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Orange County Mortgage Loan Modification Lawyers on Continuing Rise in Foreclosures

May 26, 2009

The rate of real estate foreclosures was higher in April than at any time since reporting began in 2005, the Associated Press reported May 12. Irvine-based RealtyTrac reported that April foreclosures jumped 32% over last year's April numbers, with California cities seeing six of the ten biggest increases by city. That works out to one in every 374 U.S. households receiving a foreclosure filing, the AP said. However, foreclosures were up less than 1% between March and April of this year, a rate that one expert quoted in the article found surprising

The numbers reported represent total foreclosure activity -- legal filings and notices of default. However the article said, repossessions of homes are down. This could be a delayed result of expired foreclosure moratoria by major lenders and some states, or voluntary moves by lenders, who may be waiting to see whether federal programs can help them avoid taking on yet more money-losing foreclosure properties. For distressed homeowners, this may mean more repossessions over the next few months, as foreclosures progress. Federal programs may be able to help, the AP wrote, but some have questions about how much cooperation homeowners can expect from lenders.

As Carson loan modification attorneys, we are cynical on this last point. We work every day with homeowners who tried their best to modify their loans on their own, only to discover that their lenders were unwilling to discuss it or so overwhelmed by calls that they couldn't respond. The Obama Administration's plan is generous to lenders, using financial incentives to incentivize them into considering loan workouts that are already in those lenders' best interests -- in the long term. With home prices low and the Southern California housing market glutted with bank-owned properties, a foreclosure is a bigger money-loser than it already was. However, lenders have shown distressingly little interest in staving off that situation, preferring to send homeowners into foreclosure rather than change loans in a way that lowers their short-term profits.

Howard Law LLP represents homeowners stuck in this situation as part of our loan modification practice. Our Escondido loan modification lawyers deal with lenders on our clients' behalf and have successfully argued for changes including lowered interest rates and conversion of adjustable-rate mortgages to more conventional structures. Banks pay attention to us because we are attorneys -- which means we have professional negotiating skills, we understand our clients' rights and we will file a Southern California predatory lending lawsuit if appropriate. We go into every case with the goal of winning a modification that lowers the clients' monthly payment permanently, allowing them to stay in their home.

If you're in default or know you could be soon and you need help, you should call Howard Law as soon as possible. Our Costa Mesa loan modification attorneys offer free, confidential consultations, so there is no risk to you in talking to us about your situation and your options. To schedule a consultation, please contact us through our Web site or call us toll-free at 1-800-872-5925.