As Riverside County loan modification attorneys, we have been skeptical about reports that the housing market is rebounding. A Feb. 16 article from the Associated Press feeds that skepticism by reporting that the number of people behind on their mortgage payments rose at the end of 2009. This continued the disturbing trend of delinquency rates rising over the last year's for each previous year, and reversed a trend toward smaller gains in delinquencies for the rest of 2009. Credit reporting agency TransUnion, which reported the numbers, said it expects foreclosures to continue rising throughout 2010.
TransUnion counts a mortgage delinquent when the borrower is at least two months overdue with a payment. It collected data using its database of credit information on 27 million people. It said in the fourth quarter of 2009, 6.89% of mortgage payments were at least 60 days overdue. That's up from 6.25% in the third quarter of 2009, and from 4.58% in the last quarter of 2008. A spokesperson for TransUnion said a certain amount of uptick is normal during the holiday season, when some people prioritize holiday spending over paying debts. But the trend may go beyond the seasonal, he said, especially if it continues into 2010. Furthermore, adjustable-rate mortgages written in 2006 and 2007 are likely to reset to higher numbers this year, which will create high mortgage payments and eventually more debt. That means more delinquencies are likely, and foreclosures will follow.
Our Fontana loan modification lawyers would like to declare that the market is improving, but the numbers just aren't there. In addition to the considerations mentioned in the article, we believe the continuing high rate of unemployment is a factor. The article does mention that the average amount of debt in new mortgages has increased slightly, which is a good sign because it shows that home prices may be rising slightly. We agree with the TransUnion spokesperson that increasing and stabilizing home prices will be key to the housing market's recovery. Unfortunately, this won't happen quickly unless lenders take a more active approach to stopping foreclosures -- or the federal government requires them to.
At Howard Law PC, we represent homeowners who need loan modifications to help them stay in their homes and current on their loans. In many cases, clients come to us after they've spent months or even a year struggling with their lenders and loan servicers, only to be repeatedly ignored or treated with rank incompetence. We have had good results when we seek to reverse that trend, successes we attribute to the fact that we are Westminster loan modification attorneys. When we call, banks often find themselves inspired to work harder because they know they may be on the other end of a lawsuit. In fact, we review each new case for illegal or negligent conduct by lenders, and absolutely will sue to stop an unfair loan or a foreclosure if the circumstances allow.
If you've been fighting your lender for months with no luck, don't wait any longer to call Howard Law. To tell us about your case and learn more about your rights, please contact us through the Internet or call 1-800-872-5925 today.