Foreclosure – Page 36

Buyers Are Still Wary Of Purchasing Homes In New York

April 16, 2012 by Elliot S. Schlissel

The housing market on Long Island did not improve in the month of January 2012. According to Multiple Listing Service on Long Island the median sales price of a home in Nassau County fell 6.1% between January 2011 and January 2012. This brought the median home price down from $410,000 to $385,000. During the same period of time homes in Suffolk County fell 5.2%. With the median price going from $313,000 to $296,800. The volume of homes that were sold also was reduced.

James Retz, a Vice President at Daniel Gale Sotheby’s International Realty in Cold Spring Harbor, stated with regard to the real estate market on Long Island it is “showing a lot of life, but there’s still a lot of caution.”

High Foreclosure Rates

The high foreclosure rates on Long Island continue to have a negative impact on the sales price of homes. There are simply too many homes on the market in Long Island. When you have a lack of equilibrium between the amount homes listed to be sold and the number of purchasers interested in buying homes the market will continue to go down.

Conclusion

It is still a difficult time to sell a house and buyers who are in the market today can obtain substantial bargains.

Real Estate Lawyers

The Real Estate Lawyers at the Law Offices of Schlissel DeCorpo can help you if your home is in foreclosure or if your home is heading toward foreclosure. We can represent you at foreclosure court conferences. We can submit foreclosure defenses in litigation brought by financial institutions against you. A commonly utilized pleading involves defenses such as defective foreclosures, predatory lending, foreclosure fraud, and other real estate related defenses. We can also help you with regard to a forensic audit with regard to your mortgage. Call us and we will discuss your foreclosure options with you.
An additional option when faced with foreclosure is filing a Chapter 7 or Chapter 13 bankruptcy.

Our attorneys are available to discuss foreclosures related to bankruptcy with you. Feel free to call us.

Twenty Five Million Dollar Mortgage Settlement

April 11, 2012 by Elliot S. Schlissel

The Federal Government has recently settled for 25 million dollars with Bank of America, Wells Fargo, JP Morgan Chase, Citigroup, and Ally Financial with regard to pending litigation concerning their improper activities regarding mortgages.

The cases were initially started in 2010. Banks were initially found of guilty of signing off on foreclosures without appropriately reviewing them. The scandal uncovered what has been referred to as robosigning. Robosigning is where bank officials sign documents without reading them. Sometimes as many as hundreds of these documents within a day.

Banks Broke The Law

The banks involved in the robosigning scandal broke the law. As a result of their improper activity thousand of homeowners were evicted from their homes for invalid or nonexistent documentation.

Who Receives the 25 Million?

The exact details with regard to the settlement have not been worked out. However, it is anticipated the money will be allocated as follows:

1. 1.5 billion dollars in cash payments will go to approximately 750,000 qualified homeowners who lost their homes in foreclosure between 2008 and 2011. This works out to about $2000 per homeowner.

2. Banks will agree to 17 billion dollars in principle reductions concerning homeowners who have homes that are underwater and are either at risk of default or currently in default on their mortgages.

3. 3 billion dollars will be allocated to homeowners who are currently paying high mortgage raters or have adjustable mortgages. The adjustable mortgages can be reset to very low interest rates.

4. The balance of the settlement funds will be utilized for consumer protection programs and to establish reforms with regard to the bank servicing agency.

It is estimated that it will take between eight and ten months to set up a methodology of distributing the funds and establishing who the homeowners are that would have to be compensated. The settlement will be thereafter put into effect for a period of 36 months.

Federal officials have suggested that the total amount of funds paid by the financial institutions will end up being as high as 39 billion dollars.

This Is Not Enough

Paul Dales, a housing economist recently stated “you are hardly skimming the surface. It could help some people a lot, individually. But in terms of the big picture, overall economy and housing market, it is really just a drop in the ocean of the problem. Only the five banks mentioned have agreed to this settlement, while mortgages funded by Fannie Mae and Freddie Mac are exempt. This cuts more than half of the homeowners from eligibility right off the bat.”

