Ft. Lauderdale, FL (PRWEB) January 22, 2010
American Residential Law Group, the Ft. Lauderdale-based law firm reports that it expects observed record increases in foreclosures coming in 2010, reaching as many as 3 million.

“The U.S. Treasury Division was unsuccessful in current negotiations with the country’s biggest financial institutions to procure contracts requiring participation in a second mortgage modification program to decrease the number of housing foreclosures this year, which could hit record numbers,” says says Joel Jacobi, founder and lead attorney for ARLG.

Leading lenders, such as Bank of America and Wells Fargo, currently hold a combined $ 1.05 trillion in residence-equity debt, a figure so enormous it threatens to again disrupt housing stability and lead to 3 million foreclosures this year, right after contributing to the two.eight million in 2009, Bloomberg reports.

Jacobi says that he believes a second, a lot more robust loan modification program will quickly be authorized. “Mortgage modifications are set up to help homeowners that are facing foreclosure,” says Jacobi. “Foreclosure is extremely costly to both the bank and the homeowner. No one particular wins. We operate to delay foreclosure, to renegotiate the mortgage with the bank, so that a homeowner can stay in its house and so that a bank doesn’t have the burden of yet yet another foreclosed home.”

According to Meg Reilly, a Treasury Division spokeswoman, the banks pursuing negotiations seem “committed” to joining a second mortgage modification program, even though progress is slow.

American Residential Law Group processed far more mortgage loan modifications in the fourth quarter of final year than any other quarter thus far. Yet despite their record boost in home loan modifications made to avert foreclosures, foreclosures in the U.S. nevertheless hit an all-time high in 2009. “This indicates to me that there are several homeowners who are not aware that there may possibly be loan modifications accessible to help them,” Jacobi said.

American Residential Law Group is a extremely-regarded law firm that specializes in foreclosure prevention and litigation. It serves clients across the United States from its offices positioned in Fort Lauderdale, Florida. They can be reached by calling (877) 236-6576 or by visiting arlgnow.com.

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