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 21, 2011 By
Pre-Recession Delinquency Rates
The normal pre-recession delinquency rate in the United States is 2.5%. One of the reasons why delinquency rates and mortgages are so high is because the foreclosure process in most states takes a long time. There are currently almost four million homeowners that are behind in paying their mortgages in the United States. As more and more homes go into foreclosure, the time it takes for the foreclosures to work their way through the courts, to get the home on the market to be sold, continues to grow. New York State has a slow foreclosure system. Foreclosures in some counties in New York can take up to two years before the home is sold.
Unemployment and Mortgage Delinquency Rates
There is a direct correlation between unemployment rates in the United States and the number of homeowners who are behind on their mortgages. The value of homes continues to fall in the United States. This acts as a negative factor in motivating homeowners with no equity in their property to continue to make their mortgage payments.
For the housing crisis to be stabilized, more Americans need to be employed so they will have sufficient funds to make the payments on their mortgages.
If your home is in foreclosure, we can help you! For more than two decades the Law Offices of Schlissel DeCorpo has been one of the premier law firms in the Metropolitan New York area helping homeowners keep their homes. We provide foreclosure defense legal services. We litigate defective mortgages, defective foreclosure lawsuits, predatory lending, bad faith by financial institutions and all types of real estate related proceedings. We assist our clients with mortgage modifications and we deal with mortgage modification programs that fail to meet our clients’ needs. We attend foreclosure court conferences for our clients and we try to motivate the lenders to enter into mortgage modifications, which reduce our clients’ mortgage payments.
We explain foreclosure related bankruptcy proceedings to our clients. If the situation calls for it, we file either Chapter 7 or Chapter 13 bankruptcies for our clients. These bankruptcies stop foreclosures and, in some situations, eliminate second mortgages. We also assist our clients in re-establishing credit after they file bankruptcy. Feel free to call us for free consultation. Thank you for visiting this foreclosure blog.