Making Timely Mortgage Payments

Making Timely Mortgage PaymentsMany homeowners are making late payments on their mortgages. The percentage of mortgage holders who make late mortgage payments is high compared to the normal delinquency rate on mortgages.Las Vegas and Nevada are the states with the two highest mortgage delinquency rates in the country. The delinquency rate in Florida is 14.3%, and the delinquency rate in Nevada is 15.9%. Although the delinquency rate concerning homeowners making timely payments on mortgages has gone down from last year, it is still very high in these two states. Arizona was the state with the next highest mortgage delinquency rate. Its delinquency rate is 9.14%. The lowest delinquency rates in the country are in North Dakota and South Dakota, with rates of 1.54% and 2.53, respectively.

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.

Bankruptcy and Foreclosure

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 a free consultation. Thank you for visiting this foreclosure blog.

Foreclosure Crisis Continues

Foreclosure Crisis ContinuesForeclosure rates are going down. April of 2011 was the seventh month in a row that the number of homes that banks and other financial institutions initiated foreclosures against declined. There were 34% less foreclosure proceedings brought in April of 2011 than in April of 2010. Although this seems like good news, it is not! Rick Sharga of Reality Trek recently stated that, even with the decline in the foreclosure rates, there were still 225,000 foreclosures initiated during the month of April. There are more than 3.7 million families that are more than 90 days behind on their mortgage payments. In the past, almost all of these homes would have been put into foreclosure. However, the large majority of these homes are still not in foreclosure. Banks are under a microscope by regulatory agencies concerning their foreclosure procedures. They are now making sure that they “dot their i’s” and “cross their t’s” on all new foreclosure proceedings they initiate.

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.

Mortgage Modification

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!

Foreclosure Defense

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 a free consultation. Thank you for visiting our foreclosure blog.

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

This is attorney advertising. This website is designed for general information purposes only. The information presented on this website shall not be construed to be legal advice. If you have a legal problem you should consult with an attorney.

Copyright © 2018 By The Law Offices of Schlissel DeCorpo. All Rights Reserved. Concept, Design and Hosting by GetLegal Web Development Team.