Court Officials Weigh in on Foreclosed and Bankruptcy Homes Problems- By: John Cutts
As the number of bankruptcy homes and foreclosed properties rises in New York, more legal aid is needed by homeowners who often lose their case because they cannot afford to hire a lawyer. In an effort to even out the field, court officials in the state are ironing out a plan that will ensure that troubled homeowners get legal representation.
Owners of foreclosure homes in Queens Village and in other key areas of the state have welcomed the news, stating that this will give them a better chance of saving their properties from foreclosures. If the plan pushes through, the state will be the first in the U.S. to provide such services to foreclosure owners. Currently, around 80,000 foreclosure-related cases are ongoing in New York and analysts reported that, in more than 50% of these cases, only lenders have attorneys.
According to court officials, providing lawyers to owners of New York foreclosure homes will not only help homeowners, but will also benefit the courts since it will make for more efficient legal proceedings. The program will be implemented first in the areas of Orange and Queens Counties in the coming few weeks.
Housing market analysts stated that the program will greatly help the housing industry, which is already suffering from huge supplies of foreclosed houses and bankruptcy homes. Under the initiative, a homeowner facing possible foreclosure who cannot afford legal representation will be provided with an attorney by legal aid associations and other pro bono entities.
The plan has been praised by homeowners and their advocates, who remind state officials that majority of foreclosure houses in the state were formerly owned by people who opted to abandon their properties simply because they did not have an attorney to represent them and found it pointless to show up in court without one. In majority of such cases, the lender ends up as the winner and the homeowners lose their homes without even getting a chance to defend themselves.
With foreclosures and bankruptcy homes expected to rise again this year in all U.S. markets, analysts stated that the program will go a long way towards keeping foreclosure numbers at a manageable level. Authorities are hoping that the initiative will be in place in the whole state before the year ends.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.