California Hits the Housing Bubble

March 8, 2010 - PRLog -- The results of the housing bust are all over California and millions of Californians are feeling it every single day in the form of higher bills, huge debts, and looming foreclosures on beloved homes. Tales of predatory lending in which unscrupulous mortgage companies commonly tricked prospective home owners with low introductory interest rates on high rate mortgages they could never afford flood the news papers and touch millions of lives of everyday people just like you. High-risk mortgages once flourished in a world where lenders and new owners alike scrambled for new properties they could not afford. It seemed not too long ago that the housing market would never die. After all, land is a limited commodity, isn't it?

But like all things that are growing out of control, the housing boom could not last forever and now thousands watch in horror as their expensive mortgage rates reset to higher prices. Making it even worse, the expensive land and homes that home owners thought would grow in value beyond their wildest dreams has instead become a source of horrible nightmares as the value of the purchased land and homes rapidly deflates. Mortgage lenders are also feeling the pinch as the rates of new loans drops quickly and the number of homes in foreclosure rises. Lenders do not want to really foreclose your home as foreclosure is actually a very bad deal fro the lenders. When a lender has to foreclose a home, they must then resell it at a much lower market value which means that the lenders can not recoup their losses from the original loan to back the sale of the home as the value of the foreclosed homes is always much less than the original loan price. Home and land owners are loosing badly in this economy. Banks and lenders are loosing even more than home owners as the home owners continue to suffer. Surely there has to be something that benefits both the beleaguered homeowner and the repentant lenders?

Actually, there is a better solution out there! A home loan modification will make your existing mortgage payments more affordable while preventing foreclosure. The highly trained legal professionals at 1st Foreclosure Prevention will work with your lenders to lower the interest rate on your mortgage, have some of your debts forgiven, negotiate lower monthly payments, stabilize your mortgage rate and more. A loan modification is also good as it does not hurt your credit, is far easier to do than filing for bankruptcy, and you get to retain the money paid towards your mortgage while keeping your own home. Don't deal with huge losses and ruined credit from bankruptcy. Don't bother with not getting anything near what you deserve from short selling your home, either. Contact a California home loan modification attorney today to keep everything you've worked for! 1st Foreclosure Prevention's attorneys have years of experience in California and will help you easily navigate the tricky Real estate and mortgage laws to get just what you need and deserve.

1st Foreclosure Prevention is a nationwide company that specializes in loan modifications in all states, including California. Each 1st Foreclosure Prevention branch is carefully and extensively versed on that state's laws in order to get you the very best deal on your loan modification available. 1st Foreclosure Prevention today and see what we can do to help you!

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