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“ Craig D. Robins, Esq., has been a practicing Long Island bankruptcy attorney for over twenty-four years ”
Written by Craig D. Robins, Esq.Even the least-risky mortgages are seeing a drastic increase in delinquencies as consumers are being laid off
According to data just released by the Office of the Comptroller of the Currency, first-time foreclosure filings on prime mortgages more than doubled over the past year. Now 2.9% of all prime mortgages are in default.
Prime mortgages are those that are considered least risky. About two-thirds of all U.S. mortgages are prime mortgages.
It appears that mounting job losses are pushing more and more borrowers towards foreclosure. Even consumers with good credit are finding it difficult to make monthly payments when their income has decreased.
Here on Long Island, consumers who have held the same job for well over a decade are being laid off. Depending on the particular facts, a bankruptcy filing may be the easiest and most efficient way to deal with the situation.
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If a house is upside-down with no equity, now may be the time to walk away, rather than be a hostage to your home. Under the right circumstances, a bankruptcy filing can provide that option.
More from Long Island Bankruptcy Law Firm Blog
- Newsday Editorial Criticizes Congress Over Long Island Foreclosure Problem
- New York foreclosure lawsuits are sometimes dismissed because of defective foreclosure papers
- Record Foreclosure Filings — Major National and Long Island News
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