16, 10 09 17:26 Filed in: What's New
In response to continually increasing foreclosures, The WAterbury Republican-American newspaper called on Attorney Melchionne to comment. Not surprised by the increase, Attorney Melchionne explained that many variable rate mortgages have not yet had their first rate resets which will result in "sticker shock" when payments increase by 50% or more. When coupled with rising unemployment, layoffs, and work cutbacks, foreclosures will increase putting further pressure on falling real estate prices. Read the story here.
09, 10 09 23:43 Filed in: What's New
Attorney Melchionne was intereviewed by the CBS Evening News along with his clients, Jeffery and Shari Lee, regarding the failure of mortgage modificiations in foreclosure. The interview was accompanied by a report by the Congressional Oversight Panel on the Federal Bailout headed by Harvard Professor Elizabeth Warren. The report reveals that modifications on mortgages in default are occurring slower than the number of mortgages falling into default. Somewhere between 10 to 12 million homes are expected to be foreclosed in the next two years and that the real estate market is unlikely to recover until 2013. View the video.