{"id":318,"date":"2009-08-28T09:48:19","date_gmt":"2009-08-28T13:48:19","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=318"},"modified":"2019-05-07T05:38:46","modified_gmt":"2019-05-07T05:38:46","slug":"new-york-foreclosures-likely-to-continue-as-arms-begin-to-re-set-over-next-4-years","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/new-york-foreclosures-likely-to-continue-as-arms-begin-to-re-set-over-next-4-years\/","title":{"rendered":"New York foreclosures likely to continue as ARMs begin to re-set over next 4 years"},"content":{"rendered":"<p>As bad as the foreclosure problem has been, it&#8217;s apparently ready to get worse, according to this article in the <strong><em>New York Times<\/em><\/strong> (&#8220;<a href=\"http:\/\/www.nytimes.com\/2009\/08\/27\/us\/27arms.html\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Loans that looked easy pose threat to recovery<\/strong><\/a>&#8220;).<\/p>\n<p>All the adjustable rate mortgages (&#8220;ARMs&#8221; for short) we&#8217;ve been hearing about are getting ready to re-set over the next four years, and that spells trouble for New York homeowners facing financial difficulty.&nbsp; Over 600,000 ARMs are expected to re-set, according to <a title=\"Company Web site\" href=\"https:\/\/twitter.com\/fa_corelogic\">First American CoreLogic<\/a>.<\/p>\n<blockquote><p>\u201cThis was a loan meant for sophisticated investors, or people who expected their cash flow to increase over time,\u201d said Elena Warshawsky, a residential credit analyst with <a title=\"More information about Barclays PLC\" href=\"http:\/\/topics.nytimes.com\/top\/news\/business\/companies\/barclays_plc\/index.html?inline=nyt-org\">Barclays<\/a> Capital, which expects 81 percent of the option ARMs originated in 2007 to default, with many ending in foreclosure.<\/p><\/blockquote>\n<p>Of course, this will affect not only people with ARMs facing foreclosure but everyone facing mortgage problems since the banks will now likely be in a less secure positions themselves not to mention being overwhelmed by all of the foreclosure and loan modification work.<\/p>\n<p>If you&#8217;re a New York homeowner facing mortgage problems, foreclosure issues or considering bankruptcy in New York, please feel free to <a href=\"http:\/\/www.nybankruptcy.net\/main\/contact\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact me<\/a> for a <strong>free initial consultation<\/strong> to ask questions and get an assessment of your situation.&nbsp; It&#8217;s a difficult situation, but there are options for dealing with it.&nbsp; And the best way to make sure you know all of your options is to sit down with an experienced bankruptcy attorney.<\/p>\n<p>Read more: <a href=\"https:\/\/nybankruptcy.net\/main\/brooklyn-bankruptcy-law-firm\/brooklyn-ny-foreclosure-attorneys\/\" target=\"_blank\" rel=\"noopener noreferrer\">Brooklyn NY foreclosure attorneys<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As bad as the foreclosure problem has been, it&#8217;s apparently ready to get worse, according to this article in the New York Times (&#8220;Loans that looked easy pose threat to recovery&#8220;). All the adjustable rate mortgages (&#8220;ARMs&#8221; for short) we&#8217;ve been hearing about are getting ready to re-set over the next four years, and that &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/nybankruptcy.net\/main\/new-york-foreclosures-likely-to-continue-as-arms-begin-to-re-set-over-next-4-years\/\"> <span class=\"screen-reader-text\">New York foreclosures likely to continue as ARMs begin to re-set over next 4 years<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,7,10,67,12,14],"tags":[84,2,21,29,30,11,68,13,15,51,52],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bankrutpcy Attorney | New York foreclosures likely to continue as ARMs<\/title>\n<meta name=\"description\" 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