Shaky California Homeowners Staying Put

April 23, 4:52 PMHousing ExaminerDena Kouremetis

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In an article in today’s Los Angeles Times, William Heisel reports that new figures reveal that more Californians are failing to make their mortgage payments than at any time in the last 20 years, but fewer of them are losing their homes.

Recent  foreclosures moratoriums  are among the reasons, while  increases in loan defaults could mean that rising unemployment and the continuing recession have not abated.

One interesting tidbit, Heisel reports, is that the escalating default rate may be the result of some homeowners making the decision to purposely skip their payments so that they can get their loans refinanced.

The article quotes one industry expert who characterizes lenders being swamped with so  many requests to modify loans that they focus is primarily on the borrowers who are near their mortgage doomsdays and not on consumers who are making regular payments.

For the entire article, click here .