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.
