The foreclosure crisis has swept the nation, leaving every state affected in its wake. Today, nearly everybody knows somebody who is either in foreclosure or buying a foreclosed home. Something you only used to hear about has now become the norm in many states. People are no longer shunned upon for losing their home; for many, walking away is simply a business decision.
If you purchased your home during the peak of the market, it's most likely you had no idea how much value your home would lose in the upcoming years. Watching the value of your investment property crash as your mortgage stayed level was probably devastating to watch. Hopefully you were not one of the unlucky ones who got sucked into an adjustable rate mortgage, for if you did, you're far worse off.
Borders Bankruptcy, Consumer Bankruptcy, Cleveland Bankruptcy Lawyer,
The people whose mortgage rates have increased, as their values tanked are the ones in the most dire straits. Most of the people, who are facing foreclosure, are in this situation due to factors they could not control: sudden job loss, a cut in hours, medical problems etc. If you are facing losing your home, contact a Long Island real estate attorney.
In Long Island, foreclosures have seen a recent rise and show no signs of stopping anytime soon. In fact, according to an article published by the New York Times in 2009, from 2005 to 2008, over 30,000 homes have been in some stage of the foreclosure process. This has been centered around the Roosevelt area which has seen 19% of its residential population enduring a foreclosure. This is higher than the areas surrounding it and it shows no signs of letting up; in fact, reports showed that over 6% of mortgages were past payment for the last 90 days in 2009. A number that had doubled since 2008.
When you are facing foreclosure, the worst thing to do is nothing. The situation is not hopeless and there is something that you can do about it. The sooner you get an attorney involved, the better your chances are in taking measures to handle the problem.
If you have received a notice that your lender is initiating a foreclosure proceeding against you, it is crucial that you hire a foreclosure lawyer immediately. Once you receive a Summons and Complaint in foreclosure, you have just 20 days to respond. This response is extremely important, if you have defenses against the allegations, you must state them here and now. Furthermore, the Verified Answer to the Summons and Complaint must be formally acknowledged by a Notary Public and properly served to the opposing counsel and the court.
An experienced attorney knows the legal system well and can tie a foreclosure up in court for a long while - helping you to save your home or to leave it on the best terms possible. If you prefer to keep your home, a Chapter 13 bankruptcy can restructure your mortgage payments so you catch up over a period of time. By working with an experienced real estate attorney, you will be able to address the situation, looking for the solution that will best fit you. So don't wait! Call a local lawyer today.
Chapter 13 Bankruptcy Attorney
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Chapter 13 Bankruptcy Attorney
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment