Archives for September 2011

Home Prices Rise in the Spring of 2011

Each year, as the weather gets better, the real estate market seems to blossom at the same time flowers blossom in many large cities in the United States. This has been true for 2011; however, the blossoming only had a minimal impact on the real estate market in the United States this year. Home sale prices rose in 13 of the 20 largest cities that are followed by the Standard and Poor’s / Case – Shiller Home Price Index. Washington, D.C. had the most significant increase in home prices. It was followed by San Francisco, Atlanta and Seattle. The home price index in the city of New York only went up a small amount.

Long Island Home Prices

In May of 2011, there was a slight increase in the average home price in Suffolk County. It rose to $315,000. Nassau County had a decrease in the average price of home sales to $399,000. Unfortunately, these home prices must be adjusted for seasonal factors related to the search of home purchasers that usually takes place in the spring of each year.

Real Estate Crisis

America is still in the throes of a real estate crisis. Approximately a third of all homes are underwater (worth less than the amount of their mortgages). This crisis has been going on for three years. It is becoming a permanent fixture of the real estate cycle. For the economy in the United States to be pulled out of its doldrums, the real estate market must be stabilized, which is not happening. Foreclosure rates are increasing. Equity in homes is decreasing. American’s single largest asset, the single family home, is becoming a liability!

Foreclosure Lawyers

We can fight your foreclosure. We litigate predatory lending issues, defective foreclosure lawsuits, and defective mortgages. We attend foreclosure court conferences for our clients. We draft mortgage modifications and deal with mortgage modification programs that fail to meet our clients needs. We litigate foreclosure related bankruptcies, whether they’re a Chapter 7 bankruptcy or Chapter 13 bankruptcy. We also assist our clients in re-establishing credit after filing a bankruptcy. We can help stop your foreclosure from moving forward! Call us and we will provide you with a free consultation. We will discuss all of your foreclosure options.

Mortgage Modifications for Customers Whose Mortgages are Current

Banks are turning their backs on millions of Americans whose homes are in foreclosure. At the same time, several large banks are approaching borrowers whose mortgages are not in default and offering to reduce their debts or modify the terms of their mortgages.

JP Morgan Chase and Bank of America, two of the largest financial institutions in the United States, have been contacting borrowers whose mortgages are up to date, offering them special deals. The borrowers being contacted by these banks have pay option adjustable rate mortgages. These banks seek to eliminate as many of these mortgages from their books as possible.

The banks approach individuals whose homes are underwater, but who are current on their mortgage payments. While many borrowers who are in deep financial trouble need help, the banks are ignoring these situations. Instead, they’re making unsolicited contacts and, in theory, rewarding the customers who have done right by them.

Dan B. Fraham, a spokesman for Bank America, recently stated “by proactively contacting pay option ARM customers and discussing other products with better options for long term, affordable payments, we hope to prevent customers from reaching a point where they struggle to make their payments.”

In theory, the banks have decided to make deals regarding mortgage loans that gives borrowers the option of skipping the principal payments and some of the interest payments for a period of several years. Thereafter, the unpaid balance is added to the principal of the loan. The banks are concerned that if these underwater loans go, eventually the homeowners simply abandon them. This is a great deal for these homeowners who’ve kept their loans current. Unfortunately, this ignores approximately 33% of the outstanding mortgages that are either in default or underwater!

Long Island and New York City Foreclosure Defense

The Law Offices of Schlissel DeCorpo handles foreclosure defense for homeowners. We litigate all aspects of foreclosure proceedings including, but not limited to, defective foreclosure lawsuits,defective mortgages, predatory lending issues, bad faith, and other real estate legal issues. We attend foreclosure court conferencesfor the clients we represent. We also assist our clients in the preparation of mortgage modification applications, as well as deal with mortgage modification programs that are unresponsive to our clients’ needs.

In certain situations, foreclosure related bankruptcies can be utilized to stop foreclosures from moving forward. Upon filing either a Chapter 7 or a Chapter 13 bankruptcy, the bankruptcy court issues an automatic stay that stops the foreclosure lawsuit from moving forward. It should be noted that bankruptcy proceedings are brought in the United States Bankruptcy Court, while foreclosure proceedings are brought in New York State Courts.

For our clients who file bankruptcy, we can sometimes eliminate second mortgages. We also can assist our clients in re-establishing their credit after filing bankruptcy. Should you have questions as to what type of bankruptcy would be appropriate for you or whether there is other alternatives related to foreclosure defense, feel free to contact us. At your initial free consultation, we will discuss all of your foreclosure options. We look forward to seeing you again on our foreclosure blog.

Home Builders Assessment of Real Estate Industry is Full of Gloom

The real estate industry in the United States is doing poorly. Home builders are pessimistic with regard to the housing market in the United States. The National Association of Home Builders has recently put out an announcement that the sentiment among home builders in August of 2011 is extremely negative.

In 2011, the number of new homes built in the United States fell to its lowest level since records were maintained. Home builders cannot compete with the glut of foreclosed homes on the real estate market. It is less expensive to buy a home that was taken over by a bank in foreclosure than to build a new home. Homeowners who want to sell their existing homes and buy a new home cannot find buyers for their existing homes.

Although the sale of newly built homes is a very small portion of the real estate market, it has an significant impact in the economy in local areas. Three jobs are created for each new home being built for a period of one year. In addition, each new home built generates approximately $100,000 in real estate taxes.

Dave Crowe, an economist working with the National Association of Home Builders stated that the weakening of the U.S. economy, coupled with the high unemployment, is having a devastating effect on the marketplace for new home purchasers. The record low interest rates have not been enough to simulate the market place for the building of new homes.

Foreclosure Defense Lawyers

We can keep you and your family in your home. We provide foreclosure defense and bankruptcy legal representation for our clients. We attend foreclosure court conferencesfor our clients. We litigate foreclosure proceedings in the courts throughout the Metropolitan New York area. We are knowledgeable concerning real estate related defenses, in foreclosure proceedings and the federal laws that deal with foreclosure.

We can also assist our clients in foreclosure related bankruptcies. We file Chapter 7 andChapter 13 bankruptcies for our clients. At our initial consultation, we will discuss various types of foreclosure defenses and the types of bankruptcies that may be available to you. We can stop foreclosure and debt collection activities by filing bankruptcy on your behalf. There are also numerous bankruptcy myths, such as you will never receive credit again, that are untrue. We will be happy to meet with you and discuss issues involving foreclosure, bankruptcy, re-establishing credit and staying in your home. Call us for a free consultation. Thank you for visiting our foreclosure blog.

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

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