California Foreclosure Filings Show Increase In July

Southern California Cities Face Filing Increase In Previous Month

According to a report by the L.A. Times, the recent downturn in foreclosure numbers throughout the state could be seeing a backlash, as the number of notices filed by lending agencies saw a sudden jump in the month of July. As homeowners become unable to keep up with mortgage payments, they may have difficulty retaining ownership of their property.

The primary recipients of the increase were Inland Empire cities such as Riverside and San Bernardino, where notices of default have leaped from their June numbers by as much as thirteen percent. While the statewide numbers have only increased slightly from the prior month, Southern California cities have been hard hit.

As a whole, the state has reversed the nationwide trend of decreasing foreclosure rates, seeing a twelve percent increase since July of 2011. In Los Angeles County, the amount of notices has increased by three percent. Defaults increased by five percent in San Diego and Orange County, and a whopping twenty-percent in Ventura County, the LA Times announced.

Increase In Filings Could Signal New Epidemic On Horizon

Despite the national pattern of foreclosure numbers steadily falling over the past several years, California is troubled by the opposite trend. Due to the sudden jump in default notices, it is possible that the state will see this plague continue with little hope of an end in sight.

The lack of stability in the real estate market is a difficult problem for California homeowners. Politicians are hoping that new legislation will be able to counter-act this problem, by relaxing the requirements to apply for loan modification services. By negotiating a lower interest rate or decreasing the principle amount owed, both sides are often able to arrive at a mutually beneficial arrangement.

Seek Help From A Loan Modification Lawyer Now

The troubled economic times have put thousands of Californians in the difficult situation of facing the possibility of defaulting on their mortgage. If you are feeling stuck in this financial vise, there is a way to save yourself and your home! With the help of a trained legal professional, you can seek a loan modification agreement that will enable you to pay off your debt in a timely manner. Contact The Law Office of Bruce C. Bridgman, and the Eagle Law Firm right away to discuss your financial situation with a skilled attorney right away. We are dedicated to helping homeowners like you protect your property and seek a new lease on life.