General Practice, Solo & Small Firm Division

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Law Trends & News

Practice Area Newsletter

American Bar Association - Defending Liberty, Pursuing Justice

Summer 2008

Vol. 4, No.3

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Real Estate

 

Borrowers Still Slow to Get Help

A recent article in The New York Times states that despite the vast publicity about ways to avoid foreclosure, most borrowers remain unaware that their lenders are willing to help them.

Indeed, the article cites a recent report released by Freddie Mac, one of the two government-sponsored businesses that acquired mortgages from lenders and sell them to investors, which states that 57 percent of delinquent borrowers did not know about the various options lenders offer to delinquent borrowers.

In this slow real estate market it is to no one’s advantage to foreclose on a home. Moreover, many lawyers’ associations have formed task forces to assist buyers in saving their homes. If you are falling behind on your mortgage payments, contact your lender. In addition, contact your local lawyers’ bar association and ask them for a referral to a foreclosure prevention task force in your area.

Angela Barker is a graduate of Columbia Law School and is an attorney in private practice. Her firm, The Law Office of Angela Barker & Associates, LLC,handles a full range of family law matters, including, prenup agreements, divorce, legal separation, establishment and modification of child support, establishment and modification of child custody and visitation, and cohabitation and domestic partnership documents. The law office also handles a full range of real estate transactions and trust and estate matters. She is admitted to practice in the State and Federal Courts of New York and New Jersey. Visit her at www.angelabarkerlaw.com.

© Copyright 2008, American Bar Association.