Aliso Viejo, CA, February 06, 2009 --(PR.com
)-- CitiGroup Mortgage Defaults on the Rise, Law Firm Rises to the occasion to Help Reduce the Principal Balance on CitiGroup Mortgages.
Over 1 million new foreclosures are estimated in 2009. Some of those foreclosures can be stopped with a simple rate and term loan modification conducted by a loan modification attorney. However, many of those foreclosures will not be stopped because the borrower has negative equity. What is negative equity? It is the situation where a homeowner is underwater on the loan and the homeowner owes more than the house is worth. There has been no appropriate solution for homeowners with negative equity. There is no sustainable government solution to negative equity. The only solution to negative equity is principal reduction however, principal reductions are difficult if almost impossible to accomplish with a lender.
There is legislation pending in Congress to amend the bankruptcy code to allow principal reductions on first mortgages on primary residences and until now, this was not available or allowed. CitiGroup has decided to support this legislation, however, the legislation has Not yet passed.
What this means is that loan modification companies who are not attorneys and have clients with Citigroup mortgages will be ill-equipped and Unable to help homeowners. It is highly recommended and prudent for loan modification companies to have a relationship with a law firm that understands bankruptcy and can modify the borrower's loan inside the bankruptcy courts or through a Short Sale.
Mortgage Law Group, a law firm specializing in dealing with issues around financial distress offers the assistance required to handle negative equity problems.
Gerald Wolfe, principal lawyer at Mortgage Law Group said "I talk with individuals every day that need help now and the government is too busy focusing on helping the banks and not the individuals who need the help. The lenders are so disorganized and overwhelmed in light of the economy that they just can't help, even if they wanted to help. From our vast experience, we have found in case after case that it requires a lawyer to jump into the situation to provide proper representation and get relief they deserve today. That is what Mortgage Law Group has specialized in for over a decade. "If you are a homeowner facing foreclosure due to a financial hardship then please contact Mortgage Law Group." Reference Modify Direct.
Mortgage Law Group
6B Libery, Suite 210
Aliso Viejo, CA 92656