Punishment for Banks

Experts feel that the 25 billion dollars being paid by the financial institutions will not have a significant impact on dealing with the housing crisis in the United States. While the plan may be flawed, it is a start in the right direction!

Stopping Foreclosure By Filing Bankruptcy

Foreclosure related bankruptcy filing is one of the possible options in dealing with foreclosure problems. Individuals and spouses can file either Chapter 7 or a Chapter 13 bankruptcies. The filing of the bankruptcy immediately stops foreclosures from moving forward, stops debt collection practices and stops creditor harassment. In some circumstances the filing of bankruptcy can eliminate second mortgages. Call us and we can discuss the types of bankruptcy that are available to you and why filing bankruptcy may be in your interest and other foreclosure defense related options.

Attorneys Who Defend Foreclosures In New York

The Long Island foreclosure defense lawyers at The Law Offices of Schlissel DeCorpo have for more than two decades been representing the families in the courts of Nassau and Suffolk Counties. The firm helps clients obtain mortgage modifications. The firm also prepares forensic audits on behalf of clients. If a foreclosure action is started, the firm submits written answers alleging defenses such as predatory lending, defective foreclosure lawsuits and defective mortgages. The firm’s attorneys appear in court for settlement conferenceand pressure the financial institutions to give their clients mortgage modifications.

Foreclosure related bankruptcies are another option to deal with foreclosure lawsuits. Either the filing of a Chapter 7 or a Chapter 13 bankruptcy will bring a foreclosure proceeding to a halt. Either of these bankruptcies can be utilized to stop foreclosures, stop debt collection, and stop creditor harassment. Contact the firm for a free consultation.

Filed Under: Bankruptcy, Current Events, Foreclosure, Foreclosure Defense, Mortgage Modification, Uncategorized Tagged With: bankruptcy, bankruptcy attorneys, Bankruptcy mortgage modification, Chapter 13, Chapter 13 bankruptcy, Chapter 7, defective foreclosure lawsuits, financial crisis, foreclosure, foreclosure attorney, foreclosure defense, foreclosure defense attorneys, mortgage

Mortgage Services Agree to 25 Billion Dollar Settlement For Their Improper Activities Regarding Mortgages

April 6, 2012 by Elliot S. Schlissel

Seven Hundred and Fifty Thousand Americans who lost their homes in foreclosures between 2008 and 2011 will be able to qualify for up to $2000 in reimbursement from a settlement worked out with large financial institutions.

New York Attorney General Eric Schneiderman

New York Attorney General Eric Schneiderman played a key role in working out the settlement with the large financial institutions. However this settlement doesn’t excuse criminal activity on behalf of the mortgage services. Schneiderman has stated that he will keep pursuing his investigation with regard to mortgage abuses.

Schneiderman said “there are huge tax fraud implications to some of the stuff involving mortgages that we went on.” The large financial institutions involved in the settlement are Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and Ally Financial Services.

Too Little Too Late

The $2000 dollars being paid to people who lost their homes is much too little and it is being paid much too late. Schneiderman stated that the settlement is just a down payment. He intends on pursuing interest and further penalties on the financial servicing companies.

Long Island Foreclosure Lawyers

The Long Island foreclosure defense lawyers at The Law Offices of Schlissel DeCorpo have for more than two decades been representing the families in the courts of Nassau and Suffolk Counties. The firm helps clients obtainmortgage modifications. The firm also prepares forensic audits on behalf of clients. If a foreclosure action is started, the firm submits written answers alleging defenses such as predatory lending, defective foreclosure lawsuits and defective mortgages. The firm’s attorneys appear in court for settlement conferenceand pressure the financial institutions to give their clients mortgage modifications.

Filed Under: Bankruptcy, Current Events, Foreclosure, Foreclosure Defense, Mortgage Modification, Uncategorized Tagged With: bankruptcy, bankruptcy attorneys, Bankruptcy mortgage modification, bankruptcy proceedings, Chapter 13, Chapter 13 bankruptcy, Chapter 7, defective foreclosure lawsuits, foreclosure, foreclosure attorney, foreclosure defense, foreclosure proceedings, mortgage modifications

Foreclosures On Long Island Are Expected To Increase In 2012

April 4, 2012 by Elliot S. Schlissel

According to Realty Trac, foreclosures in December of 2011 in Nassau and Suffolk Counties fell by 34%. There are several reasons why foreclosures rates slow down at the end of the year. Banks traditionally have hesitated to foreclose on homes and put people on the street at Christmas time. In addition the paperwork concerning foreclosure has been backlogged at financial institutions and there are currently delays in the courts related to the courts being overwhelmed by the volume of foreclosures that have already been initiated by financial institutions.

