Cities With High Foreclosure Rates

Cities With High Foreclosure RatesLas Vegas, Nevada and Phoenix, Arizona are running neck and neck for the title of having the highest foreclosure rates in the United States of America. Although it has been widely written about these two cities enormous foreclosure rates, there are numerous other small cities in America that have similar problems.

Albuquerque, New Mexico

Albuquerque is a city of approximately 500,000 people. They have a foreclosure rate of one in every forty-six homes. During 2010, their foreclosure rate increased by over 60%. Albuquerque was one of the fastest growing metropolitan areas in the continental United States. It has a warm climate and, for many years, it had a very favorable job market. Albuquerque has been devastated in recent years due to the falling economy.

Albuquerque is suffering from a high unemployment rate. More than 13% of all of construction jobs were lost in Albuquerque during 2010, pursuant to the Associated General Contractors of America. High lay-offs in the construction industry contributed to Albuquerque having a high foreclosure rate.

Savanna, Georgia

Savanna is a beautiful city. It is known for its beautiful old south architecture. The city has a population of approximately 350,000 people. Unfortunately, one in every forty homes is in foreclosure. This amounts to a home being in foreclosure on every three blocks in the city of Savanna. In 2010, Savanna’s foreclosure rate increased by 37%. Some homes in Savanna are now selling for less then $50,000. The cost of the raw materials to build these homes would be more then double this amount!

Tulsa, Oklahoma

Tulsa has a population of about a million people. One out of every fifty homes in Tulsa is in foreclosure. This amounted to a 37% increase during the 2010 calendar year. Although the unemployment rate in Tulsa has been below the national average for the past few years, the foreclosure rate has been increasingly high. Job losses in Tulsa increased by 38% in 2010.

Myrtle Beach, South Carolina

Myrtle Beach, South Carolina, is dependent on vacation home buyers. It is a vacation destination for the majority of the families who spend time there. In 2009, the unemployment rate was over 12% for this city. The unemployment rate dipped to 11.8% in 2010.

During 2010, there was an increase of approximately 45% in the amount of homes going into foreclosure. This is a small increase compared with the increase of 446% for foreclosures in 2009. The huge foreclosure increases in 2009 and 2010 is indicative of the fact that Myrtle Beach is a tourism dependent community. When Americans have financial difficulties, they have less discretionary funds to spend on vacation homes and tourism.

Foreclosure rates throughout the United States are causing pain in many communities. This will delay the economic recovery in the United States.

Stop Foreclosure In Its Tracks

There are legal defenses to foreclosure lawsuits. We litigate foreclosure lawsuits. We assist our clients with mortgage modifications. We attend foreclosure court conferences on behalf of our clients. We litigate defective mortgages, predatory lending issues and defective foreclosure lawsuits. We advise our clients as to whether Chapter 7 or Chapter 13 bankruptcies are the appropriate means to deal with their financial situations.

Read our foreclosure blog. It will help you understand the nature of the foreclosure crisis in the United States and the fact that there are things that can be done to keep you and your family in your home. Feel free to call our foreclosure defense and real estate attorneys at 516-561-6645, 1-800-344-6431 and 718-350-2802 for a free consultation. Call us now, our phones are answered 24/7.

In January 2011, Fewer Mortgage Modifications Were Granted

Mortgage Modifications Were GrantedFinancial institutions granted fewer mortgage modifications in January of 2011 than in previous months. Throughout the country, approximately 101,000 mortgage modifications were granted in January, while more than 111,000 mortgage modifications were granted in December. Of the modifications granted in January, seventy-three thousand were modifications done with lenders and twenty-eight thousand were new modifications under the HAMP program.

Republicans seek to cancel HAMP. The Republican majority in the United States House of Representatives has approved a statute that would end the HAMP program. The democrats in Congress oppose this measure. In the unlikely event that the elimination of the HAMP anti-foreclosure program is approved by Congress, President Obama has stated he will veto this statute.

Mortgage Delinquencies Increase

While the amount of mortgage modifications went down in January of 2011, the number of mortgage delinquencies rose. There were three million home loans that were more then sixty days overdue in January of 2011.

There were 200,000 new foreclosure proceedings in January of 2011. This is down from the 230,000 foreclosure proceedings in December of 2010. In January 2011, 73,000 homes were sold in foreclosure. This was a major increase from the 56,000 homes that were sold in December of 2010.

