Backlog of Cases Gives a Reprieve on Foreclosures – But The Interest Charges Still Accrue!

The NY Times front page today has an interesting article about the delays in processing foreclosure actions in New York. What homeowners must be very careful about, however, is that this delay is not really such great news. Interest and other charges continue to accrue. So the balance of the loan (debt) keeps growing. At the end of the process, many homeowners have no equity and owe a lot. So the answer is simple – do something now. Immediately. If you can settle, sell, refinance, modify, etc., don’t wait. If you want to discuss your options for a New York property, please contact my office. Here is the article.