According to Foreclosure Radar, the month of June evidenced a healthy trend in foreclosures in the Golden State. While it is only a trend, it is encouraging. The number of actual foreclosure auction sales being cancelled--no foreclosure completed--increased 27% since May of this year and 153% since June a year ago. What this would indicate is an increased number of homes facing foreclosure ending up averting the auctioneer's hammer by reason of loan modification. The largest number of these is with JP Morgan Chase, largely due to its acquisition of Washington Mutual and that lender's large default portfolio. So, if even a share of these loan mods remain healthy, a major step has been taken to reduce the overall effects of the foreclosure crisis.
REMEMBER: If you do accept a lender's loan mod terms, make certain it is something that you truly can afford so that you don't find yourself back behind the eight ball a few months later under the loan mod's terms.
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