Long Island and New York City Foreclosure Defense Lawyers

Should you be facing a foreclosure, it is important that you have high quality legal defense as early in the proceedings as possible. We provide foreclosure defense for our clients. We attend foreclosure court conferences. We litigate issues involving defective foreclosure lawsuits, defective mortgages, predatory lending, bad faith on behalf of financial institutions and other real estate matters. We assist our clients in mortgage modifications and, when necessary, we will file either Chapter 13 or Chapter 7 bankruptcies on behalf of our clients. Call us at 1-800-344-6431, 516-561-6645 or 718-350-2802 for a free consultation.

Mortgage Modification Scams

There are companies advertising on the internet that they assist homeowners with mortgage modifications. Sometimes these companies are run by charlatans who are engaged in mortgage modification scams. These companies target the elderly, minority members, and individuals with bad credit.

Sometimes the mortgage scam companies request the mortgage holder to make their payments to them and not to their financial institution. They claim they will take care of the problem at their end. This is always a mistake. If you are going to pay your mortgage, pay it directly to your financial institution.

Another mortgage scam involves the submitting of an application to your mortgage company showing you have a higher income then you actually have. If you can’t afford the mortgage to begin with, you’ll not be able to make your mortgage payments. This will result in your home ending up in foreclosure. This is a route you should not start down.

Mortgage Modification ScamsInterest Only Mortgage Payments

Obtaining a mortgage that requires that you, for a period of time, only make interest payments is also not a wise choice. These type of loans sometimes have balloon payments. In a balloon payment situation, after a period of time you must make a lump sum payment or refinance. Under this type of scam the scammer will tell you that down the road things will be better and you’ll be able to refinance at a lower rate and obtain a better quality conventional mortgage. Don’t bet on it!

Mortgage Modification Attorneys

Under the appropriate circumstances, we assist clients in submitting mortgage modification applications. We also defend our clients in the event their homes go into foreclosure. We attend foreclosure court conferences on behalf of our clients. We litigate issues involving defective foreclosure lawsuits, bad faith on behalf of financial institutions, defective mortgages, predatory lending and other real estate related issues. We maintain a foreclosure blog which is updated regularly concerning various issues related to foreclosure, mortgage modification and real estate matters.

We review our client’s situations carefully and, when appropriate, we file either Chapter 7 or Chapter 13 bankruptcies on their behalf. Call us for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Decimated Home Values

Decimated Home ValuesDuring the last three months of 2010, home values nationwide went down 2.6%. As home values have gone down, foreclosures have increased. The more homes foreclosed and brought onto the market, the greater the over-supply of inventory. In a supply and demand based market place, the greater the supply without a corresponding increase of demand will lead to a continual reduction in the value of homes in the United States.

Phoenix, Arizona: a Hot Spot of Foreclosures

It is estimated that as much as 70% of all of the homes in the Metropolitan Phoenix area are under water (worth less than the amount of mortgages attached to these homes). Las Vegas, Nevada, is also in a similar situation. Recent studies have shown it is less expensive in Las Vegas to buy than to rent a home.

Thirty Percent of the Homes in America are Underwater

Recent studies have shown that approximately one out of every four Americans has no equity in their home. This is an extremely sad state of affairs considering the ownership of a single family home in the past represented the greatest single asset for most American families.

Selling Homes For a Loss

The real estate website Zillow.com recently wrote that in December of 2010, more than 33.3% of all homes sold in the United States were sold at a loss!

There was a period of home stagnation due to the disclosure of “Robo Signing”, which was the name given to faulty bank procedures that rushed into foreclosing homes without the proper paperwork by the banks, and the execution of legal documents by bank officials without reading and examining them as to the truthfulness of their contents. In the fall of 2010, thousands of foreclosures were put on hold for the banks to investigate these problems and correct these deficiencies. Many of the banks have now dealt with these issues and thousands of homes that had their foreclosure stopped are now being aggressively pursued by the financial institutions.

Foreclosed homes are expected to flood the real estate market during the first half of 2011. This will lead to further reductions in home values in localities that are subject to high foreclosure rates. It is expected to be a buyer’s real estate market for the next several years!

