California Loan Modifications Reaching New Peaks

Online, December 10, 2009 (Newswire.com) - Glendale, CA, December 10, 2009 (Web Distribution) - California loan modifications are skyrocketing again as homeowners with adjustable rate loans scramble to get mortgage modifications prior to their loans being recast.

With Attorney General Jerry Brown expecting responses from the ten largest lenders in the State next week regarding how they plan to handle this issue, loan modification companies are seeing the largest number of increases in inquiries since the program was first announced.

Hundreds of thousands of California homeowners have option ARMs because the loan program offered very low initial rates that change after the specified ARM duration, or other triggering factors.

There are hundreds of thousands of these loans that have recast or are about to be recast with the corresponding mortgage payments set to spike.

RA Law Group, a California law firm and mortgage modification company, which announced earlier this month a special program for California homeowners, has seen a large increase in inquiries off their website (www.modificationpros.com) and via telephone.

"Our website inquiries exploded nearly 200% and our phone inquiries by nearly 500% over last month as a result of so many adjustable rate mortgages being recast," Daniel Jaimes, RA Law Group, explains. "Our team is equipped to handle the increase and we remain dedicated to helping California homeowners," Jaimes states.

With hundreds of thousands, if not millions, of homeowners facing skyrocketing mortgage payments in the coming months it is expected that California will continue to reach new modification peaks through the end of the 1st quarter 2010.

For more information on mortgage modifications please visit www.modificationpros.com or call 888-550-3004.