Orange County Foreclosures To Rise?

Costa Mesa real estate company Torelli Realty specializes in Costa Mesa short sales and deals in Orange County short sales as a way to help distressed homeowners prevent foreclosure.The OC Register reported that the Home Affordable Modification Program (HAMP) is failing, which will likely lead to an increase in the number of Orange County foreclosures.In fact in Costa Mesa alone, there are currently 10 Costa Mesa homes in the MLS that have notices of default, which is the first step in the foreclosure process. There are 5 homes on the real estate market as Costa Mesa foreclosures.HAMP is a government program that was set up to help distressed homeowners by giving them a chance to reduce their monthly payments by extending their loan term to certain eligible homeowners. Unfortunately many people are dropping out of the program. Why?  For one, some people were  disqualified after the initial enrollment. Some people claim that another reason for the dropouts is that many banks have lost documents. Over a third of the distressed homeowners who originally signed up for the program have bailed out.The main concern is that all the hundreds of thousands of distressed homeowners who have dropped out of the program may create a new foreclosure wave. The Orange County foreclosure market could be flooded again soon by distressed homeowners who have not been able to find a way to make their mortgage payments.To avoid foreclosure, distressed homeowners need to either seek loan modifications through their own lenders if they cannot achieve one through HAMP or they should consider a short sale. There are currently 64 Costa Mesa short sales on the market in the MLS. A short sale is another option to help distressed homeowners avoid the pitfalls of foreclosure.About Torelli Realty: Torelli Realty  has been working with Costa Mesa real estate almost exclusively for over 25 years and provides real estate services for all of your Orange County real estate needs. The company has 100% success with short sales. Feel free to contact Torelli Realty for a consultation and for all your real estate needs.WEBSITESHORT SALE WEBSITETWITTER  – FACEBOOK - COMPANY BLOG