Is the Foreclosure Picture Improving?

30 Nov Is the Foreclosure Picture Improving?

Foreclosures, at least in the Sacramento, California area, seem to be on the decline! At least that’s the take from columnist, Jim Wasserman, in the Sacramento Bee.

He reports that in the last couple of months, not only have actual foreclosure sales diminished but filings of the dreaded “Notice of Default” have declined as well. This is indeed good news, at least for this region of the country.

But I’m not convinced that it means, as Mr. Wasserman concludes, that maybe foreclosures are “bottoming out.” With the passage of new California legislation to encourage mortgage companies to negotiate with borrowers, and with similar rumblings from the Federal Government, maybe what we are really seeing is just that: an attempt, finally, by mortgage lenders to begin to work with their borrowers rather than rush to foreclosure and become the owner of yet one more piece of unsalable real-estate.

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Douglas Jacobs is a California bankruptcy attorney and partner in the Chico law firm of Jacobs, Anderson, Potter & Chaplin. Since 1988, Mr. Jacobs has taught Constitutional law and Debtor-Creditor/Bankruptcy law at the Cal Northern School of Law. He has served as Dean of Students since 1994. He is a frequent lecturer on the subject of consumer bankruptcy law, and has spoken at both state and national levels.
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