Defense of Foreclosure Lawsuits

Law Offices of Schlissel DeCorpo defends foreclosure lawsuits. We aggressively litigate these matters and we appear in court for foreclosure court conferences on behalf of our clients. We submit numerous counterclaims and affirmative defenses to delay and possibly defeat foreclosure lawsuits. We deal with failed mortgage modification programs , defective foreclosure lawsuits, predatory lending issues and financial institutions inability to produce the necessary documents regarding their claims. Our law office has been handling real estate matters for more than three decades. Feel free to review our foreclosure blog, which is updated several times a week. Contact us for a consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

President Obama will not be Successful in Slashing Mortgage Deductions for the Wealthy

Mortgage Deductions For The WealthyPresident Obama wants to limit two popular mortgage deductions utilized by wealthy taxpayers. Unfortunately, the President is meeting a tremendous amount of difficulty from entrenched special interest groups. President Obama has proposed that there be a curtailment of tax deductions for mortgage interest payments and charitable contributions from high-income earners.

President Obama’s proposal is that taxpayers in the 33% and 35% tax brackets will only be allowed to deduct their contributions and mortgage interest payments at a rate of 28%. This would affect taxpayers with incomes of $250,000 and up. It is estimated that this would bring in $321 billion dollars into the federal treasury over a period of ten years. This is not the first time reducing tax deductions for mortgage interest has been proposed. In the past, these proposals have been unsuccessful because of resistance from special interest groups.

Intense Lobbying by the Real Estate Industry

Real estate industry groups, as well as not-for-profit lobbying groups, are lobbying heavily in both the Senate and the House of Representatives against limiting tax deductions for mortgage payments and charitable contributions.

The National Association of Home Builders, through its chief executive Jeffrey Howard, has issued a statement that “this is an attack on the middle class.” Where the housing industry is concerned, capping deductions will have a further negative effect on the housing market. These tax deductions are an incentive for home ownership.

Tom Delaney, the head of the National Council of Non-profits, a network of charity organizations, stated, “we look for every opportunity to help policy makers understand the consequences of different proposals.” The National Council of Non-profits are against limiting these tax deductions. Their position is that limiting the charitable deductions will curtail donations to charities by large donors.

The fifty-four most generous donors in America in the year 2010 gave $3.3 billion dollars to charities. Charities are reliant on donations from wealthy individuals. Charities throughout the country strongly oppose any changes regarding mortgage deductions for individuals who make over $250,000 a year. Individual families in New York State that earn more than $250,000 a year are not wealthy. They are middle class!

Foreclosure Defense In New York

The Law Offices of Schlissel DeCorpo assists it’s clients in applying for mortgage modifications. In situations where the mortgage modifications program fail to approve clients applications, the law office represents them in foreclosure proceedings. Our attorneys attend foreclosure court conferences on behalf of our clients. They defend clients from defective foreclosure lawsuits, predatory lending issues, bad faith on behalf of financial institutions and all aspects of real estate litigation. Call for a free consultation at 516- 561-6645, 1-800-344-6431 or 718-350-2802.

Countrywide Financial’s Chief Executive Avoiding Criminal Prosecution

Executive Avoiding Criminal ProsecutionCriminal charges against Angelo R. Monzilo, the former chief executive of Countrywide Financial, have been dropped. Federal prosecutors in Los Angeles, California, had been investigating Angelo R. Monzilo with regard to various irregularities by Countrywide Financial. Countrywide Financial, at one time, was the largest mortgage lender in the United States.

After Two Years of Investigations, the Case is Closed Against Mr. Monzilo

Initially, regulators were looking into the 140 million dollar sale of Countrywide stock by Mr. Monzilo while the company was teetering on bankruptcy. The decision by prosecutors not to pursue Mr. Monzilo took place after he agreed to be banned from serving as an officer or director of a publicly-held company.

Countrywide Mortgage Practices

As a result of the practices used by Countrywide Mortgage, billions of dollars were lost by investors. Millions of homeowners have had their homes taken from them in foreclosure. The individuals who have caused this mortgage crisis go largely unpunished. Many of them have profited to the tune of millions of dollars as a result of their misdeeds.

Mr. Monzilo, while at Countrywide Financial, was one of the highest paid chief executives in the United States. From the years 2000 to 2008, he earned $521 million. Who says crime doesn’t pay!

Queens, Nassau and Long Island Foreclosure Defense Lawyers

We handle foreclosure defense cases. We represent individuals when banks seek to take their homes from them and put their families on the street. We file mortgage applications on behalf of our clients. When foreclosure proceedings start, we represent our clients and attend foreclosure court conferences. We litigate defective mortgages, bad faith issues, predatory lending and defective foreclosure procedures. We litigate real estate-related issues concerning foreclosure and mortgage modifications. We also will file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. If you need an attorney to stop foreclosure call us at 1-800-344-6431, 516-561- 6645 and 718-350-2802.

