Relief Is Eluding Homeowners Facing Foreclosure In Los Angeles.
As with the rest of the country the foreclosure picture looks bleak indeed in Los Angeles County. The most populous county in the country, with almost 10 million residents, seems to be right in the middle of the foreclosure hurricane that is ravaging the real estate industry.
The county comprises 88 incorporated cities and many unincorporated areas, as well containing most of the principal cities encompassing the Greater Los Angeles Area, and is the most important of the five counties that make up the area. As of 2004, the county's population is larger than the individual populations of 42 states considered separately and is home to over a quarter of all California residents.
Home sales have continued to slump over the past couple of years and prices on homes are remaining relatively stable. Coupled together these create a volatile mixture.
The increasing foreclosure activity has shown no sign of letting up now halfway through 2008. For example one report states that in 2007 alone some 2,691 Notices of Default were filed along with 1,552 Notices of Trustee sales filed in Los Angeles County during the first half of the year.
Local real estate expert Mario Menendez, with over 15 years of experiencing in helping Los Angeles residents stop foreclosure, gives a painfully truthful report of the real estate market in Los Angeles County. He believes the problem is being compounded by job loss, rapidly declining home values and the continuing fallout form the subprime lending debacle.
No one is immune it seems. Even high profile citizens such as Ed McMahon, popular sidekick to Johnny Carson on the Tonight Show for four decades, have felt the sting of foreclosure. Every class of citizen has been affected, but the working class seems to be taking the worst of it according to Mr. Menendez. With foreclosures continuing to rise the situation is only going to worsen with more adjustable rate mortgages getting ready to reset. Options for stopping foreclosure in Los Angeles County remain limited as well.
Is the California governmental taking any steps to alleviate the situation? Not according to Mr. Menendez and nor does any assistance appear likely in the near future according to him.
He feels that the best course of action in the immediate future is for homeowners in trouble, and those skirting it should do whatever they can to educate themselves with all options available to stop foreclosure in Los Angeles County. Mr. Menendez offers his expertise to any and all homeowners. Some options he suggests are loan modifications, short sales, or as a last resort filing for bankruptcy with the assistance of a skilled bankruptcy attorney.
The immediate outlook looks grim in L.A. With home prices falling, restricted lending and foreclosures increasing the long term outlook id bleak as well. It is a wait and see situation that offers no comfort to those affected, and even less to those who might get caught up in the ongoing foreclosure storm.
Victim or Victor - the Choice is YoursYou could lose everything or you could come out of this with more than you ever thought possible. It all rides on your decision to contact us. The sooner you do that, the better the outcome. Get started and stop foreclosure now by answering a few questions for us . To Talk to Someone Now Call: 1-888-I-SAVE-80 There's no obligation. In fact the initial consultation is FREE. And that may be all you'll need to stop the foreclosure for good. Learn what you can do to avoid or stop foreclosure. |