Foreclosure and Unemployment

Recent news reports have indicated that it will take approximately 24 months for the New York City and Long Island area to recover from the current high levels of unemployment. It is estimated that the metropolitan New York are will not return to it’s pre – recession levels of employment until April of 2013. Metropolitan New York is doing better at recovering from the recession then other parts of the country. It is estimated that the majority of the country will take 3 years to reduce the unemployment rates to pre – recession levels.

New York Real Estate

Although property values have not recovered from the real estate crisis, in the State of New York, real estate experts are proclaiming that we are doing better than California, Arizona and the majority of the sun belt. Although the pundits are claiming things will get better, I don’t see this happening. Foreclosure rates in the Metropolitan New York area continue to climb. Banks are refusing to provide feasible mortgage modifications to homeowners. Unemployment rates are remaining steady or climbing. The business areas in local communities have been devastated. There are empty stores everywhere.

2012 is an election year. President Obama is going to have to take further action to simulate our economy and revitalize our housing markets if he wants to get re – elected.

Litigating Foreclosures In New York State Courts and In Federal Courts

There are two different routes to dealing with homes that are in foreclosure. The cases can be defended in the New York State Courts. Defective mortgages, defective foreclosure lawsuits, predatory lending and other real estate related defenses can be submitted in a response to the service of the summons and complaint in a foreclosure proceeding. Mortgage modification applications can also be submitted to the financial institutions.

Filing Bankruptcy to Stop Foreclosure

The second route is filing foreclosure related bankruptcies. Both Chapter 7 and Chapter 13 bankruptcies will stop foreclosures from moving forward. The filing of bankruptcies will also eliminate unsecured debts, stop debt collection, harassment and in some cases, eliminate second mortgage liens. Call us for a consultation and we will discuss why filing bankruptcy may be in your interest, the types of bankruptcy available to you and how to re-establish credit after filing bankruptcy.

Home Ownership Now at 1998 Rates

Home Ownership Now At 1998 RatesThe percentage of Americans who own their own home has been slipping for many years. The percentage of Americans who live in their own home is now receded back to the rates that existed in 1998, according to recent census data. In the first quarter of 2011, home ownership in the United States slipped to 66.4%. This is on top of a reduction in the number of families who own homes in the fourth quarter of 2010 to 66.5%.

2005 Was The Apex of Home Ownership In the United States

In 2005, 69.1% of Americans owned their own home. The rate of home ownership in the United States has been steadily declining since 2005.

The American Dream

Owning a single family home has been the American dream during the 20th century. The Bush Administration and the Clinton Administration had policies to foster home ownership. Unfortunately, these policies were too generous and the American public manipulated these programs to create a real estate bubble in the United States. For the past three years, this real estate bubble has had a negative effect on the economy in the United States. The trend is starting to change in 2011 and hopefully in 2012, an election year, America will come out of it’s recession and real estate values will increase.

Foreclosure Defense Lawyer

We help clients whose homes are in foreclosure. We assist our clients with mortgage modification applications, as well as dealing with mortgage modification programs that fail to meet our clients needs. We have extensive experience in litigating all aspects of foreclosure proceedings, including, but not limited to, defective mortgages, defective foreclosure lawsuits, predatory lending, bad faith issues and foreclosure related real estate proceedings.

We attend foreclosure court conferences for our clients. We also provide clients with a list of foreclosure options. These options include foreclosure related bankruptcies such as Chapter 13 bankruptcy and Chapter 7 bankruptcy. Both of these bankruptcies immediately stop foreclosures from moving forward. If we file bankruptcy for our clients, we also can help them in re-establishing their credit at the end of the bankruptcy. Feel free to call us for a free consultation. We appreciate you spending time on 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

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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

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