September 28th, 2011
Posted in TAMPA, Florida – After the number of foreclosure filings spiked during the second quarter, homeowners are starting to fight back. According to Mortgage Daily, a trade publication that provides mortgage industry data, the second quarter’s numbers reached the highest level to date since the economy started deteriorating in 2007.
An increased number of lenders are ending up in court, and mostly over foreclosure cases in the second quarter. “The bottom line is money,” said Sam Garcia, publisher of Mortgage Daily. “In 2006 and prior everybody was making money and nobody was suing. But now that they’re losing money people are trying to figure out ways to recover money.”
A total of 190 cases came in during the second quarter, which indicates a 26 percent increase from the previous quarter and well over double the results from last year during the same time period. Foreclosure cases were not the only ones counted in the report when legal action was taken in favor of the borrower.
A foreclosure is the process by which a lender seizes a mortgagor’s property when they have defaulted on their mortgage payments. These days, it seems as though more homeowners are defaulting on their loans than are able to pay them. The economy has taken a toll on everyone, and while receiving a foreclosure notice can be extremely nerve-wracking, there is still good news for borrowers. You may still fight for your home, even if the foreclosure process has already begun. Speak to a top foreclosure attorney today to fight for your home and ensure the best possible outcome for your case.
Foreclosure lawyers make it their personal mission to save your home from repossession. Your paralegal will sit down with you and evaluate your financial situation to devise an appropriate plan of action. They will then speak to your lender and try to work out an agreement that does not involve foreclosure. Your foreclosure attorney may suggest a mortgage modification program, lowering the principal on the loan, refinancing the property, or even a temporary halt in payments so you can get back on your feet again. Contrary to popular opinion, lenders would rather not foreclose upon a property because the entire process ends up costing them money. If an agreement can be reached that works for everyone, chances are in your favor that your lender will agree to your foreclosure lawyer’s proposed plan.
Regardless of whether you defaulted because you lost your job, suffered a pay cut or are struggling with medical problems, foreclosure attorneys can help ensure that you do not lose your home. You have rights as a homeowner and your paralegal will make sure they are not violated. Call today to schedule an appointment with a leading foreclosure lawyer near you to prevent your home from being repossessed.
Tags: Best Possible Outcome, Borrowers, Bottom Line, Financial Situation, Florida Foreclosure, Foreclosure Attorney, Foreclosure Cases, Lawsuits, Mortgage Industry, Mortgage Payments, Mortgagor, Nerve, Paralegal, Personal Mission, Quarter Results, Sam Garcia, Same Time Period, Second Quarter, Tampa Florida, Trade Publication
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