Brookstone Law, PC: Banks Will Make 2012 Harder for Homeowners Facing Foreclosure

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Following Slowdown in 2011, Banks Are Now More Aggressive About Foreclosures

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"Now that they have admitted to their blatant mismanagement and addressed the legal problems they caused, the banks are going after homeowners once again” Vito Torchia, Jr.

Recent media reports that California and other states will be engulfed in an enormous wave of long-delayed foreclosure action in 2012 as banks deal more aggressively with delinquent mortgages, means more homeowners than ever could lose their homes without expert legal help to defend their rights, according to Vito Torchia, Jr., managing attorney of Brookstone Law, PC.

“Now that they have admitted to their blatant mismanagement and addressed the legal problems they caused, the banks are going after homeowners once again,” said Vito Torchia, Jr.

According to media coverage,1.9 million U.S. homes were hit with default notices, foreclosures and other actions last year and California had the third-highest incidence of foreclosure filings, behind only Nevada and Arizona.

"In 2011 we spoke out about how banks were beginning to get more aggressive about foreclosures," said Vito Torchia, Jr. "As we expected, this news confirms that trend will continue this year and people will continue lose their homes in many cases due to toxic loans and faulty mortgages."

Media reports indicate that in California, 3.2% of homes logged at least one foreclosure filing last year with 2.7% receiving notices in Los Angeles County and 2.5% in Orange County, compared with nearly 5% in San Bernardino County and 5.3% in Riverside County. California also saw a second-half surge in 2011 of initial notices of default, which is a first step when banks is preparing to seize properties with delinquent mortgages.

“The only positive is that banks can be negotiated with more aggressively and in less time now than before the discovery of their role in creating the housing crisis,” said Vito Torchia, Jr. “With expert legal help homeowners may ensure secure solutions faster than any time in recent years.”

Media coverage of the trend also noted the Federal Reserve’s recent urging of Congress recently to do more for troubled homeowners.

“The discussion about reducing loan principal for underwater borrowers is misleading because it is based on the idea that taxpayers finance the government-sponsored housing finance firms, the tab for which already has reached about $150 billion and which during this election year seems unlikely,” said Vito Torchia Jr. “Homeowners with foreclosure problems are far better served taking aggressive action now to protect their rights with expert legal counsel on their side.”

ABOUT BROOKSTONE LAW, PC

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, PC is a law firm comprised of attorneys with experience and success in business, corporate and personal finance, employment, entertainment and media, art and museum, intellectual property and real estate law. The firm has a network of more than 40 affiliate attorneys nationwide and employs highly trained specialists, paralegals, paraprofessionals and administrative staff dedicated to serving clients. For information, call (800) 946-8655 or visit Brookstone Law.com at http://www.brookstonelaw.com.

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