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Posted on October 21, 2009 by Anthony Dean | Posted under Mortgage Refinance
Loan Modification Help Center – Foreclosures – Coming to a Neighborhood Near You
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A new round of real estate data released in October of 2009 is revealing unprecedented California foreclosure numbers, as well as throughout the rest of the country. The real worry though is that these California foreclosures are coming in affluent neighborhoods, such as Beverly Hills, Walnut Creek and similar communities. About 30 percent of foreclosures in June involved homes in the top third of the housing market; this is up from 16 percent when the real estate crisis began three years ago. California foreclosure proceedings slowed earlier in 2009, but since the Spring they have continued a steady rise, with top tier mortgages making up almost one-third of current foreclosures. In general, California foreclosure numbers are increasing in expensive markets as home values are falling in those same areas, leaving homeowners with little equity in their homes. Prime loans, loans to borrowers who have quality credit scores and credit history, accounted for 58 percent of foreclosure starts in the second quarter, up from 44 percent last year. While there is some positive news, sub-prime mortgages shrunk to one third of the total from one half, the news that the higher end real estate market is shaky is very bad news. While it may be understandable for the lower end of the real estate market to be suffering, a collapse in the higher end market means that the Great Recession is here to stay for a while longer. If you are a homeowner with an expensive home who is facing a California foreclosure, you may find help from a qualified California Loan Modification Attorney. A California loan modification attorney may be able to examine your finances, as well as examine your current foreclosure proceedings, and suggest potential solutions to help you keep your home. Federal loan modification programs do not help those considered "wealthy" and so finding government solutions may not be a viable option. However, a qualified loan modification attorney can suggest other programs, or simply help you negotiate directly with the bank yourself. A California loan modification is a way to lower your monthly mortgage payments by negotiating with the bank to alter the terms of your home mortgage loan. These alterations come in a number of forms, including lowering interest rates, eliminating penalties and late fees, lengthening the term of the loan, a principal reduction, or some combination of these and other options. With a skilled California loan modification attorney working with you and for you, you will have far more options available to you than simply having to give into foreclosure. If you are in a difficult financial situation, or if you have received a foreclosure notice, you should contact a qualified California loan modification attorney right away to see what your options are. Visit The Loan Modification Help Center or call 800-486-9836. Legal Disclaimer The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan. About The Author: Anthony Dean has helped hundreds of homeowners avoid foreclosure. He can be contacted at http://www.loanmodificationhelpcenter.org or cal 800.486.9836 |
Tags: LOAN MODIFICATION, LOAN MODIFICATIONS, AVOID FORECLOSURE, LOAN MODIFICATION COMPANY
