American Residential Law Group Says Foreclosures Could Hit 3 Million in 2010 American Residential Law Group, the Ft. Lauderdale-based law firm reports that it expects seen record increases in foreclosures coming in 2010, reaching as many as 3 million. Ft. Lauderdale, FL (PRWEB) January 22, 2010 American Residential Law Group, the Ft. Lauderdale-based law firm reports that it expects seen record increases in foreclosures coming in 2010, reaching as many as 3 million. "The U.S. Treasury Department was unsuccessful in recent negotiations with the country's largest financial institutions to procure contracts requiring participation in a second mortgage modification program to reduce the number of housing foreclosures this year, which could hit record numbers," says says Joel Jacobi, founder and lead attorney for ARLG. Leading lenders, including Bank of America and Wells Fargo, currently hold a combined $1.05 trillion in home-equity debt, a figure so enormous it threatens to again disrupt housing stability and lead to 3 million foreclosures this year, after contributing to the 2.8 million in 2009, Bloomberg reports. Jacobi says that he believes a second, more robust loan modification program will soon be approved. "Mortgage modifications are set up to help homeowners that are facing foreclosure," says Jacobi. "Foreclosure is very costly to both the bank and the homeowner. No one wins. We work to delay foreclosure, to renegotiate the mortgage with the bank, so that a homeowner can stay in its home and so that a bank doesn't have the burden of yet another foreclosed home." According to Meg Reilly, a Treasury Department spokeswoman, the banks pursuing negotiations seem "committed" to joining a second mortgage modification program, though progress is slow. American Residential Law Group processed more mortgage loan modifications in the fourth quarter of last year than any other quarter thus far. Yet despite their record increase in home loan modifications designed to prevent foreclosures, foreclosures in the U.S. still hit an all-time high in 2009. "This indicates to me that there are many homeowners who aren't aware that there may be loan modifications available to assist them," Jacobi said. American Residential Law Group is a highly-regarded law firm that specializes in foreclosure prevention and litigation. It serves clients across the United States from its offices located in Fort Lauderdale, Florida. They can be reached by calling (877) 236-6576 or by visiting arlgnow.com. ###
|
© Copyright 1997-2012, Vocus PRW Holdings, LLC. |