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Los Angeles Bankruptcy Stops Foreclosure Immediately

By Encino Bankruptcy Attorney on August 5, 2011

A recent article on MarketWatch.com suggests that foreclosure activity dropped during the first half of the year compared to 2010 in most major U.S. cities.

While could be good news‚ most experts believe this is simply the calm before the next storm of foreclosure filings. Because of robo-signing problems and inaccurately filed paperwork in foreclosure filings‚ lenders and banks have filed fewer foreclosures in the last several months‚ going back to fall 2010. What people who are struggling to make monthly payments should note is that there are several foreclosure defense options in Los Angeles that should be explored. Consulting with an experienced Los Angeles foreclosure Attorney to discuss all options is imperative.

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While activity dropped in most major cities‚ filings spiked 10 percent in Seattle‚ according to foreclosure tracking company RealtyTrac. Of the 20 most populated U.S. metropolitan areas‚ it was the only to post an increase in foreclosures.

While Seattle posted a 10 percent increase‚ the foreclosure rate fell 74 percent in Baltimore. Foreclosure activity dropped in 178 of 211 cities with populations of 200‚000 or more‚ according to RealtyTrac. According to the company‚ seven of the top 10 cities for foreclosure rates are in California:

  1. Las Vegas-Paradise‚ NV
  2. Phoenix-Mesa-Scottsdale‚ Ariz.
  3. Modesto‚ CA
  4. Stockton‚ CA
  5. Riverside-San Bernardino-Ontario‚ CA
  6. Vallejo-Fairfield‚ CA
  7. Reno-Sparks‚ NV
  8. Bakersfield‚ CA
  9. Merced‚ CA
  10. Sacramento-Arden-Arcade-Roseville‚ CA

There are 10 California metropolitan areas in the top 20 cities for foreclosure rates‚ which shows that many Californians are hurting financially. For many‚ job loss has made paying for a house almost impossible. For others‚ unexpected medical bills have sent them into debt.

There are many options to avoid foreclosure and if that’s not possible there are ways to take control of the situation to lessen the impact it has on your future. Consulting with a Los Angeles Bankruptcy Attorney is crucial‚ however. Handling these matters alone can lead to more financial trouble‚ while having someone with experience by your side is important.

Sometimes‚ lenders and banks will consider a loan modification in order to help the borrower‚ but many times they won’t even consider it. Banks can be ruthless and sometimes won’t even consider a short sale‚ which allows the borrower to avoid foreclosure.

Filing for bankruptcy is the only sure way to stop a foreclosure. Filing for bankruptcy in Los Angeles immediately stops foreclosure and sends out notice to creditors banning them from contacting the consumer. The process can take months to complete‚ but it leaves the consumer with a refreshing chance to get back on their feet financially.

These issues are complex and require a professional who can help you determine which options are the best and how best to proceed. Don’t attempt to do it on your own. Banks are in it for themselves‚ not to help the homeowner. Trust experience.

Los Angeles Bankruptcy Attorneys will provide a free consultation to help guide you in making a decision that works for you. In Encino‚ Glendale and Los Angeles‚ just call.

If you need to speak with a foreclosure litigation attorney in Los Angeles‚ Encino or Glendale‚ contact Nader‚ Naraghi & Woodcock‚ APLC at (800) 568-0707 for a free consultation.

Additional Resources:

Foreclosure rates fall but one city sees big rise‚ by Amy Hoak‚ MarketWatch


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