In Nevada, foreclosure filings rose 75 percent from the previous year to 2.2 million. The filings warned owners that their home was slated for auction or for repossession by the bank, or that they were in default. Last year, Nevada had the highest foreclosure rate in the nation. 3.4 percent of its households recieved foreclosure filings, which was more than three times the national average. Nevada, Florida, Michigan and California posted the highest foreclosure rates, said RealtyTrac Inc. Over 1 percent of all US households got to some stage of foreclosure process last year, up from about 0.5 percent in previous year. Before higher monthly payments kicked in, borrowers had depended on getting new loans or refinancing an adjustable mortgage. There were billions of dollars in losses at lenders and Wall Street banks, which made the lenders put the money out of reach for many borowers. Referring to adjustable-rate mortgage loans made to borrowers with poor credit, Rick Sharga, RealtyTrac's vice president of marketing, said: "Assuming nothing else bad happens economically ... we will have exhausted the bulk of the worst-performing loans by the end of June. It does appear that we're seeing a new batch of properties enter the process." He added that a late-year surge in the number of properties reporting foreclosure filings suggests that many are in the initial stages of the foreclosure process and could end up lost to foreclosure this year unless lenders or the government steps in. James Saccacio, RealtyTrac chief executive officer, said in a statement: "Some properties may have just entered the initial stage of foreclosure in 2007 and could be going through the rest of the foreclosure process in 2008 unless lender and government intervention efforts." In Nevada, many mortgages allow lenders to sell a property if an owner defaults without having to file a lawsuit. A lender begins the foreclosure process by recording a notice of default with the county recorder and mailing the notice to the borrower. A borrower or any secondary lender has 35 days from the date the default notice is recorded to pay off the default and stop the foreclosure. If the borrower has not paid off the default amount, the lender can schedule a foreclosure sale, at least three months after recording the notice of default.
Edited by: Katarina Bosanska
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