Free Consultation

California Foreclosures Accelerate

Industry source, RealtyTrac, announced that a record number of foreclosures went forward in April. A total of 342,000 homes received notices of default, auction notices or underwent bank repossessions in the month of April.

California easily outpaced every other state with with 96,560 filings, which is not a surprise to me. In our practice defending homeowners, the banks have accelerated the pace with which they are deciding to simply take over properties, even if they are underwater. Despite these bleak numbers, record numbers of loan modifications are still going through. The guidelines of the Obama Making Homes Affordable Plan have pretty much been implemented by most banks and they are processing applications quicker than in the past. The banks also seem to be more willing to work with people at most stages of delinquency, even those that are current on payments.

The trouble is that most homeowners wait until they are approaching a trustee sale date that is weeks away and it is virtually too late to help them. We have fought in court and stopped trustee sales literally hours before the sale, but that is not always the case. Usually lenders need several weeks prior to a trustee sale to review documents and voluntarily agree to postpone the sale.

Don’t hesitate, there are programs available for many homeowners, but waiting too long can result in your lender writing it off for foreclosure sale.

If your home is about to or was just sold at a trustee sale, the lenders may be willing to pay you to turn over your home in a timely fashion and avoid the lender having to proceed with an unlawful detainer (eviction) proceeding in court. There are options available.

If you would like a free consultation, please contact us at 888-881-6591 or visit http://www.loanlawyermodification.com
You can also read more about the foreclosure numbers at www.realtytrac.com