Feldman Law Center
Government intervention is nothing new to the real estate industry, or the loan modification attorneys who assist homeowners facing foreclosure. In response to mounting foreclosures throughout the state, the California legislature passed The California Foreclosure Prevention Act in June. The law established a 90-day moratorium on foreclosures, which had a dramatic affect on the number of foreclosures happening in California. RealtyTrac reported that foreclosure activity was down in August 2009 from August 2008, and down 15% from the previous year. However, the law was passed on June 15 and it ended on September 15.
Many analysts and on-lookers fear what the fallout will be from the end of the moratorium. Most hope that banks will not start home foreclosures with the purpose of putting those same homes right back on the market. This will flood the market with homes at a low cost, hurting all sellers in the process. Many analysts think that the market has hit bottom however, meaning that home prices and other economic factors will begin to edge up soon. Few see the market going down any further, and in fact some analysts have seen home prices edge up by $20,000 or even $40,000.
The challenge for homeowners who are in a perilous financial situation is that they no longer have the powerful arms of the state legislature protecting them. California politicians were able to limit the mortgage fallout for three months, but now it is up to homeowners to fend for themselves against banks that have hundreds of billions of dollars at their disposal. Unfortunately for some homeowners, this means that they will have their homes go into foreclosure, leaving them homeless. However, this does not have to be the case, because with a California loan modification attorney it is more than possible to avoid foreclosure and stay in your home for the long haul.
An experienced California loan modification attorney will have the skill and knowledge to be able to help any homeowner figure out their best options for avoiding foreclosure. This means examining all financial information, analyzing potential options and seeing what works best for each individual homeowner. A California loan modification attorney with a successful background will also know who contact at each bank, when the best time to call is, how to negotiate with each lender and so forth. This is all very important, as most homeowners lack most, if not all, of this information.
For homeowners in California, a loan modification attorney might be the best option to avoid foreclosure. There is truly only so much that the state can do, and the federal government is beginning to move on from the real estate crisis to focus on other national problems. Homeowners who are in the midst of foreclosure proceedings, or who are facing potential foreclosure proceedings have to research every possible solution to their debt and mortgage problems. California loan modification attorneys have helped thousands, if not tens of thousands of homeowners stay in their homes by aggressively representing their best interests to banks, lenders and other mortgage servicers.
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.
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.