All areas of the country are not created equal when it comes to the real estate mortgage recession. Foreclosures are at their worst in the so-called ‘rust belt’ states where the factory layoffs and closures have caused significant unemployment. Mortgage defaults were at their worst in Ohio, with a huge 3.3% rate of default, slightly behind them, Indiana, with 2.8%.
At the other end scale California has fared the best with just 0.17% and Hawaii at 0.23%, not too distant second. It is not so much that the real estate market is better in these states. It is has more to do with the action that has been taken to mitigate mortgage defaults, giving mortgage holders more options to avoid foreclosure procedures.
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So what happens to the many who did not have those options when they were foreclosed. I guess I don’t understand allowing anyone out of the contract for anything less than terminal illness or job loss and extention or deferment.