Despite a slight decrease in home foreclosures in the month of August, many Americans are struggling to save their homes. With no one to turn to, borrowers can find themselves overwhelmed by the complex, time-consuming process of modifying their loans. The simplest way of navigating the rough economic waters is to sit down with a California loan modification attorney. Skilled loan modification attorneys can provide homeowners with options to avoid foreclosure.
Recently released data states that one in every 357 U.S. households received foreclosure filings in August, making it the sixth straight month in which foreclosure filings exceeded 300,000. Figures released by RealtyTrac Inc. report scheduled auctions, default notices and bank seizures of 358,471 properties—a less than one percent decrease from August, and an 18 percent increase from the same month in 2008.
The U.S. housing market is seeing some growth in demand after its three-year slump; however, the rate of foreclosures has not dropped significantly, leaving the Federal government, banks and borrowers scrambling to complete loan modifications and prevent foreclosures. The U.S. Treasury reported on September 9th that forty-seven banks throughout the country have begun 360,165 modifications through President Obama’s Making Home Affordable program, an increase from about 235,247 in July.
Despite the effort of the government and the banks, foreclosure figures do not seem to have improved much. According to the Washington-based Mortgage Bankers Association, one in every 25 properties—about 4.3 percent of U.S. homes—were in foreclosure in the second quarter of this year. Furthermore, loans overdue by at least 90 days rose to 7.97 percent, the highest figure on record. When a loan is overdue by more than 90 days, banks and lenders typically begin foreclosure proceedings.
Last month in California, one in 144 households received a foreclosure filing. With a total of 92,326 new foreclosures reported, California posted the third-highest foreclosure rate in the nation. Six metro areas in California were among the top 10 in the nation for foreclosures in August. Stockton placed second highest, followed by Merced at number three, Riverside-San Bernardino-Ontario at number four, Vallejo-Fairfield at number five, Modesto at number six, and Bakersfield at number ten.
With the current shaky economy, people need as many financial allies as they can find to help them avoid the multiple challenges surrounding homeowners. Foreclosures tend to be contagious, and without a California loan modification attorney, it is easy for borrowers to find themselves stuck in a perilous situation. Many of the people who make up these massive foreclosure statistics are simply guilty of poor planning and lack of knowledge. This is why loan modification companies are so important; they offer knowledge, understanding, assistance, experience and a trusted associate during these times.
If you are in the midst of foreclosure proceedings, or if you are concerned that a foreclosure could be right around the corner, you should contact a California loan modification attorney right away. An experienced attorney might be able to help you rescue your home, and keep your family from going homeless.
Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.
3 Comment
Comment
Jan 17,2010
I found this Fighting Foreclosure ebook from Feldman Law Center very helpful.It’s 79 pages of useful information!
http://1070feldman.com/Survival_Kit.pdf
by: Johnny
Oct 27,2009
Well written and easy to understand. Hopefully educating the general public on this will help put an end to the foreclosure storm.
Erik at Legal Loan Bailout.com 1-800-788-5085
by: Erik Fredrickson
Sep 30,2009
There’s so much misinformation out there that people don’t really know what is and is not. It’s refreshing to see people that know what they’re talking about. You have an Informed commentary seems to be a rare commodity these days.Thanks for a great article keep it coming. Feldman law center is Loan Modification help center.
by: Feldman Law Center
If you need help understanding your option of taking advantage of thehome loan modification process, the help is available to you everywhere. The process is quite tricky and it is highly recommended that you do indeed seek legal advice before signing on the dotted line, in order receive the most efficient and cost-effective modification to your mortgage payment.
Where do I get Advice
There is advice all over the web on how to receive a loan modification; some of this advice is quite helpful, while some is quite dreadful. There is also the opportunity to hire a professional service that will help you go through the paperwork and work with the lender to help you get all the benefits that you deserve, due to a hardship.Loan modification is a process that must be understood completely and thoroughly. This article can actually offer you an insight on the process of loan modification and tips that will better help you as a homeowner save your home from the risk of a foreclosure.
Loan Modification Advice
First and foremost, it is important to determine if you are eligible for a loan modification. This requires writing a letter of hardship explaining to the lender what exactly the reason is for your late payments and the fact that you are unable to pay your mortgage. Doing a loan modification on your own requires more than just advice. Becoming educated about the process is more important. This is perhaps a good reason to hire a professional loan modification company to take part in the process. They will handle everything for you, while educating you in the progression. There is a fee charged for hiring these companies, but in turn your mortgage payment can be lowered quite a bit and professionals can even find things in your original loan papers that may prove that the lender may have broken the law during your original mortgage signing.
If you do choose to take the big leap of the loan modification process on your own, you must first contact the lender and they will lead you to the correct department, normally the loss mitigation department. You may not want to directly say that you are in the process foreclosure. We do not want the lender to think your situation is not worth their time before hearing you out. Always document anything relating to the loan modification process, every phone call and any other information you may receive during the process must be documented. Always discuss every option available with your lender, so that you may come up with the best alternative for you. It is true you will save money going directly through your lender and let’s face it, you are struggling already trying to make your payments, but professional assistance can help immensely.
No matter what direction you decide to take, loan modificationwill be what determines the amount of time you have in your home. If you are eligible you should act as soon as possible.
