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Mortgage Foreclosures

Mortgage foreclosure crisis hits California hard. The foreclosure rate grows as California's number of home owners shrink. Mortgage foreclosures is the biggest problem in America today and Congress needs to help.

One in 52 homes in California are in foreclosure process. This fact alone should scare every American. California by far the biggest state in the U.S. and it is teetering on a housing problem we haven't seen since the Great Depression. Not only is, the one in 52 scary, but think about this - mortgage foreclosures in California are happening at a rate of 3.8 per 1000 people right now.

The news from California is dire not only for them but also every other citizen in America. If the mortgage crisis becomes a mortgage disaster in California it will ripple across the United States like a large wave. If two percent of all California home owners become renters with ruined credit scores you can start boarding up the Home Depots and Lowes. The lumber industry will follow and construction workers will be looking for work outside their field. Plumbers, cabinet makers and electricians will be asking "would you like an apple pie with that?

In San Bernardino County, CA last year, more than 7,700 homeowners lost their homes to foreclosure — a 719 percent increase in just one year. Think about it, even in a large county like San Bernardino that number is unbelievable. Some 43 states saw an increase in foreclosure filings over the last year, with Nevada, Florida and Ohio charting higher. Nevada, California's neighbor to the east is in desperate trouble now. Nevada has had the highest foreclosure rate in the nation for the 13th month in a row. The state had 6,694 filings in November, up 167 percent from November 2006.

We have problems in this country but if we don't get a handle on the mortgage foreclosures we will have much more than a recession. We will have a economic situation we haven't seen as a nation since the 1930s.

If you don't believe me read what USA Today reported..."The most severe real estate recession in a generation sent sales of existing homes plunging 13% last year — the steepest annual dive in 25 years — and the median U.S. home price fell, probably for the first year since the Great Depression, the National Association of Realtors said Thursday".

My suggestion to those of you in trouble is, call your mortgage company if there is any chance you can work it out they will. They do not want your house - they want your money. Ask them about the government's plan "Making Homes Affordable". There is no credit criteria. There is an income threshold. In other words , you need enough money to make some kind of payment. Under the Obama plan, your mortgage company (servicer) gets incentives to lower your interest, waive some fees, even do away with your second if possible. Whatever it takes within reason but you have to answer their calls or call them yourself.

Again they don't want your house they want your money. Call them! There is hope...