Our Temecula loan modification lawyers were interested to see a new report predicting that foreclosures won't slow in 2009. The Los Angeles Times reported Aug. 25 that the credit reporting agency TransUnion believes defaults will continue to rise in California into the middle of 2010. The report echoed previous predictions that the housing downturn would continue nationwide, but with a regional spin. In fact, TransUnion identified a five-county area of Southern California, and specifically the Inland Empire, as regions especially hard hit right now, although it predicted that they, too, would even out.
The percentage of mortgages delinquent by at least 60 days was 9.7% in California and 10.7% in Southern California as of June 30, the article said. TransUnion predicted that they both would reach 14% at the end of 2009, creating new records. However, that was as bad as the agency expected the California real estate market to get. Part of the problem is the large backlog of loans in trouble, TransUnion said, which must be dealt with before the market can recover. The Times added that another factor is California grim economic situation, with an unemployment rate 1.5% above the nation's and more underwater homeowners because of deeply depressed housing prices.
As Rancho Cucamonga loan modification attorneys, we wish we could disagree. Everyone could benefit from a recovered housing market, because that would help the recovery of the economy as a whole. But with lenders seemingly doing as little as possible to stop foreclosures, even in the subprime-loan-riddled Inland Empire, we don't expect to see California bounce back in the next few months. As TransUnion noted, lenders have a huge number of troubled loans they haven't yet addressed -- often despite pleas from borrowers trying to save their homes. If the agency is right that these loans must be dealt with before the market can recover, it may take quite a while to see positive changes.
Howard Law LLP aggressively represents homeowners who must fight with their lenders for a chance at a meaningful loan workout. We believe we have been successful even in cases where lenders have ignored or manipulated an unrepresented client because we are Azusa loan modification lawyers. When attorneys call, banks tend to pay attention because they understand that a lawsuit may be close behind. In fact, we routinely file predatory lending lawsuits in cases where it's clear that the loan was made under illegal circumstances. Even if a lawsuit is not necessary, we can use that evidence as a bargaining chip to help get clients a meaningful loan modification that keeps them in their homes for the long term.
If you're facing default or foreclosure on your home loan and you're frustrated by your lender's unresponsiveness, Howard Law can help. To learn more at a free, confidential consultation, please contact us online or call 1-800-872-5925.