Jacoby & Jacoby Articles Long Island Not Sharing in Nation's Improved Home Prices

Long Island Not Sharing in Nation's Improved Home Prices

By Jacoby & Jacoby  Jun. 3, 2013 3:35p

According to the Case-Shiller Home Price Index, the price of homes across the United States is up by nearly 10 percent over May of last year. Home prices in Long Island, however, are below the national trend and many home owners are asking why. A report released recently states that the median price of homes in Long Island is down by 2.6 percent. Some areas show as much as a 4.5 percent increase but this is low compared to the national average. This comes as very unwelcome news to homeowners struggling to get by due to an upside down mortgage or other such difficulties. New York housing market experts point to problems with the state's foreclosure process which can leave a distressed home in limbo for up to three years. These homes aren't being put on the market but create a huge backlog of "distressed home inventory" that can take years to sell and clear. It is estimated that there are approximately 46,000 homes with delinquent loans in Long Island currently. That is to say, there are nearly 50,000 home owners who have fallen behind in their mortgage and yet can't foresee a swift way to get out from under the problem. Such situations can depress local home values. Do you need help with your mortgage difficulties? A bankruptcy attorney skilled in handling mortgage and foreclosure matters may be able to help.

Options for Solving Mortgage Troubles

If you have fallen behind on your home loan payments then you may be facing the loss of your home and severe damage to your credit. There are several options available to you that a knowledgeable lawyer may be able to help you with. If you have received a foreclosure notice then it may be possible to stop that action. There are also different ways of dealing with an underwater mortgage depending on if you are looking to get out from under that home or if you want to keep the home. Petitioning for Chapter 13 or Chapter 7 bankruptcy protection is one way to put a stop to foreclosure actions being taken by your bank. Other possibilities include a loan modification, deed in lieu or short sale.

Consult with a bankruptcy lawyer today!

Every case is different and determining which path to take depends on each individual's or family's goals concerning their home and their credit. An attorney with us Jacoby & Jacoby has helped clients keep their home or move on to a different housing situation that is more beneficial to their circumstances. Contact our law offices today to arrange a time to sit with one of our dedicated bankruptcy specialists and find out what options may work for you.

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