Rancho Cucamonga, CA -- (SBWIRE) -- 06/30/2009 -- RealtyTrac’s annual U.S. Foreclosure Market Report for 2008 indicates that 2,330,483 properties nationwide entered some stage of foreclosure. This would amount to an 81 percent increase from 2007 and 225 percent higher than the total number in 2006. The statistics for 2009 are looking even steeper, and there are no signs of relief in the near future.

With these unfortunate statistics, homeowners need to know their legal rights and options.

If a person is struggling to make home payments and may be facing foreclosure, the most obvious way to save his or her home, is to work out a mutually beneficial payment plan with your lender, or to revise the terms of original loan agreement in order to make manageable mortgage payments to the lender.

Loan modifications can be done whether or not a person is behind in the loan payments, based on his or her financial situation, current hardship, and ability to make smaller payments.

Additionally, there are a number of state and federal laws in place that are meant to protect borrowers from engaging in unfair lending practices. Unfortunately, many borrowers are unaware that they have been the victims of predatory lending practices. The best way to determine whether or not a person have been the victim of predatory lending is to have a forensic loan audit done on your original loan documents.

If someone have been a victim of predatory lending, he or she may have the right to file a lawsuit against the lender and to put a stop to the foreclosure process for the duration of the suit. When combined with a loan modification, predatory lending violations provide leverage to homeowners in their negotiations with the lenders as well.

Finally, if a person is finding it difficult to make your monthly mortgage payments because he or she is drowning in additional debt, and he or she may not even be able to make a modified payment amount, bankruptcy may be the best option. Bankruptcy not only puts an immediate stop on the foreclosure process, but it also gives the opportunity to start fresh on the finances.

For more information on foreclosure defense, or to determine and pursue the best option available, the attorneys can be contacted at Stone Haven Law Group at 1 (877) 376 – MODIFY (6634), or by visiting at http://www.stonehavenlaw.com.

Company Profile:-
The Stone Haven Law Group, LLC, a law firm, strives to give the most comprehensive legal advice for particular financial situations with efficient attorneys offering consultation services to avoid foreclosures and bankruptcy.