A recent article in the Press Enterprise cites a surge in Riverside and San Bernardino foreclosure activity and the possibility that a new wave of foreclosed homes will hit the market early next year. Economists point to increases in the Notices of Default that precede the actual foreclosure of a home in Riverside county. Further, the article goes on to quote various economists stating that the bottleneck would need to be released at some point and this may be the time.
While I agree that foreclosure activity will continue long into the future, I am doubtful that such activity will become a wave of foreclosures that floods the markets. Banks and investors have been far too patient to suddenly let a wave of foreclosures hit the market. Further, each situation is different and every home that goes in default does not necessarily result in a foreclosure. The reality is that each individual foreclosure will have its own story. Some homeowners may take the opportunity of default to pursue a loan modification to see if they can stay in their home with a more affordable payment. Other homeowners may consider their legal options against their lender for illegal foreclosure activity, predatory lending, breach of contract, or other legal theories in foreclosure litigation. Finally, other homeowners may be happy to walk away from their former homes, glad to be rid of their inflated mortgage payments and looking to start over somewhere new.
If you are among the homeowners facing this dilemma, you have a right to be informed of your options. We can advise you on all your options, familiarize you with any private or government programs to keep your home or sell your home, or give you advice if you simply want to stay in your home as long as possible. A phone consultation is free and we can set up an office consultation to discuss any further options. De Novo law firm has successfully been able to modify home loans, won lawsuits against lenders for predatory lending and breach of contract, and can represent you in your own case.