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.

Foreclosure

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.

The Real Cost of Home Ownership

Individuals and families purchasing their first home usually ponder over how large a mortgage they can afford to pay. There are a variety of other costs that should be taken into consideration when purchasing a home. Homes require maintenance. Appliances break, roofs leak and there are numerous other types of maintenance problems homeowners must anticipate. These include landscaping, pest control, plumbing problems and the maintaining of the heating and air conditioning systems. These costs must be taken into consideration when purchasing a home.

Utilities

Homes must be heated and in the summer they may need air conditioning. The price of fuel oil and gas have been going up for the past few years. You should obtain the expense records from the previous owner for the utilities including heating, gas, oil and electric before purchasing a new home. These costs should be built into your monthly budget.

Homeowners Insurance

It is necessary to maintain casualty insurance on your home. This would repay either you or the bank should your home be damaged in a fire or through other circumstances. Sometimes this expense is built right into the mortgage payment. If you’re paying this expense directly, you should take this into account when budgeting for a new home.

Home Improvements

When a car gets old, you either fix it or you purchase a new car. When you own a home, besides from maintaining it, sometimes it becomes necessary to make improvements to maintain your quality of life. Home improvements involve planning, time and money.

Emergency Fund

One never knows when an emergency will take place. In these situations, it’s important to have a nest egg to bide you over during an emergency.

New York Foreclosure Defense

If your home is in foreclosure, you need a foreclosure defense lawyer. Call us. This is what we do! We litigate numerous foreclosure defense issues including, but not limited to, defective foreclosure lawsuits, predatory lending, bad faith, defective mortgages, and other real estate related issues. We attend court conferences on behalf of our clients and we keep them up to date concerning the status of the foreclosure. We handle mortgage modifications for our clients and we deal with mortgage modification programs that fail to meet our clients needs. When appropriate, we also file Chapter 7 or Chapter 13 bankruptcies on behalf of our clients. If you have a mortgage related problem call us at 516-561-6645, 1-800-344-6431 or 718-350-2802.

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.

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