California ranked #1 in foreclosure first quarter of 2009 and things only stand to get worse. - By: Billy Alverado

California ranked #1 in foreclosure first quarter of 2009 and things only stand to get worse.
For the first quarter of 2009 the state of California was ranked #1 for the most foreclosures by any one state. The "Gold Rush" state had 230,915 filings in the first quarter of 2009. This is nearly 29 increase from last quarter. 107,785 of these foreclosures occurred in the month of March 2009 alone.
Experts expect these numbers to only get worse. California currently has the highest unemployment rate, with a current rate of 10.5 of the mortgage modifications that were created in 2008 went into default anyway. Do not let this occur to you, be honest with what you can afford.

3. Find a company that provides a free consultation by phone - A reputable company will not charge you a deposit until they review your situation and know they can help you. A good reportable agency will use their time wisely and only represent you if they feel confident in their ability to be effective in your particular case.

4. Find an agency this is endorsed by an attorney - You should find someone who can legally stop the foreclosure.

5. Use an agency that has a reputation of being able to buy you time -They should be able to freeze your payments up to 6 months, in the case of financial hardship. They should also be able to stop any annoying phone calls you may be receiving from the mortgage company.

6. Find an agency that designs a plan - that meets your budget and objectives - such as a low rate with a 30 to 40 year fixed term. They will be able to have late payments attached to the back end of your loan.

So while now is a vital time to approach your bank about a mortgage modification you will want to find an expert to assist you with mortgage modification negotiations.

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