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Wave of Foreclosures Expected to Hit California

It seems the foreclosure crisis in California isn't expected to go away soon.

California is still one of the three states hit hardest by foreclosures, and the latest information on Realty Trac says foreclosures are 15% higher than they were a year ago. Real estate experts also anticipate a new wave of foreclosures in the next few months, which means trouble for California when nearly every county in the state has been affected by the foreclosure crisis.

As a result of the foreclosure crisis, more and more homeowners will be turning to the banks and government programs for help. And while these programs tout they were established to help troubled homeowners, some real estate experts don't think they're providing much help at all. According to one expert, "if history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works."

Experts also believe that a storm could be brewing in the commercial real estate market. Due to the poor economy, many commercials properties are vacant, either because businesses have shut down, moved to a home office location, or closed their doors for good. Some analysts say that when commercial properties fail, the effect trickles down and is felt by all Americans.

If your home or commercial property is facing foreclosure, an attorney at the Law Office of Teresa Beyers can help. You can trust a Los Angeles foreclosure defense lawyer at our office to protect your interests and help you take advantage of several alternatives to foreclosure in an effort to save your property. To learn more, please feel free to call the office today at (213) 236-4400!

Categories: Foreclosure Defense

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