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Banks continued to allow self imposed foreclosure moratoriums to expire in April, resulting in a new record for foreclosures for the month according to an industry report out today. It’s the highest monthly foreclosure rate ever posted since RealtyTrac, an Irvine, Ca. firm that compiles statistics on and lists foreclosed properties, began tracking foreclosure in January 2005. One in every 374 U.S. households received a foreclosure filing last month. Through April, foreclosures are up 32% from the same period last year.
Many banks let their self-imposed foreclosure moratoriums expire beginning in March, after the details from the Obama administration’s “Homeowner Affordability and Stability Program” (HASP) were announced. With clarification of the guidelines of the program in hand, the lenders could accurately calculate the foreclosure risks and determine whether struggling borrowers would be able to consistently make their mortgage payments after modifying their loans according to the guidelines of the HASP initiative. It’s likely that a high percentage of the most recent foreclosures were targeted at the homeowners perceived as the highest foreclosure risks, even under best case scenarios of a potential modification or refinance.
The consecutive monthly records in foreclosures come just as the implementation of the Obama administration's foreclosure prevention program is gaining some traction. RealtyTrac estimates that foreclosures will continue into the second half of the year and show signs of slowing toward year end as the economy improves.
Nevada, specifically Las Vegas and the surrounding areas, continues to post the nation's highest state foreclosure rate. In April, an astounding one in every 68 housing units in the state received a foreclosure filing. That was more than five times the national average and 111% over the state total in April 2008.
Florida, with foreclosures up 75%, and California up 42% over April 2008, posted the second and third highest foreclosure rates respectively. Continuing foreclosures will continue to keep pressure on housing prices for the next several months at least. Experts agree that any degree of improvement in the economy will help but continuing job losses as reported in the most recent unemployment report do not bode well for the near term at minimum.

The Feldman Law Center specializes in negotiating with lenders on the behalf of homeowners to make their mortgage payments affordable again. During the current housing down-turn, the loan modifications we have negotiated have helped over 500 families lower their monthly payments and avoid losing their homes to foreclosure. We understand that each family has different needs as they enter with us into their loan modification process. For that reason, we approach each loan modification as a unique opportunity to provide a solution specifically built for each homeowner’s situation.

Our attorney driven process is designed to gain optimal results on each loan modification we negotiate on behalf of our clients. Combine that with a staff that arrives each day with dedication and compassion for our clients and you have a team that is second to none. Our state of the art technology systems assure the best in customer service while also allowing us to stay ahead of the ever changing rules and guidelines that govern loan modifications.

The people at The Feldman Law Center understand that the dreams of home ownership and being part of a community must be protected one family at a time. We also understand that the threat of losing those dreams can put enormous pressure on families like yours. If you are struggling with your monthly payments and worried about the threat of foreclosure, we can help. Find out how a loan modification can help you and your family. Call The Feldman Law Center today at 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.

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Source - Feldman Law Center - April Foreclosures Make Another Record High

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