Mortgage modification fails to slow foreclosures in Inland Empire
The Press-Enterprise is reporting a 122 percent surge in default notices that begin the foreclosure process following a three month decline. Between the years 07 and 09, there was over a 300% increase in “Foreclosure-related notices” in Riverside county alone.
Between November and December, California saw a 122 percent surge in default notices that begin the foreclosure process, following a three-month decline, RealtyTrac reported Wednesday.
It was hoped that the law, which took effect in September, would provide time for the lender and homeowner to find an alternative to foreclosure.
Riverside County saw notices of default plunge by more than half in September, stay low for three months and then jump 126 percent to 4,729 in December. San Bernardino County saw the number of default notices increase 92 percent between November and December to 4,247, after falling as low as 1,500 in September.
