Los Angeles Bank Foreclosures Delayed But Not Canceled

by cassy82 | September 21, 2009 at 09:06 am

22 views | 0 Recommendations | 0 comments

Recent market data showed that the number of Los Angeles bank foreclosures continues to increase despite the federal government program to help distressed homeowners save their properties from repossession. So far, foreclosure houses accounted for 73 percent of the total properties for sale on the market.

Los Angeles bank foreclosures continue to defy local, state and federal government prevention efforts. Recent market data showed that 73 percent of the total homes on the market for sale are foreclosure houses.

The figures showed that out of the 17,000 properties on the market for sale, over 12,500 were distressed properties. Industry experts said that these figures only showed that the Home Affordable Modification Program (HAMP) of the federal government worked only as a stop gap, delaying what is inevitable.

The federal program is designed to help homeowners who are struggling to pay their monthly mortgage. It aims to reduce monthly loan payments for as many as 4 million borrowers nationwide by modifying loans to make them affordable but industry analysts said that the program only postponed foreclosures, prompting them to predict another flood of Los Angeles bank foreclosures in the coming months.

By Cassiano Travareli