Detailed Report on Foreclosures in Los Angeles Times

April 14, 2010 - PRLog -- Large number of Californians fails to make their repayments which are at its peak in the last 20 years. However, there is only less number of people who lose their home to a foreclosure.

A recent report in Los Angeles Times indicates that there a large number of people those who fail to make their mortgage payments and this rate is at its peak when compared with 20 years of repayment history. Every single individual would know the answer to this question. It is because of the recent real estate bubble and the crumbling economy which never came up with signs of revival. The higher rate of unemployment keeps a check on the revival process. This adds fuel to the recession and the effects are becoming worse than ever. In fact, one could say that recession is not over and slowly tightening its grip on the citizens.

Refinancing of loans and loan modification procedures will allow the borrowers to fix up the defaulted payments and will save their property. There is a plethora of request made to the lenders from the borrowers for a possible loan modification process. The creditors are now concentrating on the borrowers those who have failed regularly to make payments rather than the ones those who are doing it promptly. However, under current laws and terms, there is no partially seen between a borrower who has defaulted and not defaulted. Every individual has got the rights to get access to the loan modification process.

There was a drop in the amount of foreclosure in the first quarter of the year 2009 to 43,260 which is a tremendous amount of 6% decrease when compared with the numbers of the 4th quarter of the year 2008. The amendments that have been enacted by the States play a vital role here. These laws have made it as a difficult procedure for the lenders when it comes to foreclosure according to DataQuick. However, the lenders are not in a position to handle all the applications and do not have adequate number of staffs. There are considerable delays experienced by the borrowers.

The national reports also suggest that there is a decline in the national rate as well. Reports according to RealtyTrac of Irvine suggest that a 13% of decrease in the foreclosure is envisaged and there is a 10% increase in the number of defaults.
Fannie Mae and Fannie Mac have put a hold on to the foreclosure procedures. The other major banks and lending institutions have been curiously waiting for the President’s housing plan.

Despite taking such hard measures, many of the inhabitants of USA find it extremely difficult to repay the loans and qualify for the programs. The mortgage balance must not be more than 105% of the value of the property as quoted by Los Angeles Times.

The 1st Foreclosure Prevention Company is one of America’s pioneers when it comes to loan modification companies. They negotiate hard with the creditors to get the best help for you.

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