

Thu Apr-23-09 01:21 AM
Response to Reply #4

5. Yep. People with jobs, who can afford the mortgage, are walking away.

They don't want to continue making payments on a 700K mortgage for a house with 400K

Printer Friendly | Permalink | | Top

JuniperLea

(1000+ posts) Send PM | Profile | Ignore

Thu Apr-23-09 11:20 AM
Response to Reply #5

6. The bad credit won't last near as long...

As it would take to regain the market value in the home.

Printer Friendly | Permalink | | Top

Liberal_in_LA

(1000+ posts) Send PM | Profile | Ignore

Thu Apr-23-09 02:53 PM
Response to Reply #6

7. yep

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Wed May 01st 2024, 05:12 PM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.