The foreclosure mess in the United States is reeking havoc regarding the prices of single family homes. The uncertainty of the status of litigated foreclosure proceedings is depressing the market for single family homes in the United States. The problem with the foreclosure crisis in the United States is getting more and more coverage from the written press, T.V. , radio and internet outlets.
There have been numerous articles, T.V. investigative reports and disclosures concerning short cuts in paperwork and so called “robo signers of affidavits”. The state and federal investigators are now hounding the banks with regard to these procedures.
Coldwell, chief of the home ownership preservation office of the treasury, has stated “together the two factors many excerpt downward pressure on over all housing prices both in the short and long run”.
States with the greatest concentration of foreclosures are having the most problems with home values. These states include Nevada, Florida, Arizona and California.
Banks Halts Foreclosure Proceedings
Many banks have halted all foreclosure proceedings. What is obvious in this situation is even if the foreclosure proceedings are based on faulty paperwork, the homeowners are not making their mortgage payments. Unless mortgage modifications or
other actions are taken sooner or later the homeowners will lose their homes.
Bank Mistakes
Many homeowners claim that they have been the victims of bank mistakes, predatory lending and mortgage scams. Numerous stories have been written about homeowners that have been taken advantage of. However the large majority of homeowners involved in buying homes and obtaining mortgages clearly understood what they were getting into. Unfortunately the economy went south, jobs were lost, incomes were reduced and homeowners found themselves unable to make mortgage payments.
Hopefully banks will cooperate with mortgage modifications and the real estate market in the United States will recover.
About Our Firm
For more than 45 years our law firm has assisted individuals with mortgage modifications, foreclosure defense and lawsuits involving creditors. We have expertise in defending homeowners in foreclosure lawsuits. We have litigated cases involving predatory lending practices. We are also familiar with the issues involving failed mortgage modification programs. Should you, a friend or family member be involved in a foreclosure. You need a foreclosure defense attorney to represent you. Our experience in representing individuals in all aspects of foreclosure defense including but not limited to foreclosure defenses and litigating foreclosure issues makes us one of the foremost foreclosure defense law firms in the metropolitan New York area. Feel free to call us for a free consultation at 516-561-6645, 718-350-2802 or 1-800-344-6431. We are available 7 days a week.
