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!
