Home foreclosures in the Inland Empire have reached 12 month highs in Riverside and San Bernardino according to a recent report. According to economists, the increased number of defaults is largely due to a slow down in the time it takes most banks to foreclose. Currently, it takes a bank an average of over 300 days to foreclose on a home due to concerns over preparer foreclosure practices. In 2007, it took less than half that for a bank to foreclose.
While the economy continues struggle, it is clear that home foreclosures is a major concern for average inland residents. More and more, I find that many of my clients have struggled to keep their homes current by borrowing from retirement, using credit cards for bills, and borrowing from family to make mortgage payments.
I anticipate that mortgage default rates will stay close to historical highs for the foreseeable future. This is largely due to inflated home prices and the lack of long term alternatives to keep residents in their homes. The banks and government have chosen to make these residents renters so that first time homebuyers and investors can purchase these homes. If you are in a home and need long term options, contact riverside bankruptcy and loan modification attorneys today.