Archives for March 2012

Mortgage Mistakes – Part II – Shop Around But Be Careful

Many prospective home owners get conned with regard to too good to be true mortgage deals. Mortgage deals that are too good to be true often involve negative amortization. This is when the principal amount you owe goes up every month because you are not even paying the entire amount of the interest on your home. Interest-only mortgages also should be avoided if possible. In an interest-only mortgage the amount you owe never decreases.

Locking In Mortgage Rates

Mortgage rates can change on a daily basis. They can go up or they can go down. If you like the mortgage rate that has been offered to you, you should speak to the mortgage broker or the individual handling the mortgage and have the rate locked in. Once the rate is locked it is guaranteed for a specific period of time. You should also make sure you receive the lock-in of your mortgage rate in writing.

Hire The Right Lawyer

Buying a home may be the largest single purchase you make in your lifetime. You should speak to friends, relatives, and do online research to make sure you are hiring an experienced and well thought of attorney. The attorney will be in a position to assist you in through all aspects of your home purchase as well as advise you with regard to the mortgage process.

Foreclosure Lawyers

If you have foreclosures problems, the Law Offices of Schlissel DeCorpo can help you. Our law office represents individuals with regard to all aspects of mortgage modifications and foreclosure related issues. We attend foreclosure settlement court conferences for our clients. We litigate issues concerning defective foreclosures law suits, predatory lending, foreclosure fraud, and other real estate problems. We represent our clients in filing foreclosure related bankruptcies when appropriate. The filing of a Chapter 7 or a Chapter 13 bankruptcy can stop foreclosures from moving forward. In some situations these bankruptcies can eliminate second mortgages, stop debt collection practices and eliminate creditor harassment. At the end of the bankruptcy process we can assist our clients in reestablishing credit. Call us for a free consultation. We can help you save your home!

Mortgage Mistakes – Part I

Applying for a mortgage can be a complex process. How much to ask for, how much you will qualify for, getting approved and closing on the sale of a home can be difficult to say the least. There are a number of potential problems that you should avoid when looking to obtain a mortgage. Here a list of some of those problems.

Credit Check

First thing you should do before applying for a mortgage is buy a credit report for yourself. This can be easily obtained online. You should ascertain what you credit score is. If your credit score is low there are procedures that can be taken to raise your credit score.

Maintaining Assets

Banks will look to the assets you have in your checking and savings accounts when you apply for a mortgage. Should a family member, friend, or loved one be making a cash contribution towards the down payment it would be in your interest to let those funds stay in your account for a period of time to boost up your standing with the bank you apply for a mortgage with. Underwriters do not like to see transfers of funds into your bank account shortly before you apply for a mortgage. They will think it is fishy!

Steady Employment

Mortgage underwriters like to see that you have a stable job. Individuals who frequently change jobs have difficulty in obtaining mortgages. It is less problematic if you are moving within the same general field. Mortgage lenders do not like to see individuals recently making a career change and then applying for a mortgage.

Total Housing Payments

Many potential homeowners do not understand what compromises a mortgage payment. Mortgage payments consist of principle, interest, taxes and insurance on the dwelling. New homeowners often make the mistake and only think about the cost of the repayment of the principle and interest on their home. They do not take into consideration property taxes, interest and insurance payments.

Don’t Apply For New Credit And Then Apply For A Mortgage

Mortgages lenders do not take kindly to individuals applying for other types of credit at the same time they’re applying for a mortgage. In an underwriters eyes this makes you a greater risk a credit default. If you should be applying for new credit cards or personal loans at the time you are applying for a mortgage the duplicate applications may have a negative impact on your credit report.

Hire Experienced Foreclosure Defense Lawyers

The Law Offices of Schlissel DeCorpo are currently litigating numerous foreclosure defense cases throughout the metropolitan New York area. For more then 45 years the law firm has been representing individuals with financial difficulties. The first step in a foreclosure lawsuit is to put in a written answer. Affirmative defenses such as defective foreclosure lawsuits, predatory lending, foreclosure fraud, defective mortgages and a variety of other real estate based defenses can be plead depending on the circumstances involved in the case.

After an answer is submitted, the court will schedule a foreclosure settlement conference. At the conference the court will seek to have the parties amicably resolve the case. The court will inquire as to whether mortgage modifications have been applied for. Our law firm’s experienced in handling foreclosure defense cases for numerous clients has established the firm as being one of the premier foreclosure defense law firms on the East Coast of the United States. We have an excellent success rate in keeping our clients in their homes. Feel free to call our law office to discuss your foreclosure defense options.

Foreclosures Can Make You Sick

Are you losing your home? Certainly this would make you unhappy, but can it make you sick? A recent study shows that the foreclosure crisis is having more than just an economic toll on Americans. It is making Americans sicker! Janet Curry, co-author of a study published by the National Bureau of Economic Research states “our findings prove that yet again economic well being and physical well being are connected. The foreclosure crisis is having a significant impact on mental health as well as on a wide range of preventable conditions that are susceptible to stress.”

