Archives for February 2012

California Attorney General Sues Freddie Mac and Fannie Mae

foreclosureKamala Harris, the Attorney General for the State of California has filed a lawsuit in San Francisco Superior Court. The lawsuit is a result of an investigation by the California Attorney General with regard to twelve thousand foreclosed properties in California owned by Freddie Mac and Fannie Mae. Kamala Harris seeks to ascertain what role, if any, these companies had in selling and marketing mortgage backed securities. Kamala Harris also seeks Freddie Mac and Fannie Mae to provide information with regard to the decreased value of homes in California related to drug dealing, prostitution, explosives and weapons found on these vacant properties. The lawsuit states “foreclosures not only affect the families who lose their homes, but also the safety, health and welfare of the entirecommunity.” In addition, Harris seeks information as to whether Freddie Mac and Fannie Mae are in full compliance with the Civil Rights Laws protecting minorities and members of the Armed Forces of the United States who reside in California.

Freddie Mac and Fannie Mae Taken Over By Federal Government

In 2008 the Federal Government took over Freddie Mac and Fannie Mae. A conservativeship under the Federal Housing Agency was created to deal with the staggering debts of these two companies. An attorney for the Federal Housing Agency has taken the position, in a letter, related to the lawsuits that State Attorney Generals do not have authority to issue subpoenas to Federal Conservators. This lawsuit may determine whether a state has the authority to investigate mortgage companies while they are under federal control.

Freddie Mac & Fannie Mae Cost Tax Payers One Hundred Fifty Billion Dollars

Since Freddie Mac and Fannie Mae have been taken over they have cost tax payers one hundred and fifty billion dollars. This is the largest bail out of the financial crisis. It is estimated that before the mortgage crisis ends the bail out of Freddie Mac and Fannie Mae may amount to as much as two hundred and fifty billion dollars. The lawsuit deals with some of the residential foreclosures in California that took place between January, 2007 and June of 2011. Altogether there were more than seven hundred and sixty eight thousand foreclosures in California during this period.

Foreclosure Help Lawyers

If you are facing a potential foreclosure you need to consult with qualified, experienced foreclosure defense lawyers. The Law Offices of Schlissel DeCorpo has been representing homeowners in foreclosure lawsuits for more than 45 years. If you are served with a Summons and Complaint, our law office can submit an Answer to the Summons and Complaint alleging affirmative defenses, such as predatory lending, defective mortgage, defective foreclosure lawsuit and various other real estate defenses. We can appear in court at foreclosure court conferences on your behalf. We can also help you submit mortgage modifications to your financial institutions.

Bankruptcy Filing

When appropriate, we can also file either a Chapter 7 or a Chapter 13 bankruptcy for the purpose of stopping the foreclosure from moving forward. Filing of a bankruptcy also can be utilized to eliminate credit card debts and stop all other types of collection activity. At the end of the bankruptcy’s filing we can educate you as to how to re-establish your credit. Contact us for a free consultation. At this consultation we will provide you with all your foreclosure and bankruptcy options. Our office numbers are 1-800-344-6431, 516- 561-6645 or 718-350-2802.

Demand for Rental Apartments Increasing in the United States

There has been an increased demand for apartments to be rented in the United States. More and more Americans are choosing to rent places to live in instead of buying homes. The portion of the American public that owns their own homes peaked in 2004. At that time 69.2% of Americans owned their own homes. As of today approximately 65% of Americans own their own homes. This is a thirteen year low!

The Year of the Landlord

Oliver Chang, a real estate analyst at Morgan Stanley has stated in reference to the year 2012, it will be “The Year of the Landlord.” Mr. Chang states “rents are rising, vacancies are falling, household formations are growing and rental supply is limited.” “We believe the demand for rental properties will continue to grow.”

The area in the rental industry is seeing the most growth deals with building that have five or more apartments in them. Construction of apartment buildings with five or more apartments is up more than 30% from last year. The cost of renting an apartment is up more than 2.4% from last year.

Single Family Homes on the Decline

At the height of the construction boom in 2005, home building represented 6.2% of the overall economic activity in the United States. At the present it represents about 2% of the overall economic activity in the United States. In April of 2009, home building for single family homes hit their lowest level since 1959. Although there is more demand for apartment buildings, the construction of single family homes was the weakest in 2011 since records were maintained concerning this data. Let’s hope that 2012 is a better year for residential construction. Unless Americans see the value of their single family homes going up, consumer confidence in the economy will not be rising!

Long Island and New York City Foreclosure Lawyers

If your home is in foreclosure or about to go into foreclosure, the Law Offices of Schlissel DeCorpo can help you. We can help you with the submission of mortgage modification applications. We are familiar with mortgage modification plans that fail to meet homeowner’s needs. If your financial institution seeks to take your home back in foreclosure we can defend you. We draft and submit to the court answers to foreclosure complaints. The defenses commonly submitted in these types of matters are defective mortgages, defective foreclosure lawsuits, predatory lending and other real estate affirmative defenses to foreclosure lawsuits. Our office can educate you concerning Federal laws and foreclosure.

