Nobody Safe from Foreclosure Madness

April 16, 2010 - PRLog -- It seems even our elected officials are beginning to feel the heat of the financial crisis.  City Councilman Bob Archuleta of Whittier, CA is reported to have been facing foreclosure because he was in default on a loan worth over half a million dollars.  The councilman claims that he has reached an agreement with his lender to modify his home loan to bring his payments up to date.

Timothy McFarlin, an attorney with Irvine based law firm McFarlin & Geurts, said that the recent reports of the councilman’s financial woes should go to show the rest of the country that no one is safe from the threat of foreclosure.  “As long as banks are in the business of making money”, McFarlin said, “they will do what they can to minimize losses, and foreclosure is a wonderful way for the banks to do that.”  McFarlin advises homeowners to address their concerns and open up a dialogue with lenders rather than ignoring the letters and phone calls thinking that the problem will go away.  

It would appear that the only reason the councilman was able to stay in his home and avoid foreclosure was because he addressed the issue with his lender, rather than hoping it would blow over or be forgotten.  McFarlin recommends homeowners facing similar troubles follow the councilman’s lead.  

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