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Sean O'Toole, founder of ForeclosureRadar, a Web site that tracks foreclosures

"We're still seeing the number of notices of (mortgage) default going up, so for at least the next four to six months, we're going to see the foreclosures rise," O'Toole predicted.

He said most lenders wait until mortgage payments are at least 60 days late before they file notices of default. They can't foreclose on property until at least 120 days after that, but it often takes longer.

If a delinquent homeowner files for bankruptcy, a foreclosure can be delayed. O'Toole said he has seen some homeowners delay the process by more than two years.

Raphael Bostic, assistant director of the University of Southern California Lusk Center for Real Estate

Bostic said those at risk of foreclosure fall into three types: speculators, those who made bad decisions and those who were duped.

Speculators who bought houses with plans to quickly resell for big profits don't get any sympathy from Bostic. He said they made a strategic guess about how the housing market would appreciate, and they should pay for losing their bet.

Most of those in jeopardy of foreclosure, however, bought houses to live in and had at least a vague understanding of the loan they were agreeing to, according to Bostic.

"But they made bad decisions," he said, "and we don't generally bail out people who make bad decisions."

Some borrowers, however, were duped into agreeing to loans they couldn't afford. Bostic said many of them were lied to about loan details or otherwise deceived: "I have total empathy for those people, but there's not an easy way to distinguish who they are."

78-year-old Ripon widower, possible fraud victim

One Ripon resident is convinced he was defrauded. The 78-year-old had lived in his modest home for 20 years before receiving an attractive refinancing offer in the mail from a Southern California mortgage broker.

"My wife had died, and I was a little bit pinched for funds," recalled the man, who asked not to be identified. After talking to the mortgage broker by phone and hearing about what sounded like a great deal, "I sent him copies of my monthly income statements and he filled in the loan application for me."

The Ripon man said someone delivered the completed 85-page document to him, waited for him to sign in all the designated spots, then left with the paperwork.

The loan came through, and the monthly payments started off low, as expected. But in less than one year, the interest rate soared and his payments more than doubled.

"I went back and read what I had signed, and I thought, 'How stupid could I be?' " the man said. The loan application he signed claimed he earns nearly $7,600 a month, but his real income is only about $4,100. The man said his mortgage broker "inflated my income when he filled out the application for me."

Worse yet, the adjustable mortgage started off with a negative-amortization teaser rate, so now the widower owes more than he originally borrowed and more than his home is worth. He's trying to refinance before he defaults, but he fears he's headed to foreclosure. Patricia Platt, president of the San Joaquin Valley Escrow Association

Borrowers rarely take the time to carefully read all their paperwork before signing mortgage and home purchase contracts, Platt said.

During her 17 years in title insurance offices, Platt said she's seen only a couple of clients sit and read document details. As a title officer, she said she points out key loan provisions -- such as interest rates, prepayment penalties and broker fees -- but she can't give advice.