Awareness of Options Becomes Increasingly Important as OC Foreclosure Rates Continue to Decrease in 2013

Home foreclosure rates in Orange County and throughout the state are continuing to show a strong decrease in the first two months of 2013. The main reason behind the drop is the Homeowner Bill of Rights which went into effect at the first of the year. The new law which was passed in California last summer serves to protect buyers from unethical lending practices by requiring banks and other mortgage lenders to follow certain rules and regulations. One of the most important things this means for people having difficulty with keeping up with mortgage payments is that banks are prohibited from engaging in "dual tracking". Dual tracking is the practice of a lender pursuing a foreclosure at the same time that the owner is trying to work with the bank to find another solution. Other effects of the new law include requiring banks to better inform home owners of their options if they are in trouble on their payments. The Homeowner Bill of Rights has substantially augmented the already declining trend in statewide foreclosures. Talk to a bankruptcy attorney knowledgeable in foreclosure matters if you need help preventing a foreclosure on your home.

Are you in need of foreclosure defense?

The subject of foreclosure defense can include several things such as putting an immediate stop to a pending foreclosure as well as pursuing alternatives so the bank does not pursue a foreclosure. There are several alternatives available to most homeowners but which one is right for you depends on your specific circumstances. If you wish to try to keep your home then negotiating with the bank on a loan modification or filing for bankruptcy may be the right course of action. If you are looking to get out from an underwater mortgage situation then it may be time to look at a short sale or deed in lieu of foreclosure.

Get the foreclosure defense representation you deserve!

The housing market is slowly recovering but that doesn't mean that people with bad mortgage deals are out of the woods. If you are falling behind in payments or have been given a foreclosure notice then you need the immediate help of a bankruptcy lawyer who is highly competent in foreclosure defense. Our caring and skilled team at 1st California Law works hard on our client's behalf to help them get things turned around as swiftly as possible. We understand what you and your family are going through. Contact our law office to find out what may be done for your case.