New Defenses In Foreclosure Proceedings

Prior to a lender bringing a foreclosure action, the lender and the lender’s attorney must make sure that they have all the appropriate paperwork to document the foreclosure proceeding. They must prove they actually are the appropriate party to bring the foreclosure action.

Foreclosed Homes Depress Real Estate Market

The large number of foreclosed homes on Long Island has had a depressing effect on the real estate market. Prices are being forced down due to the high volume of foreclosed homes that are still on the market unsold.

It is estimated it takes about three years for a home to go from foreclosure to sale in the State of New York. It is anticipated as lenders become more adept at qualifying their paperwork the foreclosures in the 2012 will increase to make up for the backlog that currently exists. It looks like there will be much more pain felt by families on Long Island during 2012.

Long Island Foreclosure Lawyers

The Long Island foreclosure defense lawyers at The Law Offices of Schlissel DeCorpo have for more than two decades been representing the families in the courts of Nassau and Suffolk Counties. The firm helps clients obtain mortgage modifications. The firm also prepares forensic audits on behalf of clients. If a foreclosure action is started, the firm submits written answers alleging defenses such as predatory lending, defective foreclosure lawsuits and defective mortgages. The firm’s attorneys appear in court for settlement conference and pressure the financial institutions to give their clients mortgage modifications.

Foreclosure related bankruptcies are another option to deal with foreclosure lawsuits. Either the filing of aChapter 7 or a Chapter 13 bankruptcy will bring a foreclosure proceeding to a halt. Either of these bankruptcies can be utilized to stop foreclosures, stop debt collection, and stop creditor harassment. Contact the firm for a free consultation. We will discuss all of your foreclosure and/or bankruptcy options. We will keep you in your home!

Filed Under: Bankruptcy, Current Events, Foreclosure, Foreclosure Defense, Mortgage Modification

Strategic Defaults

April 3, 2012 by Elliot S. Schlissel

Walking Away From Your House

Strategic default is the new concept in how homeowners are dealing with mortgages on homes that are underwater. A strategic default is simply when you stop paying your mortgages. Many homeowners are considering strategic defaults on their mortgages. It is estimated that over eleven million homes are now underwater in America. More than three and a half million homeowners are behind in their mortgage payments. There are already a million and a half homes currently in the foreclosure process.

The New York Federal Reserve estimates that there are an additional 3.6 million foreclosures that will be taking place in the next few years. Does it make sense to keep paying a mortgage on a home where it will be many years before the home regains its former value? A columnist named James Surowiecki recently wrote in the New Yorker Magazine that paying mortgage payments for a home that is underwater is “setting a pile of money on fire every month”.

Mortgage Payments: A Moral Quandary?

For some families there is a moral quandary in making the decision to stop making mortgage payments on a home that is underwater. Should families be embarrassed or feel they are going to lose respect as they break their mortgage contract obligations and stop paying their mortgage? Companies utilize the bankruptcy process to default on their financial obligations when they feel it is appropriate. So why shouldn’t individuals consider it is a business decision as to whether they should pay their mortgage payments when their home is underwater and it is unlikely it will ever get back to its former value at anytime in the near future?

Penalties For Not Paying Your Mortgage

Obviously the first penalty is that your home will eventually go into foreclosure. However the foreclosure process in the State of New York, as in most other states, is a slow process. This means you won’t be forced to leave your home in the short run.

The second issue involves your credit score. Not making mortgage payments will definitely have a negative impact on your credit score. It is estimated that your credit score will go down a minimum of 85 to 100 points if you default on making mortgage payments.