Long Island and New York City Bankruptcy Lawyers

We are also adept at filing foreclosure related bankruptcies when circumstances require bankruptcy filings. A Chapter 7 bankruptcy or Chapter 13 bankruptcy will cause the foreclosure on your home to immediately stop. Filing bankruptcy in some situations can eliminate second mortgages. Filing of a bankruptcy also stops all debt collection activity related to credit card debts and all other debts. Call us for a free consultation. At our initial meeting we will discuss all of your bankruptcy and foreclosure options. Our law office phone numbers are 516-561-6645, 1-800-344-6431 or 718-350-2802.

Two Hundred Thousand Minority Borrowers Over Charged!

Two Hundred Thousand Minority Borrowers Over ChargedThe United States Government has recently settled a case against Bank of America’s Country Wide subsidiary. The case was settled for a record amount of $335,000,000.00. The $335,000,000.00 settlement sets a record for being the largest housing discrimination lawsuit ever resolved by the government.

Government Looking For Two Hundred Thousand Minority Families to Reimburse Them For Housing Discrimination

So who is supposed to receive the $335,000,000.00 settlement? The basis of the settlement was to reimburse minority homeowners for housing discrimination. However, Country Wide’s records were not well maintained. After they were purchased by Bank of America the records suffered further set backs. The Justice Department is now looking for the two hundred thousand minority borrowers of Country Wide who are entitled to receive a share of the $335,000,000.00 settlement. If you are one of those individuals or families you need to contact the Justice Department to obtain your fair share of the settlement.

The lawsuit alleged Country Wide Mortgage Company was charging minority borrowers higher interest rates and higher fees between 2004 and 2008 then they charged non-minority individuals.

Foreclosure Lawyers

The housing crisis has left a significant portion of the American public in a position where they are unable to meet their monthly mortgage payments. The purchase of a single family home was the American dream. For families who can no longer afford to make their mortgage payments, it’s the American horror story. The Law Offices of Schlissel DeCorpo have been representing individuals and families with foreclosure defense problems for more than 45 years. We litigate issues concerning defective mortgages, defective lawsuits, predatory lending issues and many other real estate related issues. We also represent our clients in applying for mortgage modifications. If your case is in litigation we attend foreclosure court settlement conferences on your behalf. In appropriate situations we will recommend foreclosure related bankruptcies to our clients.

New York City and Long Island Bankruptcy Lawyers

In some situations filing either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy is the best way to deal with foreclosure problems. At your initial free consultation with our office we will discuss all of your foreclosure and bankruptcy options with you. The filing of a bankruptcy will stop foreclosures from moving forward, stop debt collection activities against you and in some situations eliminate second mortgages. At the end of the bankruptcy we can help you re-establish your credit.

Call us and we will discuss all of your foreclosure defense and bankruptcy options. Thank you for visiting our foreclosure blog.

103 Year Old Woman Avoids Foreclosure and Eviction

Vinia Hall is 103 years old. She lives with her daughter, who is 84 years of age. Chase Manhattan had foreclosed on her property and sent the sheriffs to her house to evict her. When the sheriffs arrived at her home, they were moved by her plight. They refused to evict Vinia and her daughter. News circulated throughout the world via television news stories, internet articles, and newspaper stories about her situation. An online petition was started to keep her in her home. It had more than thirty three thousand signatures on it.

Due to the huge media coverage Chase Manhattan Bank has reconsidered evicting Vinia from her home. They have renegotiated her mortgage and worked out a payment schedule that she and her daughter can afford.

Six Hundred Thousand United States Foreclosures During the Third Quarter of 2011

Vinia’s problem is simply one story out of the more than six hundred thousand homes foreclosed during the third quarter of 2011. Her case was an exception to the rule. The large majority of individuals who’s homes are foreclosed on are eventually forced out of their homes. Most mortgage modification applications are unsuccessful.

Foreclosure Defense Lawyer

If your house is facing foreclosure there are legal remedies available to protect you. The foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo have been helping our clients stay in their homes for more than two decades. Should you receive a letter from your financial institution or a summons and complaint, you need to contact a qualified, experienced foreclosure defense lawyer as soon as possible. In response to foreclosure lawsuits we file written answers with the court and opposing counsel. We submit a variety of legal defenses including defective mortgages, predatory lending, defective foreclosure lawsuits and a variety of other real estate defenses. We attend foreclosure court conferences on behalf of our clients and we seek to put pressure on the financial institutions to work out mortgage modifications.

We discuss all types of foreclosure options with our clients. Some of the options involve filing a Chapter 7 bankruptcy or Chapter 13 bankruptcy. When you file a Chapter 7 or Chapter 13 bankruptcy, foreclosure lawsuits are frozen and eventually eliminated.  All other debt collection activity also comes to a halt. Call us for a free consultation. We can keep you in your home! Our phone numbers are 1-800-344-6431, 516-561-6645 or 718- 350-2802.

