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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » Fort Lauderdale Foreclosure Help – Almost 3 Million Homeowners Receive Foreclosure Notices in 2009

Fort Lauderdale Foreclosure Help – Almost 3 Million Homeowners Receive Foreclosure Notices in 2009

The amount of homeowners in the United States who received foreclosure notices in 2009 is staggering and reached a record setting number of almost 3 million. This is leaving many people to wonder what can be done for the millions of people who are falling behind on their mortgages every month.

This dramatic increase has continued to occur despite various efforts from the federal gov’t like the Home Affordable Modification Program or “HAMP” that were developed in an effort to help reduce foreclosure filings. However recent statistics reported by RealtyTrac, has reported that almost 1 in 50 households in the U.S. were in some stage of default with their lender (that is a more than 21% increase over 2008 and more than 100% increase from 2007).

“One of the biggest hurdles seems to be that such a small number of the trial modifications that are being granted under the HAMP program are getting converted into permanent modifications by the lender” says Attorney Fred Burgess in Fort Lauderdale, FL who’s firm has represented hundreds of homeowners in efforts to stave off foreclosure and negotiate with the banks. Burgess indicates that his firm is no requesting court ordered mediations to get positive outcomes for his clients.

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“As bad as the 2009 numbers are, they probably would have been worse if not for legislative and industry-related delays in processing delinquent loans,” said RealtyTrac CEO James Saccacio in a prepared statement.

In spite of the huge increase in filings for 2009 there is one bright spot to consider, the number of homes actually repossessed by the lenders was 871,086 and this is an increase of just 1.1% above the 2008 total. Some say that this smaller number of repossessions is due in part to factors like trial modifications and also the fact that many court systems are simply overwhelmed with the number of cases that are being put before them.

It has been reported that in 2009 more than 680,000 homeowners had been offered “temporary” or “trial” modifications but in recent reports by the Wall Street Journal, less than 5% of these trial modifications have been converted to full or permanently modified mortgages. So many experts will agree that with such a small conversion rate this leaves yet another wave of foreclosure filings yet to come in 2010 with a massive supply of delinquent loans that have yet to be served with a foreclosure filing.

For more information about Fort Lauderdale foreclosure help from experienced foreclosure lawyers in Fort Lauderdale, please visit http://www.burgesslawfirm.com.

 

Fred Burgess, Esq. earned his undergraduate degree from the University of Florida in 1986. Mr. Burgess then went on to receive his a Juris Doctor degree from Widener University School of Law, Wilmington, Delaware. Mr. Burgess has been a practicing attorney since 1989 and has practiced law in Florida since 2002.

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