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.
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