New Help Hotline for Florida Residents Facing Foreclosure

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American Residential Law Group announced today that it urges homeowners who are facing foreclosure to contact its statewide hotline.

Lenders need to realize that it is in their best economic interest to reduce the principal rather than let homeowners foreclose.

American Residential Law Group announced today that it urges homeowners who are facing foreclosure to contact its statewide hotline.

Despite the dire condition of the housing market, new avenues of help have arisen for Florida residents determined to stay in their homes. One such venture, aptly called, Florida Attorneys Saving Homes, has set its sights on decreasing the foreclosure rate throughout the state.

Florida is leading the country in what has now become one of the largest episodes of residential foreclosures in recent times.

New data shows that throughout 2009 Florida’s foreclosure rate rose by 34 percent, affecting nearly 520,000 homeowners – pointing to a 5.93 percent statewide foreclosure-filing rate, ranking it third in the nation.

A leading player involved in the project are American Residential Law Group, a loan modification attorney.

The project utilizes volunteer attorneys dedicated to assisting homeowners throughout the negotiation process, in hopes of creating or modifying an existing loan.

In some cases, 70 percent of modifications result in an increase in the principal amount owed on the loan. “Lenders need to realize that it is in their best economic interest to reduce the principal rather than let the homeowner foreclose in this type of market,” says Florida Attorneys Saving Homes member Joel Jacobi, who is also the lead attorney for American Residential Law Group.

Homeowners who are not in foreclosure, but fear the possibility, are urged to call the statewide hotline or complete the intake form on the Florida Bar website. Lawyers interested in providing assistance to the mounting foreclosure problem are encouraged to visit http://www.floridaprobono.org. More lawyers are needed to help distressed homeowners on waiting lists generated by the Legal Services hotline program.

American Residential Law Group is a highly-regarded loan modification attorney 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

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