About Me
“ Craig D. Robins, Esq., has been a practicing Long Island bankruptcy attorney for over twenty-four years ”
Written by Craig D. Robins, Esq.For many, purchasing a home in the past few years with no money down was the way to go. Now, however, with real estate values plummeting, many homeowners are finding themselves owing substantially more than their homes are worth. This is a concept I’ve focused on repeatedly in many blog posts over the past several months.
The concept of taking a loss with such real estate purchases has to do with leveraging — putting very little down, but purchasing a lot.
When property values are increasing, the homeowner is considered a winner. However, with the collapse of real estate values, often combined with an increase in the costs of monthly mortgage payments because of adjustable-rate mortgages, the costs of home ownership become especially difficult.
Homeowners faced with this pressure have to make a decision as to whether it is worth it to keep their home if they can barely afford to pay the mortgage and they have absolutely no equity at all.
Our Long Island bankruptcy attorneys help counsel homeowners with exploring the various options. To those who qualify, a bankruptcy can provide an opportunity to walk away from over-leveraged bad real estate without any future liability.
More from Long Island Bankruptcy Law Firm Blog
- Paying the Price of Putting Off Filing for Bankruptcy
- Many Owners of Million Dollar Homes Filing for Bankruptcy
- Storm Brewing From Adjustable Rate Mortgages; Numerous Bankruptcy Filings Expected
- Sometimes Bankruptcy Exemptions Can Be Doubled
- Married Consumers Can File for Bankruptcy With or Without the Spouse
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