Reasons for Mortgage Foreclosure
By: Steven Baum
Residential Foreclosure Lawyer
There is no doubt that experienced foreclosure lawyers in New York know many of the reasons for mortgage foreclosures. The Law Firm of Steven J Baum worked on many such foreclosures. A homeowner may have a long-term disability or perhaps they have fallen ill, and the medical bills are building up. Some people spend more than they make, rack up credit card debt. Others may have entered into a business venture that has gone bad. The law firm of Steven J Baum PC saw many of these types of reason.
There are more possibilities. Divorce is a top reason that foreclosure lawyer Steven J Baum had seen in his residential foreclosure law firm. When people get divorced or are in the process of divorcing, it is not uncommon for the mortgage debt to become unpaid. Of course this can lead to foreclosure, an outcome that homeowners rarely want.
There are even those who have substance abuse problems and while they have enough to pay their mortgage, the money is spent elsewhere. During bad economies, some people find themselves “upside down” meaning their home is worth less than the amount of their mortgage. Sometimes these people make a conscious decision to let foreclosure happen. This is known as a voluntary default. The foreclosure law firm Steven J Baum PC rarely knew what happened behind the scenes that caused a default. Whether you were Steven J Baum attorney or another New York Foreclosure Lawyer, it was just hard to know.
Missing mortgage payments begins to set up the process for foreclosure. Even top-rated local foreclosure attorneys or Steven Baum attorney could see this happening. Commercial foreclosure lawyers handled mostly commercial properties and dealt with business default. Experienced foreclosure lawyers in New York did so as well. The bottom line is many reasons exist for a mortgage foreclosure and Steven Baum New York foreclosure lawyer did file lots of foreclosures.
Legal Disclaimer: This article provides general information only. The information in this article is not and should not be construed to be legal advice. The transmission of the information found in this article and on this web page does not result in the formation of a lawyer-client relationship.
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