Home Prices Decline in Large Cities

Home prices are hitting new lows in many major cities. High foreclosure rates, coupled with high unemployment, stricter lending rules and the public’s fear that real estate prices will continue to decline is causing home prices to go down.

Home Prices Decline In Large CitiesUneven Recovery for the Housing Market

The cities in United States are facing different problems based on the location of the city and the economic situation in that locality. Cities that are built up with little room for new housing starts, such as in the Metropolitan New York area and the coastal cities in California, are experiencing a smaller rate of decline in home prices. Unfortunately many new homeowners are unable to obtain mortgages. Underwriting requirements to purchase a new home are very strict. It is estimated that housing prices will continue to decline in 2011 and, in many cities, will hit new lows.

The Economy is Improving While the Housing Industry is Still in the Doldrums

There has been progress with regard to the economy improving in the last few months. The stock market has been going up for approximately six months. However, the improvements in the economy have not impacted the housing industry. In 2011, the prospects for the housing industry are dismal. It is estimated there will be less construction of new homes this year than in the two previous years. Cities with high unemployment rates and high foreclosure rates are having the most problems in the real estate sector.

Nevada Housing Prices Crushed

Homes in Las Vegas have lost more than 50% of their value since 2006. Las Vegas has one of the highest unemployment rates in the country. One out of every four home sales in Nevada is either a foreclosure or a short sale.

Foreclosure Prospects in 2011

It is estimated that there will be millions of homes going into foreclosure in 2011. It is hopeful that the foreclosure crisis will bottom out in the year 2011 and improve in 2012.

Home Prices Decline In Large Cities-2New York Foreclosure Defense Lawyers

Our office represents clients throughout the Metropolitan New York area regarding foreclosure defense issues. We litigate these matters on behalf of our clients. We attend foreclosure court conferences and explain to the judges our clients’ problems with mortgage modifications. We provide assistance to our clients regarding mortgage modification applications. We help our clients with mortgage modification programs that failed to meet their needs. We maintain a foreclosure blog. We litigate defective foreclosures, bad faith, defective mortgages and predatory lending issues. We litigate all types of real estate related matters on behalf of our clients. If our analysis indicates bankruptcy is the appropriate way to assist our clients with their financial problems, we file either Chapter 7 or Chapter 13 bankruptcies. We stop foreclosure proceedings from proceeding. Call us for a free consultation at 516-561-6645, 718-350-2802 or 1-800-344-6431.

Wells Fargo Faces Penalties in Foreclosure

Wells Fargo Faces Penalties In ForeclosureWells Fargo is currently being investigated by various governmental agencies with regard to illegal practices concerning mortgages and foreclosures. Wells Fargo has been accused of violating fair lending laws by the Security and Exchange Commission.

The company spokesman for Wells Fargo recently stated “with regard to the investigation into foreclosure practices, it is likely that one or more of the government enforcement actions against Wells Fargo will result in civil monetary penalties.” There are also more than half a dozen class action lawsuits pending against Wells Fargo on behalf of homeowners. These lawsuits claim that employees at Wells Fargo executed documents in foreclosure proceedings without having personal knowledge of the facts contained in these documents. The relief requested in the lawsuits against Wells Fargo asks for monitory damages, cancellation of mortgages and other penalties against the bank. Wells Fargo has indicated that they make be facing as much as $1.2 billion dollars in losses related to the pending litigation. This has caused the bank’s share price to go down.

New York Foreclosure Defense Attorney

If you are sued in a foreclosure proceeding, we can help you. The foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo have been assisting homeowners and consumers regarding lawsuits involving financial institutions for more than 45 years. We prepare mortgage modification applications on behalf of our clients. We assist our clients in dealing with mortgage modification programs that fail to provide our clients with the appropriate relief.

We defend our clients in foreclosure proceedings. We defend defective foreclosure lawsuits, defective mortgage issues, predatory lending, and bad faith by financial institutions. We maintain a foreclosure blog to update our clients and the general public concerning issues involving the banking industry, mortgages and foreclosures.

We represent our clients in real estate related litigation. In the appropriate situations we also file Chapter 7 bankruptcies and Chapter 13 bankruptcies on behalf of our clients. If bankruptcies are filed, we help our clients reestablish credit at the end of the bankruptcy procedures. If you need an attorney to stop a foreclosure or help you out of debt feel free to call us. Our office numbers are 1-800-344-6431, 516-561-6645 and 718-350-2802.

