About Me
Craig D. Robins, Esq. New York Bankruptcy Attorney, Longisland bankruptcy attorney

“ Craig D. Robins, Esq., has been a practicing Long Island bankruptcy attorney for over twenty-four years ”

Craig D. Robins, Esq.

Consumers with Solid Mortgages Facing Foreclosure

Posted on Thursday (July 2, 2009) at 4:30 am to Long Island Economy
Mortgages & Sub-Prime Mortgage Meltdown

Even the least-risky prime mortgages are seeing a drastic increase in delinquencies as consumers are being laid off here on Long IslandWritten 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.
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.
Be Sociable, Share!
Print This Post Print This Post
Be Sociable, Share!

About Us

Craig D. Robins, Esq. is a Long Island bankruptcy lawyer, who is focused primarily on helping individuals and families, find solutions to their debt problems. Read more »


Subsribe via RSS Feed Reader

Contact Us

Craig D. Robins, Esq.
35 Pinelawn Road, Suite 218E, Melville, NY 11747.

Tel : 516 - 496 - 0800