Avoid Foreclosure New York

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 10, 2009 --

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Avoid Foreclosure New York

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Unless you’ve been blithely fortunate or living on another planet for the past year, you’re well aware of the ever-worsening economic situation in this country—particularly in regards to record unemployment rates, housing devaluations, and historic foreclosure filings. Truthfully, if you haven’t received a foreclosure notice, then you’re probably still employed. The epidemic of foreclosures is sweeping the countryside, and the prevailing wisdom is to avoid foreclosure before it’s too late. Many economists and financial experts agree things won’t significantly improve for at least another year…or three.

Freddie Mac’s Primary Mortgage Market Survey for week ending July 9 showed mortgage interest rates dropped yet again this week, with 30-yr FRM’s down 0.7 point, from 5.32%; the lowest since May 28, when the average was 4.91%. 15-yr FRM’s were down as well. Freddie Mac VP and chief economist, Frank Nothaft, accredits the lowest level in 6 weeks due to “…market concerns over a weakening labor market,” and “lost jobs” and “the smallest salary gains since records began in nineteen sixty-four.”

Nothaft also said, “The weak employment situation coupled with declining home values in many markets has added to greater defaults on home equity loans and lines of credit. The American Bankers Association reported that the number of home equity loans that were 30-days or more delinquent rose to a record high of 3.52 percent in the first quarter and home equity lines of credit (HELOC) also reached a record of 1.89 percent. Second liens and HELOCs totaled $1.1 trillion outstanding in the first quarter of 2009, representing nearly 10 percent of all home mortgage debt, according to the Federal Reserve Board.”

The value of such statistics, other than educating you as the homeowner, is to underscore the seriousness of these issues. If you’ve become delinquent on your mortgage payments, due to job loss or some other hardship beyond your control, you’re likely to qualify for some loan modification like a short sale.

It’s not there aren’t efforts by federal as well as local, government leaders to soften the suffering; there are. For instance, in New York, New York City’s Housing Development Corporation announced Wednesday a pilot program to convert empty or halted condominium developments into affordable housing. The program would convert as many as 400 units, and would give grants to developers and lenders to fund completion of developments, provided owners agree to turn the finished condo’s into rental spaces for middle-income families. The $20 million needed to fund the project would come from city funds. At least 12,000 unfinished or empty units exist in New York and northern New Jersey alone.

If you have lost your job, or some other, unforeseeable calamity has rendered you unable to pay your mortgage, wouldn’t you rather avoid foreclosure than have to stop foreclosure in its path? Even if things are “fine”, you would do well to educate yourself as much as possible; you never know when you’ll need foreclosure help, and advance knowledge of the housing and the country’s economic situation will better enable you to avoid foreclosure…and even stop foreclosure if your lender files against you for missed payments.

More information can be found online at http://www.sellhomeowner.com/homeowners.html

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