Studies Regarding Foreclosures and Health Problems

Researchers conducted studies in California, Arizona, Florida and New Jersey. These are states that have significant foreclosures problems. First, the studies showed that for every one hundred foreclosed properties in a community the emergency room and admission rates in local hospitals increased by almost seven and a half percent. This is the greatest areas of increases were related to hypertension and diabetes. Hospital admissions and outpatient care related to anxiety increased to over twelve percent.

Louis Allen, the mental director at the Florida Hospital Center for Behavioral Health stated, “[w]e’ve seen more patients under financial stress whose mood, hypertension and diabetes are worsening. Often these patients feel so overwhelmed they don’t do what they need to do to take care of their conditions.” He stated further that “when stress hormones rises these conditions get worse.” Allen pointed out that “the housing crisis is forcing more families to move in together. This often causes increased friction and arguments. This can lead to the consumption of alcohol, and substance abuse problems, high levels of anxiety and even suicides.”

What To Watch Out For

Financial problems and stress related to these problems can affect virtually every area of your health. They can create eating disorders and sleeping disorders. They can push you into consuming alcohol or other drugs. Individuals under financial stress need healthy outlets for their anxiety. Physical activity, going to a gym and participating in all types of athletic programs are healthy ways of dealing with stress and anxiety. So if you have problems related to your finances, consider seeing a debt counseling center and a therapist. Don’t let your financial problems drive you to drink or other inappropriate activities.

Foreclosure Defense and Bankruptcy

If you are served with a summons and complaint or threatened with foreclosure you should contact a foreclosure defense lawyer. The foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo for more than 45 years have been helping clients deal with foreclosure problems. We submit applications on behalf of our clients for mortgage modifications. We handle forensic audits. We litigate issues such as defective mortgages, defective foreclosure law suits, predatory lending, foreclosure fraud and other real estate related legal problems. We appear in court for foreclosures settlement conferences on behalf of our clients. We also file foreclosures related bankruptcies for our clients.

Bankruptcy

Individuals have two types of bankruptcies they can file, either a Chapter 7 or a Chapter 13 bankruptcy. Chapter 7 is a straight bankruptcy. While a Chapter 13 is a repayment plan of between three and five years. Either of these types of bankruptcies can help. Filing bankruptcy can eliminate second mortgages, stop foreclosures from moving forward, stop debt collection activities and eliminate creditor harassment. At the end of the bankruptcy we can educate you on how you can reestablish your credit. Call our office should have foreclosure or bankruptcy questions or you are worried about losing your home! Our office phone numbers are 1-800-344-6431, 516-561-6645 and 718-350-2802.

Robo-signers Indicted In Nevada

The State Attorney General in Nevada has recently indicted two individuals in a “massive” robo-signing foreclosure scam. The scammers were indicted with regard to falsification of foreclosure related documents. The State Attorney General’s office in Nevada believes that these two individuals were responsible for thousands of homes being wrongfully foreclosed on.

The individuals involved were California residents. Their names were Gary Trafford and Gerri Sheppard. They are facing numerous charges related to the falsifying of thousands of foreclosure documents in Nevada between the years of 2005 and 2008. They had been working during this period for Lender Processing Services, a mortgage servicing company. According to Nevada Deputy Attorney General, John Kellher, the “Grand Jury found probable cause that there was a robo-siging scheme which resulted in the filing of thousands of fraudulent documents.” It is estimated that Lending Processing Services is responsible for more than half of all mortgage processing in the United States. The company, which has more than eight thousand employees, has acknowledged that there have been flawed procedures with regard to the preparation and signing of mortgage related documents.

Foreclosure Defense Lawyers

The attorneys of the Law Offices of Schlissel DeCorpo blend a wealth of legal experience and legal know how concerning issues involving foreclosure defense, mortgage modifications, forensic audits, defective mortgages, defective foreclosure lawsuits and predatory lending issues.

In the appropriate situations, we advise our clients with regard to foreclosure related bankruptcies. These bankruptcies can be either Chapter 7 or Chapter 13. The filing of a bankruptcy can eliminate second mortgages, stop foreclosures, stop debt collection practices and stop creditor harassment.

Call us for a free initial consultation where we will discuss your foreclosure options as well as bankruptcy options.

Skyrocketing Foreclosure Rates In Wealthy Towns on Long Island, NY

Victoria Gotti, the daughter of mob Don John Gotti a reality star in her own right, let her home go into foreclosure in 2009. She owned an estate on Long Island which she put up for sale originally for 3.9 million. The home was located in the lovely and high end town of Old Westbury. She was unable to sell her home for even 2.9 million. She had originally paid over 4 million dollars for her home.

Well-To-Do Americans Letting Their Homes Go Into Foreclosure

The foreclosures rates in many of the more affluent towns on Long Island, New York have been going up. In the town of Great Neck, there is a foreclosure rate of over 7%. Great Neck is considered one of the most affluent towns in the United States.

Highest Foreclosure Rate

The State of Florida is one of the hardest hit states concerning foreclosures of homes. Florida is home to two extremely high end areas that have very high foreclosure rates. These are Fischer Island and Rosemary Beach. Fischer Island is located off Miami Beach and it is one of the most expensive zip codes in the United States. The foreclosures rate in this millionaire haven is over 20%. Rosemary Beach, a planned community in the pan handle area of Florida, which maintains the 69th most expensive zip code in the United States has a foreclosure rate of approximately 10%.

