Posted On: March 5, 2010

This State's Foreclosure Rates

A Sacramento bankruptcy lawyer comments on forclosure rates...

It isn't exactly news that California has posted the nation’s second highest foreclosure rate in recent months. Foreclosures in California are up 50% from the same time last year. California’s default notices and schedules foreclosure auctions are up 120% and 73% respectively. A recent survey shows that 7 out the top 10 metropolitan area foreclosure rates were in California. San Jose was thankfully not among the top ten, but its foreclosure rates are still dramatically up from last year. The hardest hit metro cities in Northern California are Vallejo-Fairfield, Modesto, Merced, Stockton, and Sacramento.

A chapter 13 bankruptcy can help consumers stop a foreclosure on their home. The 5 year (60 month) restructuring plan allows debtors to repay any arrears on their home over 60 months, so long as the homeowner is able to make their current mortgage payment in addition to the monthly arrears repayment. The benefit of this type of repayment plan is that the arrears cease accruing interest and the stress of a pending foreclosure is lifted.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

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