Although Modesto area foreclosure rates dropped by 3% in May 2010, this area continues to have one of the highest foreclosure concentrations in the nation. With many factories and companies in Central and Northern California closing their doors, the Central Valley is still being hit hard by the economic and housing crisis that began back in 2007.
According to the Modesto Bee, the three-county region including Stanislaus, Merced and San Joaquin counties continues to have the highest percentage of defaulted mortgages in California. Nearly 52,000 homes in these three counties alone have been foreclosed upon since the housing crisis began three years ago. This accounts for nearly 13% of all houses and condos in Stanislaus County, 15.5% in Merced County and 14% in San Joaquin County.
Bankruptcy Can Help Save Your Home From Foreclosure
With the help of a professional bankruptcy attorney, you may be able to save your home from foreclosure by filing for Chapter 7 or Chapter 13 bankruptcy. Since bankruptcy rules and laws are constantly changing, it is imperative that you have a reputable lawyer on your side to help you file all the necessary paperwork required by the federal government.
There are many services out there that promise refinancing and loan modification options that sound appealing, but only a lawyer can truly review your financial situation to recommend a viable course of action. What's more, if you try to file the paperwork yourself, you could end up disqualifying yourself from any type of bankruptcy relief.