Strategic default is not something to be taken lightly. It should be considered as a last option. Your first option should be to make a mortgage modification. Mortgage modifications allow you to rework your mortgage to more favorable terms.

If you decide to strategically default you should save the funds that had formally been allocated to make mortgage payments. This will give you the ability to retain an attorney to fight the foreclosure in court. It will also give you money for a down payment on an apartment that you may need to rent down the line.

Tax Implications of Strategic Defaults

If a portion of your debt is forgiven by a financial institution the forgiven amount is considered taxable income by the Internal Revenue Service. You may end up receiving a 1099 from your bank that you will have to declare on your income taxes. You should talk to a tax professional with regard to how to handle this tax issue.

Strategic defaults are not for everybody but more and more people are making this choice!

Foreclosure Lawyers

If your house is in foreclosures we can help you. The Law Offices of Schlissel DeCorpo have been helping New Yorkers stay in their homes. To start with we can help you with the mortgage modifications. We are familiar with the problems mortgage modification programs have. We can also assist you with a forensic audit with regard to your mortgage. Should you be served with a summons and complaint we will appear in court for you and attend settlement foreclosure conferences. During these conferences we will press the financial institutions to cooperate in giving you a mortgage modification. We will submit answers to the formal compliant submitted by the banks. Our answers will allege defenses such as defective mortgages, defective foreclosure law suits, predatory lending, foreclosure fraud and other real estate related defenses.

We will advise you with regard to all of your foreclosure options. One of your options may be a foreclosure related bankruptcy. There are two types of bankruptcies that can be utilized in foreclosure. A Chapter 7bankruptcy and a Chapter 13 bankruptcy. There are benefits and drawbacks to each of these bankruptcies. When you file bankruptcy it immediately stops creditor harassment. All debt collection activity has to come to an end when a creditor receives notice of a bankruptcy filing. Foreclosure proceedings also are immediately frozen upon the filing of a bankruptcy. At the end of the bankruptcy process you receive adischarge of your debts. We educate our clients with regard to reestablishing credit and the end of the bankruptcy. There are many bankruptcy myths such as you will never receive credit again that are simply untrue. At your initial free consultation with our office will we describe the bankruptcy process. We will explain to you what bankruptcy exemptions are and why it may be necessary to file bankruptcy. Feel free to call us for a free consultation 1-800-344-6431, 516-561-6645 and 718-350-2808.

Filed Under: Bankruptcy, Current Events, Foreclosure, Foreclosure Defense, Mortgage Modification, Uncategorized Tagged With: bankruptcy, credit score, forensic audit, Internal Revenue Service, mortgage, mortgage modification, mortgage penalties, New York foreclosure lawyers, strategic default

The Mortgage Crisis and President Obama

April 2, 2012 by Elliot S. Schlissel

There was a mortgage meltdown in the United States more than four years ago. President Obama, in his State of the Union Address, recently discussed investigating irregularities with regard to how mortgages were handled in the United States. The President stated there will be a fresh investigation into mortgage abuses. He said his goal was to “hold accountable those who broke the law, speed assistance to homeowners and help turn the page on an era of recklessness that hurt so many Americans.” I wonder whether this was election year speech or is the President going to finally take the appropriate action necessary to find and punish the real villains of the mortgage crisis.

Fifty Months With No Significant Prosecutions

More than fifty months into the mortgage crisis in America all prosecutorial actions of the Federal government have been very narrowly focused. These civil lawsuits are looking for fines do not impact on the huge level of profits made by the illegal inappropriate activities of the mortgage lenders that led to the financial meltdown in the United States. To date there have been no significant criminal prosecutions against the major mortgage lenders in the United States.

I am concerned this new investigation will be more of a public relations campaign to help President Obama be reelected and not a detailed look into who should be the subject of criminal prosecution with regard to mortgage irregularities in the United States. The president must make sure the individuals charged with conducting this investigation are given real power to prosecute those individuals and organizations that abused their public trust causing trillions of dollars in damages and millions of Americans to lose their homes. The President, to restore the public faith in the financial system in the United States, must conduct a full investigation and hold all those individuals responsible for the mortgage crisis in America accountable for their inappropriate and/or illegal acts.

