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appraisalLow Appraisals

The real estate crisis in America has caused Financial Institutions to become very conservative with regard to approving mortgages for prospective homeowners. Bankers have put pressure on the appraisers they use to be very conservative in the valuation of homes. Restrictive loan underwriting requirements are causing many homes to be valued at 15 to 20% less than the actual market value. This has resulted in prospective home purchasers backing out of real estate deals due to a lower than anticipated appraisals.

Real Estate Appraisal Problems

During the days of the real estate boom, financial institutions accepted appraisers’ inflated home values so the prospective purchasers could obtain larger mortgages. Since the time the real estate bubble burst, new home purchasers have found that the appraisers working for financial institutions are now under valuing homes. In April of 2011, the medium national home price in the United States was $163,700. This was a 5% reduction from the median value of a single family home since April, 2010.

lawForeclosure Lawyers

Our law office can help you save your home. We fight foreclosure proceedings!!! We help our clients obtain mortgage modifications. We litigate defective mortgages, predatory lending, bad faith, defective foreclosure lawsuits and real estate issues. We are familiar with the State and Federal laws the banks must comply with in foreclosure proceedings. We attend court conferences for our clients and we try to motivate the financial institutions to enter into mortgage modification programs with our clients. Sometimes we advise our clients to file either a Chapter 7 or Chapter 13 bankruptcy, which immediately stops foreclosures from moving forward. We also can assist our clients in re-establishing their credit after filing for bankruptcy. Contact us for a free consultation. Thank you for visiting our foreclosure blog.

The Public’s Outlook on Real Estate on Long Island

Outlook On Real Estate On Long IslandProspective homeowners on Long Island have shown more interest about real estate ownership this spring then they have shown in the past few years. A new poll showed that consumers felt the real estate market was moving in the correct direction.

Buyers’ Market

Prospective homeowners on Long Island take the position that they are in control of the market place. It is a “buyers’ market.” Although the sentiment is favorable, this has not translated into an increase in the number of homes that have been purchased on Long Island. Don Levy, the director of Ciena Research Institute, recently stated, “the current view toward buying is extremely positive on Long Island. Right now the seller is losing and the buyer is winning and that tension is more acute on Long Island than it is in any other area of the state we measure.”

Sellers are at a Disadvantage

Liz English is the president of the Long Island Board of Realtors. She is also an associate broker at Netter Real Estate, located in West Islip, Long Island. She recently stated that some may view sellers at a disadvantage, but she does not. “With interest rates where they are now the buyers are there” English said. She believes it is an opportunistic market for both buyers and sellers. Houses are being sold for reasonable rates and buyers can obtain low interest mortgages. She feels this is a “win-win” situation for all involved.

English stated that she sees a trend concerning increases in the amount of purchases of homes on Long Island. She hopes this will continue into the near future.

Foreclosure Defense Attorneys

Filing a bankruptcy is one avenue to take to stop foreclosures from moving forward. Individuals can file Chapter 7 and Chapter 13 bankruptcies. These bankruptcies are usually filed by individuals and not by corporations. After filing bankruptcy you can re-establish credit and, in some circumstances, eliminate second mortgages.

Individuals and families whose homes are in foreclosure can also fight the foreclosures in the New York State courts. Foreclosure defense in the New York State courts can involve litigating issues concerning predatory lending, defective mortgages and defective foreclosure lawsuits. There are mandatory foreclosure court conferences in the state courts of New York. The Judges at these conferences try to motivate banks to work out mortgage modifications with individuals whose homes are in foreclosure. The courts can put pressure on the banks concerning mortgage modification programs that fail to meet the consumers needs. Feel free to call our office for a free consultation. At our initial meeting, we will provide you with an explanation of all of your foreclosure options. If you are reading this article, you are on our foreclosure defense blog.

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