• Foreclosure Service
• Foreclosure Q&A
• Why KSPLC?
• Recent News
• Client Testimonial
• Tell Us Your Story
• Important Info and Laws
• Free Mortgage and Reviews
• Client Testimonials

Recent News

Loan Modification Good Results

A San Diego couple client received a loan modification offer from Greentree Lending. Loan modification has been approved for $2,609.07 a month; previous payment was $4,740.00 per month. The interest rate dropped from 9.175% to 5.32% and the current principal balance has been reduced to $455,973.76 from $620,000. Results in monthly savings of $2130, yearly of $25,571.16, and a grand total principal reduction in the amount of $126,026.24!

• LMO Dept.
• La Jolla

A San Marcos couple retained in April settled on a loan modification on August 18th. Client's original monthly payment was $2,245. The original offer from Washington Mutual was $2,100 a month. Due to negotiations and client eligibility under the Presidential "Making Home Affordable" plan, client was modified to a monthly payment of $1,162.50. Loan Modification results in a monthly savings of $1,082.50, and yearly of $12,990.

• LMO Dept.
• La Jolla

A Rancho Santa Fe man received a trial loan modification offer falling under governmental "HAMP" program. The new payment is $2,140. The original monthly payment was $3,521. Client agrees to pay $2,140 a month for the months of September, October, and November; then a modification offer will be generated on parallel terms and payments. If client cooperates with trail plan, he will save $1,381 a month, and $16,572 a year.

• LMO Dept.
• La Jolla

A Chula Vista woman received a Freddie Mac (government program) loan modification on August 21. Her lender, Aurora Financial Services agreed to lower the woman's monthly payment to $1,392.02. Her previous monthly payment was $2,107. The client is saving $714.98 a month and $8,579.76 a year. The client had been denied 3 times prior to receiving the modification and had foreclosure proceedings delayed more than 3 months.

• LMO Dept.
• La Jolla

A La Jolla woman received a successful loan modification stemming from unique circumstances. Due to the misfortune of a family death, the women was left with her family's home. Unable to afford the payments, the lender agreed to modify the loan from a monthly payment of $2,456 to $1750, saving the client $706/month. The client is now able to make the payments and keep her family home.

• LMO Dept.
• La Jolla

San Diego Loan Modification News: Updated 12/11/2008

When an issue hits the public’s eye, news outlets all over the world begin to saturate its pages, its screens and its airwaves with coverage. People who have been, are currently or could be affected by the issue at hand generally look to stay informed, but many spend too much time searching for information.

The real estate attorneys at Kerry Steigerwalt’s Pacific Law Center of San Diego are here to provide you with all the information you need in regards to the mortgage market and the news that could serve you well. All you need to do is check in regularly for updates.

NEWS BELOW

Foreclosure Rates Soar In San Diego.

Banks and other lenders acted sharply by taking back homes in the struggling San Diego County market area, a trend that real estate analysts suspect is likely to continue through much of the year.

According to a report by DataQuick Information Systems, which monitors foreclosure rates in the County, the rate of mortgage failures during the last quarter more than tripled compared with a year earlier, rising from 1,182 to 3,666.

In March, the foreclosures totaled 1,045, down from 1,316 in February. However single-month decline, say the DataQuick analysts, isn't enough to predict what lies ahead for the San Diego real estate market.

DataQuick analyst John Karevoll was quoted as saying: "There are two different scenarios here," and "Scenario one is that default activity is a nasty case of indigestion that has to be digested, and once it's digested, the market will re-balance itself. If that's the case, we have two more quarters of increases in default activity, then we'll level off and start to decline next year."

"Scenario number two is where we factor in the recession. Then the default activity will start to migrate from this pool of at-risk home loans into the more mainstream mortgages."

University of California San Diego economist James Hamilton agreed with the DataQuick study and mentioned, "I think it's too early to break out the champagne, because I think there is still potential for significant, further declines in prices, and that will put a whole new set of people into potential problems."

Subprime loans are some of the problems that are still making waves in the industry. When the values started to decline, homeowners faced with growing monthly payments found themselves unable to refinance their loans and began defaulting on monthly payments.

In the last quarter of '08 the Notices of default, the first step of foreclosure, process soared 128 percent, compared with a year earlier, rising to 8,975 from 3,931, DataQuick reported.

This current rate of foreclosures and default notices is greater than that of the early 1990s when San Diego County was in the midst of a recession.

DataQuick noted that statewide, most of the loans that went into default last quarter originated between August 2005 and October 2006. But fewer homeowners, it found, are holding onto their homes once they start missing mortgage payments. Just 32 percent are avoiding foreclosure, compared with 52 percent a year ago, DataQuick estimates.

In eastern Chula Vista, one of the hardest hit areas where foreclosures have soared, a local agent estimates that 70 percent of the homes for sale are distressed properties.

In the DataQuick study, the greatest concentration of foreclosures last quarter was in the eastern area of Chula Vista, home to a large number of planned communities that have attracted many first-time buyers. Closer to the border, San Ysidro also had a high proportion of mortgage failures.

People in all parts of San Diego are seeking productive ways to help fight this growing trend, many are contacting San Diego Lawyers who are qualified to do Home Loan Modification. If you are facing a San Diego foreclosure, contact Kerry Steigerwalt's Pacific Law Center and start the process to save your home today.

top