Grim economic news continues to pour forth.
CBS News’ website has an articled titled “The Coming Foreclosure and Commercial Real Estate Storms.” You thought we were already in the middle of the foreclosure crisis? Well apparently there’s more to come.
From the banks’ point of view, the longer they keep you on the hook, the better it is for them. Avoiding the mess of foreclosure allows them to keep the fictitious valuations on their books and in this new Citi program, ensures that some of the costs of carrying the dud loan get transferred to the borrower, who in all likelihood, will end up defaulting. Some experts believe that a new round of foreclosures could trigger a double-dip in housing prices.
But wait, there’s more…
As if the foreclosure mess weren’t enough to keep you up at night, today we’re also digesting a new report from the Congressional Oversight Panel (that’s Elizabeth Warren & Co, the TARP watchdogs) about the looming storm in the commercial real estate market. The report predicts a wave of losses, totaling $200-$300 billion, from commercial real estate loans could “trigger economic damage that could touch the lives of nearly every American.”
So what’s a person to do about this ominous prediction regarding circumstances that seem beyond the control of an average New Yorker?
If you’re worried about your financial situation, one proactive step you can take is to talk with a good New York bankruptcy attorney. Most bankruptcy lawyers, including myself, offer a free initial consultation. So take us up on our offer!
The earlier in the process you start thinking through your issues and challenges with an experienced bankruptcy professional, the more you can do to plan, prepare and protect your assets and property.
For more information, please contact me for a free initial consultation and I’ll share the benefit of my 30 years of New York bankruptcy experience to help you navigate the process and get the full benefit of the bankruptcy laws.
Contact Bruce Weiner, Esq.
EMAIL Bruce Weiner
Phone
(718) 855-6840 (Local)
(866) 402-8476 (Toll Free)
Fax (718) 625-1966
Go to Bankruptcy NY foreclosure attorneys to learn more about Rosenberg Musso & Weiner LLP and/or to set up a free consultation.