Fannie Mae and Freddie Mac

Fannie Mae and Freddie Mac are the two federally-backed agencies that are responsible for the large majority of mortgages in the United States. Congress and the White House are now at odds as to how to deal with these financially ravished, federally-backed agencies.

Steps need to be taken to reform the mortgage business. There has to be greater consumer protection for prospective homeowners. Changes must be made regarding how the mortgage servicing industry deals with prospective homeowners. Mortgage companies must work with borrowers who unfortunately fall behind on their mortgage payments. Action must also be taken to deal with the bundling of loans for sale to investors. These loan bundling schemes were a significant part of the current mortgage crisis.

Democrats and Republicans Both Agree and Disagree

Democrats and Republicans both agree that Fannie Mae and Freddie Mac should not continue to exist. The problem is Democrats and Republicans can’t agree on what should replace them. Both the Democrats and Republicans want the private market place to assume the responsibility currently maintained by Freddie Mac and Fannie Mae. The actual setup of the new organizations is the subject of spirited debate between the two parties in Congress, as well as within the Obama Administration.

Fannie Mae And Freddie MacForeclosure Defense Lawyers in New York

If you have problems with a mortgage modification, we can help you. If you have difficulties dealing with mortgage modification programs that fail to approve your application, we are the lawyers for you. Should you be the subject of a foreclosure lawsuit, we are the lawyers for you. We litigate foreclosure proceedings. We provide foreclosure defense for our clients. We maintain a foreclosure blog to educate our clients and homeowners throughout the Metropolitan New York area with regard to their rights in foreclosure proceedings.

We litigate defective mortgages, predatory lending issues, defective foreclosure lawsuits, bad faith and other related real estate issues. We also assist our clients in filing Chapter 7 and Chapter 13 bankruptcies.

We meet with our clients, we review all of the financial documents related to their mortgage and loan modification and we set up a plan to help keep them in their homes. Feel free to call us at 1-800-344-6431, 516-561-6645 or 718-350-2802. We can help you!!

Foreclosures Represent 12.5% of all Real Estate Sales on Long Island

Real Estate Sales On Long IslandIn 2009, there were 2,836 foreclosure sales of homes on Long Island. This represented 10.7% of all sales of single-family homes on Long Island. In 2010, there were 2,571 homes sold related to foreclosure proceedings on Long Island. Even though the number of homes sold in foreclosure was less in 2010 than the prior year, the percentage of real estate transactions on Long Island related to foreclosure sales grew in 2010.

Foreclosure Home Sales Dominate the Real Estate Market in the U.S.

In 2010, 25% of all home sales throughout the United States were the result of foreclosure proceedings. It is anticipated that the percentage of home sales related to foreclosure proceedings will increase in the year 2011. It is expected that foreclosure sales will increase in 2011 because lenders are getting their act together with regard to providing their attorneys with the appropriate paper work to facilitate foreclosure proceedings through the courts.

John Fitzgerald, a real estate broker in Hauppauge, New York, whose business focuses on foreclosure transactions, stated that he has been told by lenders in New York to “get ready because there are properties coming” with regard to increased foreclosure activity on Long Island.

Foreclosure Defense on Long Island and the Five Boroughs of NYC

Should you find your house in foreclosure, we can help you. We’ll assist you in obtaining a mortgage modification. If you don’t qualify for a mortgage modification and you are sued in a foreclosure proceeding, we can represent you in court.

We will see to it that your rights are protected. We are experienced in dealing with mortgage modification programs that fail to provide the homeowner with the promised relief. We maintain a foreclosure blog to educate our clients and the general public with regard to the foreclosure crisis in the United States.

When foreclosure ensues, we attend foreclosure court conferences on behalf of our clients. We litigate defective foreclosure lawsuits, predatory lending issues, bad faith on behalf of financial institutions and defective mortgages.

Our law office has been handling real estate litigation for more than three decades. Should a Chapter 7 or Chapter 13 bankruptcy be appropriate to deal with your financial situation, we will discuss this issue with you and assist you in filing bankruptcy, if necessary. The filing of bankruptcy will stop foreclosure proceedings from moving forward and in some situations eliminate the security interest created by second mortgages. We can also assist you in reestablishing your credit after you have been discharged in bankruptcy.

Feel free to call us at your earliest convenience at 516-561-6645, 718-350-2802 or 1-800-344-6431. Our phones are monitored 24/7.

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

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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