The most recent statistics show that foreclosures have dropped 25 percent for the first half of 2011. That seems like great news, but the reality is they haven’t dropped because of a recovery in the housing market. The slowdown is because of the delay in processing the foreclosure paperwork by major mortgage lenders.
RealtyTrac estimates that many of the foreclosures that are pending will be delayed until 2012 or later. This may be good news to the homeowner who can wait to hire a foreclosure attorney, but it is very bad news for the housing market. The numbers of distressed properties are crowding the market, and will continue to drive the value of homes down until the amount can be curtailed.
This is bad news for many homeowners who find they owe more to the banks than their houses are worth. The drop in housing prices is projected to continue throughout 2011, and will bottom out in early 2012. This will severely inhibit any growth in the real-estate market for years to come.
Innumerable homeowners now owe more than their homes are worth, and when facing foreclosure the low price put them in a losing situation unless they get the counsel of a well-versed foreclosure lawyer.
A foreclosure attorney can work with lenders to modify mortgages or represent a client in litigation. By applying their experience, a foreclosure attorney may make it possible for a person to stay on the home they worked hard to obtain.
