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Foreclosure Rates Rising in California

11-12-2010 02:10 PM CET | Politics, Law & Society

Press release from: Sagaria Law, P.C.

Approximately $25 million was spent at foreclosure auctions in the Sacramento and Oakland areas last weekend. Several homes were sold at less than half the cost of their previous high property values. This trend of increasing foreclosure activity has been prevalent in California communities in the past years, and experts predict the trend will only continue to rise in the near future.

Foreclosure cases in California have increased 50% in the past year, and 7 out of the top 10 metropolitan area foreclosure rates are in California. There is, however, hope for California residents who are behind on mortgage payments.

There are two real solutions to avoiding foreclosure. It is possible to stop foreclosure by either paying all missed payments or by filing bankruptcy (usually a Chapter 13). However, homeowners are typically unable to catch up on missed payments and should consider bankruptcy as an option. A common misconception is that bankruptcy should be avoided at all costs. However, filing for bankruptcy may be a good option if the homeowner is already drowning in debt, facing immediate foreclosure, or will be able to obtain enough money within a month to pay off missed mortgage payments. A good bankruptcy lawyer will be able to guide through the process and help prevent foreclosure.

Foreclosure is a very time-sensitive matter. Once the foreclosure notice arrives, the homeowner only has a short amount of time to respond. This time period is crucial to the outcome of the property, and it is necessary to contact a bankruptcy lawyer to advise on all possible options.

For many people, the threat of foreclosure is a sign of bigger financial problems such as credit card loans, student loans or medical bills. In these situations, it is imperative to seek legal advice. The decision to file for bankruptcy should be made only after careful consideration and research. Reputable bankruptcy attorneys will not charge for an initial consultation and can provide bankruptcy options, assist with a pending foreclosure, and possibly help you keep your property.

About Sagaria Law, P.C.
Sagaria Law, a Professional Corporation, specializes in Family Law, Bankruptcy and Estate Planning throughout all of California. Over the past 9 years, we have successfully completed over 1500 family law cases in all family law areas. Further, we have successfully completed over 5000 bankruptcy petitions. Our Bankruptcy Lawyers are committed to providing you with the skill and expertise necessary to meet all of your Chapter 7, Chapter 13 and Chapter 11 Bankruptcy needs. We are dedicated to provide our clients with meaningful, real time solutions and information to individuals in need of legal advice and fresh perspective. We believe that knowledge is power and it is our promise to inform, assist and guide you. If you have questions or need assistance, please do not hesitate to contact us or visit our website at www.sagarialaw.com and we will be happy to assist you in any way.

Contact Us at:
333 West San Carlos St. Suite 1700
San Jose, CA 95110
http://www.sagarialaw.com

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