The number of foreclosures in Southern California has dropped dramatically in recent months. According to a study by the La Jolla-based DataQuick, the number of property owners who lost a home to foreclosure dropped from 10,604 during the last three months of 2012 to 4,005 during the last quarter of 2013. The number of defaults issued by lenders fell 50 percent from 20,879 to 10,435. That reflects the lowest level of default notices in eight years.
Throughout the seven-county region that makes up Southern California, foreclosures plunged over 60 percent. Many attribute this drop to an improved economy and a healing housing market. One sign that the market is improving is the recent increase in property values. In Los Angeles County, for example, the median home price increased $125,000 from December 2011 through December 2013. The number of foreclosures in Los Angeles County declined 63 percent over a one-year period and defaults fell 48 percent.
The number of foreclosures in Los Angeles may be decreasing, but thousands of homeowners in southern California will face foreclosures this year. If you are at risk of losing your home, it is advisable to consider your options. A Los Angeles foreclosure attorney can help you carefully assess your options.
Before meeting with a lawyer, get all your paperwork in order. You will need everything you gave your lender at the time of your application and all the letters you received after you started falling behind. It will be necessary to review all of the correspondence to determine if you have been treated unfairly.
You will have more legal options available to you if your lender has violated state or federal laws. In some cases, it is possible to delay a foreclosure, but it is not always possible to prevent one. A delay, however, may be all you need to modify your mortgage. Don’t give up without considering all of your options.