As Long Beach Bankruptcy Attorneys, we have a warning. Foreclosure filings have jumped. According to DataQuick, foreclosure default notices rose by 39% in the second quarter of 2013. Lets see what is behind this. Real estate observers feel that the new California Homeowner’s Bill of Rights had an effect. See, Los Angeles Times, July 24, 2013.
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Long Beach Bankruptcy Attorneys Analyze the Data.
The answer is real estate prices. Are you a homeowner in trouble? It’s no secret that prices have jumped. Banks now see the chance to flush you down the drain and sell your your property. The past two years were filled with happy talk. Banks put on a mask of helpfulness. They announced programs. They bombarded you with friendly letters promising “loss mitigation.” They asked you to seek a loan modification. Banks have practically begged you to apply for a modification. I have even seen letters asking borrowers why they haven’t applied.
To be fair, there were a lot of modifications given out in the past 12 months. But watch out. Rising real estate prices mean those days are coming to an end. Banks gave out loan mods because they had no better alternative at that time. For the banks, it was like needing to scratch an itch in a place you can’t reach. So the banks acted like they want to help you. But just for a while. When prices were down, loan mods became a way to kill time. Now that prices are up, watch out. Rising prices give the banks confidence. They know a foreclosure will get you and your loan off of their books.
Foreclosure sales in Long Beach, California will take off like a rocket.
Do you like reading questions and answers? You’re sure to like “ASK LEON” . A question and answer column. L.A. Bankruptcy AttorneyLeon Bayer answers real questions from readers. You will find it on the Nolo Publications bankruptcy blog web site. We are also found on Google+. This blog is a publication of Bayer, Wishman & Leotta. You might also like our Human Guide to Bankruptcy. Bayer Wishman & Leotta is a Long Beach Bankruptcy Lawyer. We handle emergency Los Angeles bankruptcy cases. We are ”The home of the free bankruptcy consultation”. You can learn more about us at http://en.wikipedia.org/wiki/Leon_D._Bayer.
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