7 Million Foreclosures Averted Since 2009

Loan modifications combined with short sales of homes have numbered approximately 7.33 million since December 2009. These permanent, non-foreclosure solutions have helped those involved either save their homes or avoid the adverse consequences of a foreclosure on their credit scores. The loan modifications listed above include both those obtained from mortgage servicers known as proprietary loan modifications as well as modifications under the federal government's Home Affordable Modification Program (HAMP). The proprietary loan modifications include those modified to include fixed rates of five years or more and reduced principal and monthly payments. Delinquencies on home loans of 60 days or more declined in January 2013 from the previous year's level by approximately nine percent as well.

The HAMP program was expanded in June of 2012 by the Obama Administration to include more homeowners, such as those in need of a modification on a home that is not their primary residence but a rental unit, homeowners who previously were not eligible for the HAMP program due to their debt-to-income ratio, homeowners who defaulted on earlier HAMP trial period plans, and homeowners who defaulted on previous HAMP permanent modification payments. Currently, HAMP program enrollment ends on December 31, 2013. HAMP is available through participating mortgage servicers for those with home mortgages obtained on or before January 1, 2009.

Real Estate Law Firm Serving Brooklyn, Queens, and New York City

Several options may exist for those facing foreclosure, such as the loan modification programs mentioned above as well as short sales or foreclosure defense litigation. Discussing your situation with an experienced real estate lawyer in your local area is highly advised if you are falling behind on your home loan payments or facing a pending foreclosure. The Volakos Law Firm, P.C. provides experienced and skilled legal assistance to those facing foreclosure as well as to other real estate clients who are involved in purchases, sales, or conflicts related to residential, commercial, or industrial property.

The legal team at the firm can explain all of the ramifications of your real estate issue as well as represent you in any matter which may lead to the courts. The firm's attorneys have years of experience in resolving all aspects of real estate transactions or issues in Brooklyn, Queens, and the metropolitan New York City area. Because your real property usually comprises the biggest financial investment that you make, you will want to ensure that your rights are fully protected. Contact the firm to arrange for a consultation with an attorney about your real estate matter to get the legal guidance you need.