American Residential Law Group Says Foreclosures Could Hit 3 Million in 2010 as featured on Yahoo News. American Residential Law Group, is a Ft. Lauderdale-based law firm founded by Joel Jacobi.
“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. Source Yahoo News
American Residential Law Group went on to state that two of the lending leaders Bank of America and Wells Fargo hold a combined amount of $1.05 trillion in home equity debt. This number is so huge that it is surely going to mean a continuation of high foreclosure numbers this year too! Jacobi states that he believes there will be another more robust loan modification program approved soon to help both the banks and home owners.
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