(EMAILWIRE.COM, September 15, 2008 ) Monterey County, California | September 15, 2008 - There has been a tremendous jump in default notices sent to homeowners in Monterey County, CA compared to last year. The number increased by a whopping 260 percent this year. Even more disturbingly, DataQuest reported that foreclosures in Monterey County, CA went up 1011.8 percent in the last quarter of 2007 compared to the same period in 2006. There were 378 foreclosures in 2007 and only 34 in 2006. California is ranked as the fifth highest state in foreclosures and hit a 20 percent high in the fourth quarter of 2007.

Experts said that the enormous jump in both default notices and foreclosures was due to the risky loans made by lenders during boom times without adequate financial information and now falling prices. Arm mortgages coming due and falling property values have contributed significantly to the foreclosure crisis in Monterey, CA. To say that Monterey County’s foreclosure problem is severe is no exaggeration.

The majority of foreclosures in Monterey are taking place in working class neighborhoods. The crisis began in June of 2007 and is predicted to only get worse in 2008.

Unfortunately California is not providing any assistance to Monterey homeowners facing foreclosure. Other states have set-up some assistance for these homeowners but to date California has not.

Many Monterey County residences are either using refinancing or listing with agents and selling their homes as other options to prevent foreclosure. Some homeowners are even just walking away from their homes because they are upside down with their mortgage and no equity present. Some have no option but to accept a foreclosure on their credit.

Monterey homeowners facing foreclosure should educate themselves on what other options they may have to stopping foreclosure. They should also find a reputable foreclosure expert in their community to assist them find the best solution.

SaveMeFromForeClosures.com is a leading source for solid information on how to avoid foreclosure and keep or sell your home. We specialize in helping people through this difficult time. We also offer information for individuals and businesses who desire to help homeowners facing foreclosure by offering help to stop foreclosure on a local level. Call 1-888-472-8380.

Contact:
www.SaveMeFromForeclosure.com
1-888-472-8380

Contact Information:
SaveMeFromForeclosure.com
Justin Lee
Tel: 1-888-472-8380
Email us


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