A Decade Later: A Look Back at the Housing and Foreclosure Crisis

by Michael H. Schwartz
Our White Plains bankruptcy lawyers take a look back at the housing and foreclosure crisis a decade ago.

By September 2010, the foreclosure crisis in the United States hit its peak. Also referred to as the housing crisis, the foreclosure crisis began in 2007 and was exactly what it sounds like: the homes of millions of Americans were foreclosed on a result of banks handing out subprime loans to buyers who couldn’t afford – and probably didn’t understand – what they were getting themselves into.

As reported by DSNews.com, in September 2010, approximately 120,000 homes entered foreclosure. If that seems like a lot, consider that over 1 million foreclosures occurred over the course of that year, leaving people across America without a place to call home.

Now, 10 years later, how does the housing market look? Is foreclosure still a risk for a large percentage of Americans?

Delinquent Mortgages and Foreclosures Today

While it would be great to think that the housing crisis taught lenders something about responsible lending, today, even more houses are still in jeopardy of being foreclosed. As reported in a recent article published by Reuters,  in 2017, U.S. mortgage delinquencies have risen from a 10-year low.

Far too many people in New York find making mortgage payments difficult, especially for those with a high-interest mortgage.

For those who have recently lost their job, experienced a personal financial crisis, or who are struggling with paying back mountains of debt, making mortgage payments on time and in full every month may be impossible.

For those in New York who are struggling with foreclosure, the stress of making payments and the fear of losing one’s home can feel unbearable. While you may be justifiably incredibly worried about losing your home, your future and the future of your family, there are things that you can do to prevent or delay foreclosure.

Foreclosure Defense: What You Can Do to Save Your Home

If you are facing foreclosure, (not been making your mortgage payments or have received a foreclosure notice from the bank or a notice of default)  it is critical that you understand your options and that you act quickly to protect yourself.

  • Applying for a loan modification. One way that you may be able to avoid foreclosure is to apply for a loan modification. You should not wait until the very last minute to do this. Request a loan modification as soon as you realize that you are unable to afford your mortgage. By renegotiating the terms of your loan in a loan modification, you may be able to make smaller monthly payments that are more manageable.
  • Filing for bankruptcy. Filing for the protection under the Bankruptcy Code. It is not just for corporations. You too may be able to reorganize your finances, get that loan modification and save your home.

Contact Michael H. Schwartz, P.C. Today

At the law offices of Michael H. Schwartz, P.C., we know that the threat of foreclosure is very scary. Debt can be suffocating, and knowing how to get out from under mountains of it can feel impossible.

At our law office, we truly understand what you are going through, have taken extensive advanced training in loan modifications and want to help you understand your foreclosure defense options.

We have been highly successful in using our proven mortgage loan modification procedures to prevent our clients’ homes from being foreclosed upon.  Even in cases that were previously denied by the bank.

One of our strategies is to utilize “Regulation X” and get a full list of all available loan modification programs. We also hire Certified Forensic Examiners to uncover the truth when a lender claims that you do not qualify for a loan modification.

If you are behind on your home mortgage loan and have questions about foreclosure defense options that may be able to help, contact Rockland County Foreclosure Lawyer Michael H. Schwartz, P.C. today. We can help you protect your home from foreclosure through loan modification and foreclosure defense.

Serious financial problems require serious legal representation. Serving Westchester, Rockland, and Putnam County, the Hudson Valley and New York City areas for over 40 years, Michael H. Schwartz, P.C. is prepared to help you now!

Michael H. Schwartz is the largest filer of bankruptcy cases for people living in Westchester and Rockland counties in New York. A graduate of New York Law School, Michael has been licensed to practice in New York State courts since 1983. He is also licensed to practice in the U.S. Bankruptcy and District Courts for the Southern, Eastern and Northern Districts of New York and the District of New Jersey as well as the Second Circuit U.S. Court of Appeals. He is a graduate of Max Gardner’s Bankruptcy and Veterans’ Boot Camps. Several media outlets have reported on his cases or sought his insights, including The New York Times.