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TELL US YOUR “WAR STORIES” – MAYBE WE CAN HELP

The state of the economy and its impact upon all of our lives as well as those of our neighbors, friends, colleagues, and co-workers continues to play a prominent role in our hectic days and sometimes sleepless nights.

Mortgage related litigation hit a 3 year high during this year’s first quarter, according to a recent report in the New Jersey Law Journal. This may be the highest number of active lawsuits of this nature in any quarter since 2007.

According to the American Bankruptcy Institute, U.S. consumer bankruptcy filings increased 14% in the first six months of 2010, as compared to the same period last year. ABI Executive Director Samuel J. Gerdano notes that “Years of rising consumer debt and low savings rates, combined with the housing and employment crises, are causing bankruptcy levels not seen since 2005 amendments to the Bankruptcy Code.” The ABI expects more than 1.6 million new bankruptcy filings nationwide by year end. Estimates for New Jersey are at 5,000 per month or 60,000 by year end.

Between September 2007 and September 2008, there was a 54% increase in foreclosure lawsuits filed in New Jersey over the previous 12 month period. At the end of last year The Wall Street Journal reported that 23% of the United States homeowners are “underwater” (owe more on their mortgages than the properties are worth). In New Jersey, the number is 15%. In June, the Mortgage Bankers Association reported that more than 10% of homeowners had missed at least one mortgage payment in the first quarter of 2010. That’s a record high, beating the record from the 4th quarter of 2009. MBA’s top economists report that around 4.3 million homeowners, or 8% of all Americans with a mortgage, are at the risk of losing their homes because they have either missed at least three months of payments or are in foreclosure.

The people who represent these statistics are the reason Barron & Posternock, LLP invests its time and money to challenge the mortgage industry in an effort to help people save their homes.

We want to hear your “war stories”. We want to know the details surrounding their re-financing. We want to hear their lender’s explanation about why they “can’t” modify their loan. We’ll listen to the reasons why their lender refuses to approve their short sale and maybe, just maybe, we can help.

-Dan Posternock

Please send your stories to: lsacalis@barpostlaw.com

***The information included in this newsletter is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.