How is Your State Responding to the Foreclosure Crisis?

The Center for Responsible Lending estimates that one in 33 U.S. homeowners will be in foreclosure within the next 2 years. Nevada, California, Florida & Georgia are among the states hardest hit by the national foreclosure crisis, California also being among the hardest hit by ARM foreclosure starts.

Among the steps taken by California to help ease this crisis:

• Launched a task force
• Regulates high-risk loans
  
• Encourages lenders to modify defaulted loans
• Mandates that lenders give borrowers in danger of defaulting early notice about available assistance
  
• Has sought voluntary agreements with loan servicers to offer borrowers steps to prepare for payment adjustments

Read the report and find out what your state is doing to help!

Defaulting on the Dream: States Respond to America’s Foreclosure Crisis