{"id":455,"date":"2009-10-16T08:20:00","date_gmt":"2009-10-16T08:20:00","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=455"},"modified":"2019-05-07T06:15:28","modified_gmt":"2019-05-07T06:15:28","slug":"foreclosure-increase-jobless-recovery-trouble","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/foreclosure-increase-jobless-recovery-trouble\/","title":{"rendered":"Foreclosure increase + jobless recovery = Trouble"},"content":{"rendered":"<p>You may have noticed a couple pieces of bad news circulating in the media the last few days.<\/p>\n<p>One is that foreclosures have continued to climb, according to the quarterly statistics put out by RealityTrac.&nbsp; Why the increase?&nbsp; Apparently banks have been delaying a lot of foreclosures as they&#8217;ve tried to implement the federal foreclosure program.&nbsp; Another likely reason is that a growing number of adjustable rate mortgages (ARMs) are starting to kick in and make it impossible for those homeowners to keep up with mortgage payments.<\/p>\n<p>And yet another reason is the increasing rate of unemployment.&nbsp; Not only are people losing their jobs, but the alleged economic &#8220;recovery&#8221; is not doing a great job of creating new jobs.<\/p>\n<p>The co-existence of these two trends is, of course, very troubling.&nbsp; The greater the rate of foreclosures, the bigger a toll it will take on the economy.&nbsp; And that of course likely means more bad news on the employment front in the near future.<\/p>\n<p>What&#8217;s the solution?&nbsp; A moratorium on foreclosures for those who have lost their jobs has been suggested by <strong>James H. Carr<\/strong>, the Chief Operation Officer for the <a href=\"http:\/\/www.ncrc.org\/index.php\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>National Community Reinvestment Coalition<\/strong><\/a>.&nbsp; &#8220;We do need to think more carefully about a bridge so people aren&#8217;t being kicked out of their homes as they are looking for employment,&#8221; Carr said in a <a href=\"http:\/\/www.washingtonpost.com\/wp-dyn\/content\/article\/2009\/10\/15\/AR2009101502123.html?hpid=sec-business\" target=\"_blank\" rel=\"noopener noreferrer\">recent <em>Washington Post<\/em> article<\/a>.<\/p>\n<p>Whether this is likely to happen is another matter.&nbsp; According to the same article, the Mortgage Bankers Association says the mortgage industry is meeting over the next month to discuss solutions.&nbsp; Though of course, the mortgage industry at this point has a much better reputation for creating problems than solving them.<\/p>\n<p>In the meantime, if you&#8217;re a New Yorker facing bankruptcy, foreclosure or other financial struggles due to job loss, or you&#8217;re worried about losing your job and want to understand your bankruptcy and non-bankruptcy options, please feel free to <a href=\"http:\/\/www.nybankruptcy.net\/main\/contact\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact me<\/a> for a free initial consultation where you can get all of your questions answered.<\/p>\n<p><em>Go to&nbsp;<strong><a href=\"https:\/\/nybankruptcy.net\/main\/brooklyn-bankruptcy-law-firm\/brooklyn-ny-foreclosure-attorneys\/\" target=\"_blank\" rel=\"noopener noreferrer\">Brooklyn NY foreclosure attorneys<\/a>&nbsp;<\/strong><\/em><em>t<\/em><em>o learn more about <a href=\"http:\/\/www.nybankruptcy.net\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Rosenberg Musso &amp; Weiner LLP<\/strong><\/a> and\/or to set up a free consultation.<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You may have noticed a couple pieces of bad news circulating in the media the last few days. One is that foreclosures have continued to climb, according to the quarterly statistics put out by RealityTrac.&nbsp; Why the increase?&nbsp; Apparently banks have been delaying a lot of foreclosures as they&#8217;ve tried to implement the federal foreclosure &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/nybankruptcy.net\/main\/foreclosure-increase-jobless-recovery-trouble\/\"> <span class=\"screen-reader-text\">Foreclosure increase + jobless recovery = Trouble<\/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":[16,31,7,10,8,14],"tags":[2,21,11,69,15,51,52,62,77],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bankruptcy Attorney | Foreclosure increase + jobless recovery = Trouble<\/title>\n<meta name=\"description\" content=\"You may have noticed a couple pieces of bad news circulating in the media the last few days. 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