Foreclosure Strategies
May 10 2018
The best way to deal with a foreclosure is to take aggressive legal action when the foreclosure laws... [Read More...]
June 1, 2011 By
Saturated Real Estate Markets
The current level of foreclosures have saturated most of the real estate markets in the United States. The banks are slowing down their foreclosure procedures to avoid having a further negative impact on the homes that are already on the market waiting to be sold.
Due to the concern by many large financial institutions about further flooding of the real estate market, they have liberalized some of their programs on mortgage modifications. In March of this year, more than 75,000 mortgage modifications were granted by financial institutions. This represented a 26% increase in the number of new mortgage modifications approved by banks since February of 2011.
Declining Home Prices
As home prices continue to decline, more and more homes become under water (worth less then the amount of their mortgages). This unfortunately creates an incentive for mortgage holders to default on their loans and walk away from their homes. It is estimated that approximately 30% of all single family homes in the United States are currently under water. If banks put more homes into foreclosure, the number of homes that are worth less than the amount of the mortgages on them will increase and continue to accelerate the downward spiral in home values. Some experts are predicting that home values will decrease in 2011 by 7% to 9%.
Conclusion: The Housing Crisis is Far From Over
It is estimated that the market for single family homes will not return to a normal housing market until 2014!
The Law Offices of Schlissel DeCorpo is considered by many to be the premier foreclosure defense law firm in the Metropolitan New York area. We represent our clients concerning mortgage modifications and we deal with mortgage modification programs that fail. We litigate all aspects of foreclosure defense including, but not limited to, defective mortgages, defective foreclosure lawsuits, predatory lending and other real estate related defenses. We attend foreclosure court conferences for our clients. At the time of the initial consultation, we provide our clients with all foreclosure options, which also includes discussion of filing Chapter 7 and Chapter 13 bankruptcies, which stop foreclosures upon the filing. Feel free to call for free consultation. Thank you for visiting our foreclosure blog.