Delinquency Rate RISES!
Blog by Ted A. Greene, Esq.
In a story out today, by the Mortgage Bankers Association, mortgage delinquencies ticked up. Yes you heard that correctly – the number went UP (see link below). This number is based on the number of people who have recently stopped making their mortgage payment. Many people I talk to on a daily basis have finally decided it’s time to stop trying to hang on to their upside down mortgage.
In another article, from earlier in the week, it stated that most real estate experts think the recent uptick in home prices is unsustainable because it’s based not on good economic news but rather it’s based on artificial factors. The article went on to say that the current mini-bubble will not last and some even predicted that prices will actually go back down in mid-2014. The bottom line for most people is that if you have an upside down mortgage and are unsure about whether the tax break laws for debt forgiveness will be extended or not – you probably should seriously consider getting your short sale started immediately.
As an attorney and real estate broker I have created a process to help such homeowners that costs them nothing and quite often I can get them $3,000 at the close of escrow. My clients appreciate having a lawyer on their side every step of the way. The banks have lawyers on their side and with us on your side the fight is a little fairer.
If you have any questions or concerns about your own personal situation I would be happy to give you a FREE one on one legal consultation. You can call me at 916.442.6400 or send me an email at email@example.com or just visit my website www.upsidedownca.com.
California Attorney and
licensed Real Estate Broker