Foreclosure Defense

If your home is in foreclosure you should hire an experienced lawyer to defend your case. Elliot Schlissel was a former President of the Commercial Lawyers Conference in New York. His initial experience was in representing financial institutions collecting on loans and credit cards from debtors. Elliot has used his vast experience in representing the banks to help individuals whose homes are in foreclosure defend themselves from attorneys representing the banks. His law office appears in court for foreclosure settlement conferences. They draft answers alleging defenses such as defective mortgages, predatory lending,foreclosure fraud and other real estate defenses. They provide clients with all foreclosure defense options at the initial consultation.

The law office also files bankruptcies on behalf of their clients. Both Chapter 7 and Chapter 13 bankruptcies will stop foreclosures from moving forward. Filing a bankruptcy can eliminate second mortgages, stop foreclosures, stop debt collection practices and eliminate creditor harassment. At the end of the bankruptcy process the firm can educate you as to how to rebuild your credit. Call for a free consultation.

Filed Under: Bankruptcy, Current Events, Foreclosure, Foreclosure Defense, Mortgage Modification

Mortgage Mistakes – Part II – Shop Around But Be Careful

March 15, 2012 by Elliot S. Schlissel

Many prospective home owners get conned with regard to too good to be true mortgage deals. Mortgage deals that are too good to be true often involve negative amortization. This is when the principal amount you owe goes up every month because you are not even paying the entire amount of the interest on your home. Interest-only mortgages also should be avoided if possible. In an interest-only mortgage the amount you owe never decreases.

Locking In Mortgage Rates

Mortgage rates can change on a daily basis. They can go up or they can go down. If you like the mortgage rate that has been offered to you, you should speak to the mortgage broker or the individual handling the mortgage and have the rate locked in. Once the rate is locked it is guaranteed for a specific period of time. You should also make sure you receive the lock-in of your mortgage rate in writing.

Hire The Right Lawyer

Buying a home may be the largest single purchase you make in your lifetime. You should speak to friends, relatives, and do online research to make sure you are hiring an experienced and well thought of attorney. The attorney will be in a position to assist you in through all aspects of your home purchase as well as advise you with regard to the mortgage process.

Foreclosure Lawyers

If you have foreclosures problems, the Law Offices of Schlissel DeCorpo can help you. Our law office represents individuals with regard to all aspects of mortgage modifications and foreclosure related issues. We attend foreclosure settlement court conferences for our clients. We litigate issues concerning defective foreclosures law suits, predatory lending, foreclosure fraud, and other real estate problems. We represent our clients in filing foreclosure related bankruptcies when appropriate. The filing of a Chapter 7 or a Chapter 13 bankruptcy can stop foreclosures from moving forward. In some situations these bankruptcies can eliminate second mortgages, stop debt collection practices and eliminate creditor harassment. At the end of the bankruptcy process we can assist our clients in reestablishing credit. Call us for a free consultation. We can help you save your home!

Filed Under: Bankruptcy, Foreclosure, Foreclosure Defense, Mortgage Modification, Uncategorized

Mortgage Mistakes – Part I

March 13, 2012 by Elliot S. Schlissel

Applying for a mortgage can be a complex process. How much to ask for, how much you will qualify for, getting approved and closing on the sale of a home can be difficult to say the least. There are a number of potential problems that you should avoid when looking to obtain a mortgage. Here a list of some of those problems.

Credit Check

First thing you should do before applying for a mortgage is buy a credit report for yourself. This can be easily obtained online. You should ascertain what you credit score is. If your credit score is low there are procedures that can be taken to raise your credit score.

Maintaining Assets

Banks will look to the assets you have in your checking and savings accounts when you apply for a mortgage. Should a family member, friend, or loved one be making a cash contribution towards the down payment it would be in your interest to let those funds stay in your account for a period of time to boost up your standing with the bank you apply for a mortgage with. Underwriters do not like to see transfers of funds into your bank account shortly before you apply for a mortgage. They will think it is fishy!

Steady Employment

Mortgage underwriters like to see that you have a stable job. Individuals who frequently change jobs have difficulty in obtaining mortgages. It is less problematic if you are moving within the same general field. Mortgage lenders do not like to see individuals recently making a career change and then applying for a mortgage.

