The Mortgage Crisis and Rising Foreclosure Rates Are Affecting Solid Homeowners
If you are facing home foreclosure, you are not alone. In Louisiana, the annual foreclosure rates for 2009 are up 35% over last year. Home foreclosure can happen — and is happening — even to people who made solid, responsible borrowing and home buying choices.
The economic downturn has resulted in the highest unemployment rate in decades, both in Louisiana and nationwide. Even working people are seeing their incomes plummet as hours are cut back and salaries are reduced.
The attorneys of Grand Law Firm in Baton Rouge and New Orleans have 25 years of combined experience helping people understand their options for debt relief and taking the steps that are best for them.
Bankruptcy can be an emotional issue, and determining whether it is the best option is often hard when people are dealing with overwhelming debt and losing their homes. As attorneys, we pride ourselves on educating our clients about the advantages and disadvantages of filing bankruptcy.
Unlike for-profit debt management companies, our attorneys are licensed and bonded, and 100% on your side. If you are facing a real estate foreclosure and don't know what to do, contact us for a free initial consultation with a lawyer.
High Foreclosure Rates Now Affect Virtually Everybody
It may have been subprime borrowers buying homes they could not afford that began the wave of foreclosures. Unfortunately, we are long past them being the only group — or even the main group — driving the historically high foreclosure rates.
More than 3 million jobs have been lost over the past year. For many who still have jobs, work hours and the resulting pay are reduced. Issues such as divorce and medical expenses continue to contribute to the high foreclosure rate.
Over the past year, a disturbing trend of bank "walk-aways" has emerged in the real estate foreclosure market. With so many homeowners are "upside down" on their mortgages and with prices so low, banks may be able to foreclose, but they can't sell the house. Some banks don't bother to take possession of these homes, failing or refusing to perform upkeep or repairs, and these vacant, deteriorating homes, further force down property values.
The credit crisis has made it virtually impossible for people to buy a home — or sell one. This affects people who had no part in the subprime crisis. It even affects those who bought their homes years ago and, in a better market, could have sold their homes for a profit.
Mortgage modifications may be available in theory, but they are certainly not the "quick fix" many had been hoping for. Even members of Congress have been unable to get ahold of the bank representatives who authorize them.
Contact an Experienced Bankruptcy and Home Foreclosure Lawyer
When foreclosure rates are at an all-time high, there is no reason to feel ashamed that you have been caught in the trend. Let us help you. Contact Grand Law Firm today for a free initial consultation about your options. Call toll free: 1-888-860-3543.
