New York mortgage foreclosures: Are we out of the woods yet?

Federal settlements with mortgage lenders have not dispensed with our nation's foreclosure crisis. Many New Yorkers are still underwater and are not obtaining the debt relief to which they are entitled.

2013-03-22

March 22, 2013 (Press-News.org) New York mortgage foreclosures: Are we out of the woods yet?

Article provided by The Law Offices of Allison B. Crain & Associates
Visit us at http://www.crainlaw.com

The United States Secretary for Housing and Urban Development is optimistic about the economy and attributes the improvement to a rebound with the nation's housing market. He cites a deal made with five of the largest mortgage companies in the nation as the reason for the economic recovery.

About a year ago, the federal government, 49 state attorney generals and the mortgage companies reached the largest consumer relief settlement package in U.S. history. The settlement sought to provide tens of billions of dollars in assistance to millions of homeowners in New York and across the country who faced foreclosure in 2009 and 2010. An independent review system was set up to ensure that homeowners received amounts to which they were entitled.

Earlier this year, federal regulators announced an additional settlement of $8.5 billion to compensate for claims of foreclosure abuse and wrongful evictions against another 10 mortgage companies. These settlements were to provide financial assistance through such means as:
-Mortgage modification
-Principle reduction
-Improved customer service

Unfortunately, the lenders have been accused of dragging their feet and getting around the provisions of the settlements by forcing many owners to sell their homes through short sales and by failing to follow through with modifications and loan reductions as promised. The New York Times also reports that mortgage companies are still foreclosing on just as many homes as before by modifying second mortgages only, and ignoring the far larger primary loans.

Although RealtyTracreports that foreclosure actions were filed against only one in every 14,000 housing units in Suffolk County in February, other areas of New York had as many as one filing for every 457 homes. The numbers of foreclosure filings are slowly improving but the crisis is far from over.

Many people in New York face crippling debt issues every day. Few are immune to the financial difficulties caused by a job loss, sudden illness or family emergency. Plummeting house prices over the past number of years has added a huge layer of difficulties to the issues facing homeowners. Home values are slow to rebound and many are still trapped under a mortgage that vastly surpasses the value of their homes.

Help is available, however. If you are underwater on your mortgage or are concerned about your ability to continue making timely payments, consult a mortgage foreclosure defense lawyer. There are options that can help you save your family home.

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[Press-News.org] New York mortgage foreclosures: Are we out of the woods yet?
Federal settlements with mortgage lenders have not dispensed with our nation's foreclosure crisis. Many New Yorkers are still underwater and are not obtaining the debt relief to which they are entitled.