Total Housing Payments

Many potential homeowners do not understand what compromises a mortgage payment. Mortgage payments consist of principle, interest, taxes and insurance on the dwelling. New homeowners often make the mistake and only think about the cost of the repayment of the principle and interest on their home. They do not take into consideration property taxes, interest and insurance payments.

Don’t Apply For New Credit And Then Apply For A Mortgage

Mortgages lenders do not take kindly to individuals applying for other types of credit at the same time they’re applying for a mortgage. In an underwriters eyes this makes you a greater risk a credit default. If you should be applying for new credit cards or personal loans at the time you are applying for a mortgage the duplicate applications may have a negative impact on your credit report.

Hire Experienced Foreclosure Defense Lawyers

The Law Offices of Schlissel DeCorpo are currently litigating numerous foreclosure defense cases throughout the metropolitan New York area. For more then 45 years the law firm has been representing individuals with financial difficulties. The first step in a foreclosure lawsuit is to put in a written answer. Affirmative defenses such as defective foreclosure lawsuits, predatory lending, foreclosure fraud, defective mortgages and a variety of other real estate based defenses can be plead depending on the circumstances involved in the case.

After an answer is submitted, the court will schedule a foreclosure settlement conference. At the conference the court will seek to have the parties amicably resolve the case. The court will inquire as to whether mortgage modifications have been applied for. Our law firm’s experienced in handling foreclosure defense cases for numerous clients has established the firm as being one of the premier foreclosure defense law firms on the East Coast of the United States. We have an excellent success rate in keeping our clients in their homes. Feel free to call our law office to discuss your foreclosure defense options.

Filed Under: Bankruptcy, Foreclosure, Foreclosure Defense, Mortgage Modification, Uncategorized

Foreclosures Can Make You Sick

March 9, 2012 by Elliot S. Schlissel

Are you losing your home? Certainly this would make you unhappy, but can it make you sick? A recent study shows that the foreclosure crisis is having more than just an economic toll on Americans. It is making Americans sicker! Janet Curry, co-author of a study published by the National Bureau of Economic Research states “our findings prove that yet again economic well being and physical well being are connected. The foreclosure crisis is having a significant impact on mental health as well as on a wide range of preventable conditions that are susceptible to stress.”

Studies Regarding Foreclosures and Health Problems

Researchers conducted studies in California, Arizona, Florida and New Jersey. These are states that have significant foreclosures problems. First, the studies showed that for every one hundred foreclosed properties in a community the emergency room and admission rates in local hospitals increased by almost seven and a half percent. This is the greatest areas of increases were related to hypertension and diabetes. Hospital admissions and outpatient care related to anxiety increased to over twelve percent.

Louis Allen, the mental director at the Florida Hospital Center for Behavioral Health stated, “[w]e’ve seen more patients under financial stress whose mood, hypertension and diabetes are worsening. Often these patients feel so overwhelmed they don’t do what they need to do to take care of their conditions.” He stated further that “when stress hormones rises these conditions get worse.” Allen pointed out that “the housing crisis is forcing more families to move in together. This often causes increased friction and arguments. This can lead to the consumption of alcohol, and substance abuse problems, high levels of anxiety and even suicides.”

What To Watch Out For

Financial problems and stress related to these problems can affect virtually every area of your health. They can create eating disorders and sleeping disorders. They can push you into consuming alcohol or other drugs. Individuals under financial stress need healthy outlets for their anxiety. Physical activity, going to a gym and participating in all types of athletic programs are healthy ways of dealing with stress and anxiety. So if you have problems related to your finances, consider seeing a debt counseling center and a therapist. Don’t let your financial problems drive you to drink or other inappropriate activities.

Foreclosure Defense and Bankruptcy

If you are served with a summons and complaint or threatened with foreclosure you should contact a foreclosure defense lawyer. The foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo for more than 45 years have been helping clients deal with foreclosure problems. We submit applications on behalf of our clients for mortgage modifications. We handle forensic audits. We litigate issues such as defective mortgages, defective foreclosure law suits, predatory lending, foreclosure fraud and other real estate related legal problems. We appear in court for foreclosures settlement conferences on behalf of our clients. We also file foreclosures related bankruptcies for our clients.

