Mortgage rates are at all time lows. Thirty-year fixed mortgages have interests rates of less than four percent. Interest rates on fifteen-year mortgages are running around three and a half percent. Has this spurred activity in the housing market? No!
High Unemployment and Low Wages Keeping Home Buyers Out of the Housing Market
The unemployment rate in the United States is still at 9%. However, most experts state that many unemployed people aren’t reflected in this statistic. These are individuals who have been unemployed for so long they are no longer counted or have given up trying to find a job. The recession in the United States is also keeping wages unusually low. With uncertainty concerning jobs and prospects of high wages dimmed, most Americans have a negative view about purchasing a home. They’re concerned the home will be worth less in the future than it is now; so there is no reason to buy today.
2011 Home Buying Rates Down
2011 will be one of the worst years of the century for the real estate industry. Sales of single family homes continue to be very low.
Refinances Are Up
Although home purchases are down, individuals with good credit who have significant equity in their homes have been utilizing this period of low interest rates to refinance their homes and reduce their mortgage payments. Although this is good for those individuals, it unfortunately, in the long run, does not have a significant impact on the housing industry.
Foreclosure Defense and Bankruptcy Lawyers
Before your house falls into foreclosure, it is suggested you apply for a mortgage modification. If your mortgage modification program does not meet your needs, your home may end up being foreclosed upon. Should you receive a Summons and Complaint in foreclosure, our law office can help you. We will attend foreclosure court conferences on your behalf and attempt to motivate your financial institution to offer you a suitable mortgage modification. We’ll also submit a formal written answer on your behalf. Defenses such as defective mortgages, predatory lending, defective foreclosure lawsuits and other real estate related legal defenses can be interposed on your behalf. Our law firm will use its extensive experience in handling these types of cases, to keep you in your home.
We will also discuss with you foreclosure related bankruptcy options. Filing a Chapter 7 or Chapter 13 bankruptcy may be the best route for you in dealing with your foreclosure situation. Why should you file bankruptcy and the types of bankruptcies available to you would be discussed upon your initial free consultation. Should you file bankruptcy you can sometimes eliminate second mortgages. Bankruptcy will stop foreclosure proceedings from moving forward and stop all debt collection activity against you. Call us for a free consultation.
We will discuss all of your foreclosure and bankruptcy options with you. Contact our office at 1-800-344-6431, 516-561-6645 or 718-350-2802.
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