The number of people falling behind on their mortgages for the first time is on the rise, according to CNNMoney.com. Additionally, personal bankruptcies are on the rise in Miami Dade County.
Specifically, 3.51% of borrowers were 30 days late in their own payments in the second quarter, up from 3.31% at the end of last year. The shift is a stark reversal from the steady decline in short-term delinquencies during 2009. Moreover, personal bankruptcy filings rose 74%, year over year, to 1,788 cases opened, and 5% over July. Bankruptcy filings are at the highest levels since Congress overhauled the bankruptcy laws in 2005.
These grim statistics serve as a sad reminder of our reeling economy. And the high rate of delinquencies and bankruptcies leave many experts wondering whether a new round of foreclosures is on the horizon.
Alvarez & Barbara, LLP, is a team of experienced and aggressive foreclosure defense attorneys. We use the legal system to help people save their homes — and we can stand up for you.
Many people wait too long before getting legal help. They delay in the hope that they can turn their financial situation around. If you are behind on your mortgage payments or are having trouble making your monthly payments, you need to take action now. The sooner you call us, the quicker we can start working to save your home. Get help today to assert your rights in these difficult times.
We have been successful in defending many foreclosure cases when given an opportunity to develop a plan to properly defend the foreclosure.
If you are on the brink of foreclosure, need a real estate attorney, or just need to assess your legal rights, please contact our office today.