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.There is a new record number of mortgage delinquencies according to data just released by TransUnion.
Homeowners at least 60 days past due on their mortgage payments rose to a new record high in the fourth quarter of last year. Almost seven percent of all mortgage borrowers were at least two months behind during this period, which was the 12th straight quarter the delinquency rate rose.
More Delinquencies Mean More Foreclosures
The more homeowners who have fallen behind, the greater the number of eventual foreclosures.
Homeowners on Long Island who find themselves in this predicament have choices, such as curing mortgage arrears through Chapter 13 bankruptcy and walking away from the mortgage obligation by filing Chapter 7 bankruptcy. Some homeowners can also defend the foreclosure proceeding.
In addition, there are several governmental programs designed to assist homeowners; however, there have been numerous problems attributed to the programs and very disappointing rates of success.
