Feldman Law Center –
There was hope that in spite of the economic downturn, the federal loan modification program would help people stay in their homes. Both the federal government and the California state government have passed laws promoting loan modifications. However, in spite of the government’s best efforts and the investment world’s highest hopes, foreclosures have not decreased at the desired rates.
Numbers that were released in America’s major urban areas showed increased foreclosure activity. In New York City, foreclosures were up in Queens by 9% from a year ago; and in Brooklyn, foreclosures increased 92% from the first quarter to the second quarter. In Seattle, foreclosures were up by 105% from the first quarter of 2009 to the second quarter.
In Los Angeles, the foreclosure numbers are dreadful as well. From the first quarter of 2009 until the second quarter, foreclosures were up 47% in first time foreclosures. That means that one in every 230 homes in Los Angeles is scheduled for auction. In a city with tens of millions of homes, that means tens of thousands of homes going into foreclosure.
It could be time for homeowners to depend upon the help of a qualified loan modification attorney as opposed to massive federal and state loan modification programs. Federal loan modification programs may not be able to work with the speed and accuracy that some homeowners need. Loan modification attorneys understand the industry, understand the lenders, and know how to get the best and quickest results possible.
If you trust your homeownership to the federal loan modification program, or if you are attempting to handle your loan modification on your own, you could be leaving yourself open to some major challenges. The federal loan modification program has not produced the desired results, with many critics being harsh towards the Obama Administration’s efforts as a result. There are many statistics which suggest that handling your own loan modification will lead to poor results. It was reported that almost half of the loan modifications handled by homeowners in early 2009 fell back into foreclosure proceedings because of poor applications.
A California loan modification attorney can walk you through the loan modification process and help you get all your “ducks in a row” before sending your information into the bank for a loan modification. As seasoned California loan modification professionals, we understand how to successfully present your information so that lenders will reply in a favorable manner.
Foreclosure proceedings can happen for a number of reasons; if you lose income, if your interest rate spikes or if some other unforeseen event occurs, you could be facing serious foreclosure proceedings. In such a situation, you need a qualified loan modification attorney to help you keep your home. Few loan modification attorney teams can offer the kind of experience, knowledge and success that the Feldman Law Center can offer our clients. It is a difficult landscape to navigate, but with a team of seasoned professionals, you can achieve the loan modification you are interested in. A California loan modification attorney could be your best friend if you are facing foreclosure.
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.