SOURCE: WT Lee & Associates
NEW YORK, NY--(Marketwired - May 13, 2013) - According to a recent report from CNN, the number of homes foreclosed upon is returning to levels not seen since well before the housing meltdown began in 2007 -- a positive development that has won a comment from WT Lee & Associates. The law firm, which endeavors to help homeowners stay in their homes and avert foreclosure even during periods of financial hardship, has released a new statement to the press, commenting on the CNN report and on foreclosure trends in general.
According to CNN, all foreclosure filings -- which include notices of default, scheduled auctions, and also repossessions by banks -- fell, during the first quarter of 2013, by 23 percent from a year earlier. As such, they are at their lowest level since the second quarter of 2007. As recently as last month, data suggests that banks repossessed under 44,000 homes -- a number that may seem high, but it still a far cry from the more than 100,000 repossessions filed in September 2010.
Foreclosure numbers have been declining for a couple of years now, CNN continues, as homeowners seek alternatives, such as short sales. In a short sale, homeowners sell their homes for less than what they owe, and the bank in turn agrees to forgive the difference.
Here, the attorneys at WT Lee & Associates offer a comment. "While a short sale is always an option, if a homeowner wants to stay in his or her home a modification can be a much better alternative," the firm notes, in its new press statement. "A modification allows the individual to stay in his or her home at a more affordable payment, a lower interest, and even with a possible principal reduction."
CNN reports that banks prefer short sales to foreclosures because they end up recouping more of their loss, while consumers benefit from short sales because they do less damage to a credit score. As WT Lee & Associates points out, however, short sales do have one major disadvantage, which is that they force borrowers to leave their homes. A loan modification, meanwhile, enables a homeowner to avert both foreclosure and short sale, and to remain in the home at a more affordable rate.
Devoted to assisting homeowners remain in their homes even while managing their financial hardships, WT Lee & Associates guides many of its clients through the home loan modification process; as necessary, the firm also offers assistance in foreclosure cases and more.
WT Lee & Associates is a law office that seeks to help homeowners remain in their homes, even through periods of financial hardship. The firm offers a number of foreclosure prevention services, among them guidance through the loan modification process. Furthermore, WT Lee & Associates provides services in real estate litigation, in bankruptcy law, and in upholding the rights extended through the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. Ultimately, the firm's passion is for working to help homeowners and their families find the best way forward out of economic uncertainty, and toward reaching all of their financial dreams.