Mortgage Payments: A New Plan of Attack
By Greg T. Rinckey, Managing Partner

Not long ago, things were looking pretty good in the housing market. Demand was there and the values were high. The housing bubble tempted new buyers to borrow beyond their means. Subprime mortgage loans allowed those with less than stellar credit to move into the home of their dreams, pretty much no questions asked. Then the bubble burst and prices began to fall.

Now, news about the state of the housing market is everywhere you turn. And the news isn’t good. Significant increases in loan payments during a time of declining property values has left many borrowers unable to meet their financial demands, and without a means to recoup their losses. High interest rates have caused a sharp rise in foreclosures throughout the country.

Many people are finding themselves in a situation where they just can’t make their mortgage payment. While there are lots of people to point a finger at, reality is that blame can be shared between the mortgage provider and the borrower. Continuous missed mortgage payments means foreclosure – and there’s not too much of a way around that. But choosing to take action when the problem first arises will help you keep your home.

The mortgage plan outlined by the Bush administration in January 2008 should help some borrowers with subprime adjustable-rate mortgages. The plan will temporarily freeze the mortgages of a limited number of debtors. But not all borrowers having trouble with their payments will qualify for assistance.

If you’re struggling to make your mortgage payment, it may be beneficial to contact an attorney. Our firm can assist you in the following ways:

Contact the Lender As Soon As There ’s a Problem
· Lenders don’t want your house. An attorney can work with your mortgage company to find options to help you through this difficult time.

Know Your Mortgage Rights
·An attorney can review your documents to assess the validity of the rising payments, and cut through all the contract jargon to let you know what the lender can do if payments aren’t made.

Understand The Law
·Our firm can educate you about the foreclosure laws and time frames within New York State.

Prioritize Your Spending and Use Your Assets
·Our in-house CPA and estate planning attorney can review your finances and set up a plan to cut spending to make your mortgage payment.

Ignoring the problem is the biggest mistake you can make at this point. Besides – the excuse of not reading your bill won’t hold up too well in foreclosure court. Seeking advice and counsel on managing your payments is more likely to keep you under your roof.

 

 

Tully Rinckey PLLC - Attorneys and Counselors at Law
Albany Office - 441 NEW KARNER ROAD - Albany NY, 12205 - Phone: 518-218-7100 - Fax: 518-218-0496
info@tullylegal.com
® © 2008 Tully Rinckey PLLC

For More Information Visit:
WWW.TULLYLEGAL.COM

For more information on divorce, custody matters, prenuptial / postnuptial agreements:
WWW.518DIVORCE.COM

For more information on speeding tickets, DWI, misdemeanor charges, felonies and criminal defense:
WWW.518CRIMELAW.COM