More Foreclosures Expected in 2012
Foreclosures are still on the rise. As a Jacksonville foreclosure defense attorney, more people than ever need assistance in defending their homes. The numbers for 2011 reflect an abrupt increase in the number of loans currently in default and 2012 doesn’t see much relief. It is estimated that, in the United States, some 6,452,000 homeowners are not paying their mortgage. The chief legal officer, and secretary of American Home Mortgage Servicing, Inc., believes without changes, the volume of foreclosures will continue to outpace the number of loan modifications.
Since the housing market came crashing down in 2008, approximately 3 million loans have been foreclosed, and it is predicted that another 5 million to 7 million more foreclosures will happen by the end of 2012!
The really depressing news… of all those foreclosures, only about 634,000 homeowners have been helped by modifications through HAMP. Talk to a Florida Foreclosure Attorney who can advise you about the Modification programs.
The executive also believes that hundreds of thousands of homeowners could potentially be helped with affordable loan modifications if they included responsible principal reduction components.
Time and time again, as a Florida Foreclosure Attorney, we hear stories of borrowers who are working directly with their lenders but are not getting any relief. The Courts have grown wise to these processes and in an effort to help borrowers the Supreme Court implemented managed Mediation. However, that program has come to an end. Chief Justice Canady made the announcement this past month and lawmakers are going back the drawing boards for other housing relief and programs. Mediation was intended to assist the homeowner, but the intentions never made its way to reality and were not practical. Few homeowners have had any real success at Mediation. Most banks were only offering modifications on a temporary modification “if you qualified.”
Do not always take for granted that one department of the bank is leading you on to a modification and that foreclosure will not be filed. In fact, that is far from the truth. Many banks will continue the foreclosure process even if the modification department is “considering” you under one of its programs. Nothing prevent the homeowner from working out a modification or reinstating a loan after foreclosure has been filed, but it may be expensive because once foreclosure is filed, the bank has incurred substantial costs in filing the case.
Did you know it is reasonable to fight foreclosure in Florida? Talk to an experienced Florida Foreclosure Attorney at Wood, Atter & Wolf, P.A., who understands that your needs are immediate and knows how to deal with the banks. We will evaluate your situation and provide you with valuable insight and legal advice so you can make and informed decision. The consultation is free, so you have nothing to lose. At Wood, Atter & Wolf, P.A., we are on your side, at your side. Don’t lose your home because you weren’t informed.
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