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04 Sep 2012

Younger Homeowners Drowning in Mortgage Debt Featured

Colorado Springs foreclosure lawyers understand that while rising home prices have helped to pull some homeowners from the debts of this housing crisis, younger homeowners are still facing an uphill battle.

 

According to real estate database Zillow, the percentage of homeowners who were underwater, or owed more on their homes than they were worth, dropped to about less than 1 percent (to about 31 percent)in the second quarter of 2012. This is somewhat encouraging, but of the 15 million borrowers who remain underwater, a huge portion of those are below the age of 40.


In fact, about half of all borrowers in this age bracket are underwater. This is double what the underwater rate is for older borrowers.

What we're likely to see as a result is a stagnation in the economy. That's because when these borrowers can't move out of their starter homes into bigger homes, those younger couples seeking starter homes have a harder time doing so. That means they are more likely to rent or continue living at home for longer stretches of time.

These under-40 underwater borrowers, in order to sell their home, either have to come up with a lot of cash upfront or go through a short sale.

What they don't necessarily have to do is simply walk away. Our Colorado Springs foreclosure lawyers know that the entire process seems daunting and frustrating, but you do not have to endure it alone.

Our attorneys are experienced at finding foreclosure alternatives, such as loan modifications and principal loan reductions. These are available with increasing frequency as the government works to settle with major banks over foreclosure abuses and other housing wrongs. So even if you were previously unsuccessful in working out an agreement or modification on your own, there's a strong likelihood that we can help you negotiate better terms with your mortgage lender.

This may help you avoid both foreclosure and/or bankruptcy, depending on how deep in debt you are.

Unfortunately, many homeowners simply struggle to pay the current price in the hopes that the market will rebound and they will be able to make their money back. The fact is, you may never fully recoup the losses on the investment you made in your home. However, you shouldn't have to go broke just trying to pay your mortgage.

We can help.

Stephen H. Swift

Managing Attorney
Law Office of Stephen H. Swift, P.C.

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    "Everyone I talked with or met with was knowledgeable, professional and helpful. I rate this law firm a 10 on every count. This was my second bankruptcy, and I used your office the first time. Everything was very professional and everyone was very helpful and pleasant to interact with.

    Matthew Hansen was nice, knowledgeable and professional. Alicia was very pleasant, friendly. Cris was very nice and helpful."

    -Karin, Colorado Springs, CO



     

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    "From the first time that I entered the office, I was treated with the utmost respect. It was like I had been knowing all of the employees for years!! Every person that I came in contact with was extremely courteous!!!

    I rate my overall experience a 12!! And I wouldn't change a thing on the website.

    Cris is absolutely wonderul!! While Alicia was extremely courteous and humorous!!!

    Stephen (Swift) was extremely professional and courteous. One of the nicest gentlemen that I have Had the pleasure of working with. I can't thank him enough."

        

    – Pete, Colorado Springs, CO  

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    "I was referred by a client. I rate Swift Law a 10 on the quality of legal expertise I received, on my phone calls being returned promptly, on the staff being friendly and helpful, and my overall experience. Cris was very helpful and informative, and Alicia was very thorough.

    Matthew Hansen was wonderful." - JoAnn, Colorado Springs, CO



     

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    "Everyone was professional, friendly and caring of the situation I was in.

    Cris is the best. Very friendly, caring and informative to my questions. Made me feel at ease.

    Alicia was friendly. Only talked with her one time on phone when Ward was not available.

    Ward was very friendly and made me feel very comfortable. Very good at his job.

    Mr. Swift was very efficient, professional and friendly. Right off he makes you feel like he is on your side in a difficult situation. Gets the job done.

    Thank you to ALL - for your professionalism, caring and integrity during the process of my bankruptcy. "

     - Anonymous, Colorado Springs, CO




     

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    "I rate this plance a 10. Very friendly & professional.

    Just want to thank all the staff for making this process so easy & fast for me. You guys are the "BEST".

    Both Cris and Alicia were very friendly & helpful. And Stephen was very professional & knowledgeable."

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    "My attorney (Matthew Hansen) is a very kind person.  I felt very confident in his skills. He is very knowledgeable and efficient.  He didn't make me feel embarrassed to be filing for bankruptcy.  Thank you Matthew!  Laura was very friendly, and everyone I interacted with was very nice and helpful as well.  " 
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