American Residential Law Group Says Foreclosures Could Hit 3 Million in 2010
American Residential Law Group, the Ft. Lauderdale-based law firm reports that it expects seen
record increases in foreclosures coming in 2010, reaching as many as 3 million.
Ft. Lauderdale, FL (PRWEB) December 11, 2009 -- American Residential Law Group, the Ft. Lauderdale-based
law firm reports that it expects seen record increases in foreclosures coming in 2010, reaching as many as 3
"The U.S. Treasury Department was unsuccessful in recent negotiations with the country's largest financial
institutions to procure contracts requiring participation in a second mortgage modification program to reduce the
number of housing foreclosures this year, which could hit record numbers," says says Joel Jacobi, founder and
lead attorney for ARLG.
Leading lenders, including Bank of America and Wells Fargo, currently hold a combined $1.05 trillion in
home-equity debt, a figure so enormous it threatens to again disrupt housing stability and lead to 3 million
foreclosures this year, after contributing to the 2.8 million in 2009, Bloomberg reports.
Jacobi says that he believes a second, more robust loan modification program will soon be approved. "Mortgage
modifications are set up to help homeowners that are facing foreclosure," says Jacobi. "Foreclosure is very costly
to both the bank and the homeowner. No one wins. We work to delay foreclosure, to renegotiate the mortgage
with the bank, so that a homeowner can stay in its home and so that a bank doesn't have the burden of yet another
According to Meg Reilly, a Treasury Department spokeswoman, the banks pursuing negotiations seem
"committed" to joining a second mortgage modification program, though progress is slow.
American Residential Law Group processed more mortgage loan modifications in the fourth quarter of last year
than any other quarter thus far. Yet despite their record increase in home loan modifications designed to prevent