Posted On: March 28, 2011

Three Secrets About California Foreclosure Mess

It is apparent, if you watch the news, that California is facing a foreclosure crisis that is worse than in many other parts of the country. California is currently in the top 3 states where foreclosures are rampant. The truth is, however, that the California foreclosure mess could slow down if everyone understood the follow three points:

1. California foreclosure problems are state wide and not restricted to any one type of financial status. All too often you hear the news stating that lower income mortgages are to blame for this mess. However, million dollar mansions in Beverly Hills are foreclosing at the same rate as homes in less affluent areas.
2. Government programs do not work for everyone. Loan modifications and short sale programs often sound good on paper, but many people will not qualify for these programs. Banks and mortgage servicing companies are encouraged to promote these tools, but much of the red tape involved in the process eliminates a majority of the people applying for help.
3. Loan modification programs and short sales are not the only option that home owners have to save their home. Protection through a Chapter 13 bankruptcy is an option that home owners can use to save their property. This is a viable way to restructure all of the home owner’s debt into a payment plan that will prevent another foreclosure from entering into the system.

If you have a question regarding Bankruptcy in Sacramento please contact us at and we can connect you with one of our experienced California Bankruptcy Attorneys . Bankruptcy Law Firm can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

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