Homes Lose More Than 50% of Their Value

The high foreclosure rates in the United States have caused the value of homes to tumble. In many areas homes are worth less than 50% of what they were previously. Many of these homes are underwater (meaning the mortgage amount is higher than thevalue of the home).

Why Affluent Americans Are Walking Away From Their Homes

Many well off homeowners have stopped paying their mortgages. They have done this for calculated financial reasons. “Strategic defaults can be an even bigger issue with high end homes, where if you are 25% underwater that could mean hundreds of thousands of dollars or more, if the borrowers may be more financially shrewd and consider it a financial decision to walk away from the home,” pursuant to the analysis of Daren Blomquiste of REALTYTRAC.

The reasons why affluent Americans are walking away form their homes can be summed up by the term “strategic default.” Financially well off Americans will not qualify for short sales or loan modifications. They usually have too much income or too much in the way of assets to qualify for these programs.

Chris Tucker, a well known comedian, owned a home in Florida which had a mortgage of 4.4 million dollars. The home was originally worth 6 million dollars. Its current assessment is 1.6 million. So Chris Tucker dealt with this problem by strategically defaulting on his mortgage.

Initially only the middle class was affected by the mortgage/financial crisis in America. Now even the upper class is caught up in the foreclosure crisis in the United States. Pain is being felt by Americans throughout the economic spectrum!

Foreclosure Defense Lawyers

The attorneys of the Law Offices of Schlissel DeCorpo have more than 45 years of helping their clients with foreclosure related legal problems. They assist their clients in dealing with mortgage modifications applications and mortgage modifications programs that fail to meet client’s needs. They deal with issues such as forensic audits, defective mortgages, defective foreclosure lawsuits, predatory lending, and various other real estate problems.

We will discuss foreclosure related bankruptcy with their clients when it is appropriate. Sometimes following either a Chapter 7 or a Chapter 13, bankruptcy can be utilized as a strategy in dealing with foreclosures. We will discuss the bankruptcy process with you at your initial free consultation. The filing of the bankruptcy can eliminate second mortgages in some situations, stop foreclosures, stop debt collection activity and eliminate creditor harassment. We will also discuss bankruptcy exemptions and why filing bankruptcy might be the best route in dealing with your financial difficulties.

Call us for a free consultation our phone numbers are 1-800-344-6431, 516-561-6645 and 718-350-2802.

How To Rebuild Credit After Going Through A Bankruptcy

More than a million and a half people file bankruptcy each year. Many individuals who file bankruptcy don’t believe they will ever have credit again. They are wrong! You can rebuild your credit after filing bankruptcy. Credit scores after filing bankruptcy can fall to as low as two hundred points. Taking the appropriate procedures you can rebuild your credit in a year to a year and a half.

Review Your Credit Report

Obtain a copy of your credit report. This can be easily done on the internet. Carefully review the credit report. You should make sure all of your debts discharged in bankruptcy show a zero balance on your credit report. If your credit report is inaccurate regarding zero balances related to debts discharged in bankruptcy, contact the creditor and the credit bureau that gave you the credit report and have them update correct information.

Pay Your Rent On Time

Credit reporting agencies now include rental histories as part of your credit profile. By paying your rent on time on a regular basis after filing bankruptcy you can help rebuild your credit score. Pay your debts not discharged in the bankruptcy. Bankruptcy discharges only dischargeable debts. There are a variety of debts that are not discharged. Among these debts are some taxes owed the federal government, child support, spousal maintenance (alimony), and student loans. If any of these debts survive your bankruptcy, pay them on time. By paying these debts on time it will enhance your credit score.

Obtain A Secured Credit Card

Most secured credit cards require a deposit of either five hundred or a thousand dollars. You then receive credit in the amount of either the five hundred or the thousand you deposited. Use the secured credit card and pay on time. Each time you pay them on time you will receive valuable points towards your credit score.

Financial Discipline

It is necessary for you maintain financial discipline after filing bankruptcy. If you’re disciplined and you pay your debts on time within a year and a half, you will be able to obtain new credit cards all over again. Hopefully this time you won’t end up in bankruptcy again.

New York Bankruptcy Lawyers

The bankruptcy lawyers at the Law Offices of Schlissel DeCorpo have filed hundreds of bankruptcies on behalf of our clients. We file both Chapter 7 and Chapter 13 bankruptcies. The filing of a bankruptcy can be utilized to stop foreclosures from moving forward, eliminate second mortgages, stop debt collection practices and stop creditor harassment.

Bankruptcy is a simple process. After an initial meeting with us we will discuss all bankruptcy options with you. If your house is in foreclosure we will also discuss foreclosure options such as mortgage modifications, litigating defective mortgages and mortgages modification programs.

Call us for a free consultation with regard to either foreclosure defense or bankruptcy related issues.

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.

Copyright © 2018 By The Law Offices of Schlissel DeCorpo. All Rights Reserved.