Brooklyn Judge Sanctions Bank and Law Firm in Foreclosure Case

Justice Arthur M. Schack, sitting in the Supreme Court, Kings County, has fined.

HSBC Bank $10,000.00 and the Law Firm of Shapiro, DiCaro and Brak $5,000.00 in sanctions. In his ruling he stated that both parties engaged in “frivolous conduct” during an attempted foreclosure against Eleanor Taher, a homeowner in Bedford Stuyvesant.

Judge Schack had previously dismissed with predjudice the foreclosure action brought against Eleanor Taher by HSBC Bank. The court had requested that an HSBC executive appear at the sanctions hearing.Justice Schack has in the past taken a tough position with regard to financial institutions acting improperly in foreclosure proceedings. The attorneys for Shapiro, DiCaro and Brak stated they would appeal Justice Schack’s ruling. In discussing the appeal, Patrick Bnaylon of Goldman Segalla, stated “we do not believe an attorney or a client should be punished while proceeding in reliance on existing law. Mortgage foreclosures are not popular cases these days but out system provides for representation by attorneys for anyone appearing before the judiciary. Protecting attorneys who appear for currently unpopular clients or causes from unwarranted sanctions is of the utmost importance to our system of justice.

We will keep you informed as to how this appeal plays out.

Foreclosure Defense Lawyers in New York

The foreclosure lawyers at the Law Offices of Schlissel DeCorpo can help you keep your home. If a foreclosure action is eminent, it is important that you retain the most qualified, experienced foreclosure defense lawyers available. The Law Offices of Schlissel DeCorpo has helped dozens of their clients keep their homes when faced with foreclosure lawsuits. The law firm submits answers to foreclosure lawsuits to the courts and to opposing counsel. Defenses such as defective foreclosure lawsuits, predatory lending, defective mortgages and a variety of other real estate related defenses are often utilized by the law firm to protect their clients. The firm appears at foreclosure court conferences on behalf of their clients and seeks to put pressure on the financial institutions to enter into mortgage modifications with their clients.

Filing for Bankruptcy to Stop Foreclosure

The firm also files Chapter 7 and Chapter 13 bankruptcies on behalf of their clients. Filing of a bankruptcy stops foreclosure lawsuits and also stops all other collection activity. Call for a free consultation. At our initial meeting we will discuss all of your foreclosure and bankruptcy options.

New York’s Mandatory Retirement of Judges: A Mistake

judgesNew York judges must retire on or before September 31st in the year in which they reach seventy years of age. The statute is a mistake. It should be amended, modified, changed or eliminated completely.

Under the current system, judges who reach the mandatory retirement age can obtain up to three extensions for periods of two years. To obtain these extensions, the judge has to be re-certified that he or she is capable of continuing to work as a judge.

Numerous Judges who are forced into retirement are brilliant jurists. They still have a lot to contribute to resolving the problems faced by litigants. Forcing the most experienced and often the most dedicated judges into premature retirement does not benefit lawyers, litigants or the administration of justice.

Justice Edward A. Marin

Justice Edward A. Marin, who sits in the matrimonial part of the Supreme Court in Nassau County, was seventy years of age in 2010. I know Justice Marin to be a bright, articulate, energetic judge. I was shocked to find out he is seventy years of age. Men of Justice Marin’s caliber are simply too dedicated, too bright and too hard-working to be forced into early retirement. For more than thirty-five years, Justice Marin was an active attorney working in private practice in Nassau County. He has now been on the bench in both County Court and Supreme Court for in excess of ten years. I find Justice Marin to be a tough, bright, hardworking, respected justice. It is a shame that, in a mere six years, Justice Marin will be forced off the bench, even if he is approved for the three two-year extensions.

Amend The New York State Constitution

To deal with the mandatory retirement of judges, it will be necessary to amend the New York State Constitution. The process of amending the constitution requires two separately elected legislatures to approve the measure, and then the measure must be ratified by a majority of the voters in a state-wide referendum.

I am currently sixty years of age and I will turn sixty-one in March. I am young, energetic and still at the height of my tennis prowess. I don’t expect when I turn seventy to be considering retirement. Americans are living longer and longer and have more years of productive activity available to them in their professions than previous generations. Mandatory retirement ages for judges must be reconsidered.

divorceLong Island Divorce Lawyers

At the Law Offices of Schlissel DeCorpo, we litigate divorce proceedings on Long Island. We have extensive experience in handling matrimonial and family matters in both Nassau and Suffolk Counties. Our office also deals child custody cases and family court cases throughout the metropolitan New York area. We aggressively represent our clients regarding investigations concerning child abuse and child neglect. When our clients are served with orders of protection, we actively and effectively litigate these matters to have our clients returned to their homes.

Should you have a matrimonial or family law problem in the metropolitan New York area, call us at 516-561-6645, 718-350-2802 and 1-800-344-6431.

Also Visit – Nassau County Divorce Attorney

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

This is attorney advertising. This website is designed for general information purposes only. The information presented on this website shall not be construed to be legal advice. If you have a legal problem you should consult with an attorney.

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