Bankruptcy

Individuals have two types of bankruptcies they can file, either a Chapter 7 or a Chapter 13 bankruptcy. Chapter 7 is a straight bankruptcy. While a Chapter 13 is a repayment plan of between three and five years. Either of these types of bankruptcies can help. Filing bankruptcy can eliminate second mortgages, stop foreclosures from moving forward, stop debt collection activities and eliminate creditor harassment. At the end of the bankruptcy we can educate you on how you can reestablish your credit. Call our office should have foreclosure or bankruptcy questions or you are worried about losing your home! Our office phone numbers are 1-800-344-6431, 516-561-6645 and 718-350-2802.

Filed Under: Bankruptcy, Foreclosure, Foreclosure Defense, Mortgage Modification, Uncategorized

Summer Home Sales Hit New Lows

January 31, 2012 by Elliot S. Schlissel

The depressed real estate markets in the United States reach a new low in July, 2011. Home sales fell 3.5% during this month. This brought home sales to the lowest point in the last 13 years. Home prices keep falling. This makes it harder and harder for individuals to sell their homes. The reduction in home values has been a driving force in the economic problems in the United States. Consumers who feel the value of their home is going down are disinclined to spend money on every day purchases. There is a negative effect on the economy in the United States when consumers believe their homes are losing value.

Difficulties In Purchasing New Homes

Banks now require larger down payments before a new homeowner can purchase a home. In addition, lending rules have become very stringent. New home buyers also are concerned that the home they purchase will be worth less money in the future. Why buy now if things will only get less expensive in the future, is the motto of many perspective home buyers. So they sit and wait and watch the real estate market continue to decline. The wait and see approach by new home purchasers is causing the inventory of homes on the market to increase. As the inventory of new homes for sale on the real estate market increasing, it creates a downward pressure on the sales price of these homes.

Appraisals Killing Home Sales

When a purchaser decides to buy a home they must apply to the bank for a mortgage. The bank thereafter sends their appraiser out to appraise the home. In recent months these appraisals are coming back with information indicating the homes are worth less than the perspective purchaser is in contract to pay for it. This often kills the real estate deal.

Home Prices Falling By More Than 5% In 2011

Economists have estimated that home prices will decline between now and the end of the year by an additional 5%. This is unfortunate. The ownership of a single family home was the American dream. The dream seems to be turning into a nightmare!

New York Foreclosure Lawyers

Is your home in foreclosure? If so, we can help you. For more than 45 years the Law Offices of Schlissel DeCorpo has been assisting our clients with foreclosure related issues. We can represent you in obtaining a mortgage modification and dealing with mortgage modification programs maintained by financial institutions. Should you be sued in a foreclosure proceeding, we can represent you and appear in court at foreclosure court conferences. We will interpose a written answer on your behalf dealing with all appropriate legal defenses which may include defective foreclosure lawsuits, defective mortgages, predatory lending, violation of federal laws in foreclosure and other real estates related defense theories. In appropriate situations we may recommend the filing of a foreclosure related bankruptcy. The filing of a Chapter 7 or Chapter 13 bankruptcy will stop foreclosure from moving forward. It will also, in some circumstances, eliminate second mortgages. Call us for a free consultation, we will discuss whether filing bankruptcy may be in your interest and all other foreclosure related options. Our phones are monitored 24/7. Call us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

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Filed Under: Foreclosure

Buyers Are Still Wary Of Purchasing Homes In New York

Twenty Five Million Dollar Mortgage Settlement

Mortgage Services Agree to 25 Billion Dollar Settlement For Their Improper Activities Regarding Mortgages

Foreclosures On Long Island Are Expected To Increase In 2012

Strategic Defaults

The Mortgage Crisis and President Obama

Mortgage Mistakes – Part II – Shop Around But Be Careful

Mortgage Mistakes – Part I

Foreclosures Can Make You Sick

Summer Home Sales Hit New Lows

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