According to the Consumer Bankruptcy Report, Volume 22, Issue 7, bankruptcy filings were down 14-percent nationwide in January 2012 compared to January 2011.  The downward trend in consumer bankruptcies is likely to continue until consumers increase their household spending.

http://www.nationalmortgagesettlement.com/

Recently in the news, the federal government along with 49 state attorneys general have negotiated a joint state-federal settlement with loan servicers such as Ally/GMAC, Bank of America, JPMorgan Chase, Citi Bank, and Wells Fargo.  The settlement is providing relief to borrowers who were affected by the banks wrongdoing on robo-signing and mortgage servicing.  There are certain requirements that must be met to receive your compensation.  Please visit the link above for more information.

Northern District of New York institutes model chapter 13 plan.  The model chapter 13 plan has been instituted by all three judges in the Northern District of New York, Chief Judge Robert Littlefield, Bankruptcy Judge in Utica Diane Davis, and Bankruptcy Judge in Syracuse Margaret Cangilos-Ruiz.  The model plan is nine pages long and is meant to address certain specific issues such as classification of claims, treatment of secured claims, assumption and rejection of leases and affecting creditor’s rights as well as clearly denoted the intention of the debtor and filing cases.  The plan was years in the making but is now uniform district wide.

cited: US Foreclosure Filings Hit 4-Year Low in 2011

As reported in a cnbc article, foreclosures are at a 4 year low in 2011.  However, this number is artificially depressed according to real estate experts.  Some states have such a dysfunctional foreclosure process that it is bogging down housing foreclosures.  At Rodriguez & Doern, we have noticed that in New York State specifically with the conference program and the NYS judge on the foreclosure progress, this has elongated the average foreclosure from six months to well over a year. Although foreclosure filings may be down there is still a large amount of shadow listings, which is more delinquent mortgages and houses that are in pre-foreclosure status that have flooded the market and continue to keep the foreclosure process depressed.  As the article indicates even though foreclosures are down there are still a ton of properties which are delinquent.  We believe these are record levels.

cited: US Foreclosure Filings Hit 4-Year Low in 2011

As reported in a cnbc article, foreclosures are at a 4 year low in 2011.  However, this number is artificially depressed according to real estate experts.  Some states have such a dysfunctional foreclosure process that it is bogging down housing foreclosures.  At Rodriguez & Doern, we have noticed that in New York State specifically with the conference program and the NYS judge on the foreclosure progress, this has elongated the average foreclosure from six months to well over a year. Although foreclosure filings may be down there is still a large amount of shadow listings, which is more delinquent mortgages and houses that are in pre-foreclosure status that have flooded the market and continue to keep the foreclosure process depressed.  As the article indicates even though foreclosures are down there are still a ton of properties which are delinquent.  We believe these are record levels.