Archives for February 2015

How to Spot Bank Fraud

Please click on the link below to watch today’s video blog:

http://youtu.be/TJ37ObjF1iA

Elliot S. Schlissel is a foreclosure defense lawyer in the Metropolitan New York area.  He has been helping homeowners stay in the homes for more than 45 years.  Elliot and his associates help their clients obtain mortgage modifications.  Elliot can be reached for consultation at 516-561-6645, 718-350-2802 or by email to schlissel.law@att.net.

More Homeowners Are Using Lawyers To Defend Them In Foreclosure Cases

mortgage modification and bankruptcy attorneys on long islandThe percentage of homeowners utilizing attorneys to appear on their behalf at mandatory foreclosure settlement conferences has been increasing. While legal representation of homeowners in foreclosure has been increasing, the number of cases being filed by banks to foreclose on homes is decreasing.

Caseloads Decreasing

In 2013, 46,700 cases were filed in New York State. Only 44,500 cases were filed in the State of New York during the 2014 calendar year. Foreclosure lawsuits are approximately 30% of all cases filed in the Supreme Courts in the State of New York.

The judiciary in the State of New York has a commitment to continue with foreclosure settlement conferences for the purpose of resolving foreclosure lawsuits without the need for further litigation. There are several reasons given for the reduction in foreclosure filings in New York State. Real estate prices have been going up, and less homes are underwater. In addition, the requirements to obtain new mortgages have been made more reasonable.

Specialized Court Parts and Court Programs Move Foreclosure Cases Faster Through New York Courts

There are a number of specialized court parts and court programs which have been established to ease the log jam of foreclosures in the courts in New York. In Nassau County there is a special court part which was established in 2013. In this part, banks can ask for expedited rulings in cases where the homeowners defaulted on the mortgages and didn’t appear in court or the homeowners had exhausted all settlement options. Up until now, about 800 cases have been resolved in this specialized part. In addition, Nassau County, Suffolk County and Bronx County have what are called servicer parts. In these parts, officials are authorized to approve mortgage modifications on the behalf of homeowners attending settlement conferences. A similar court part is envisioned to be brought into effect in Kings County and Queens County in the near future.

New Rules Concerning Foreclosures

Effective December 1, 2014, referees in foreclosure conference parts have the ability to consider alternatives such as loss litigation options involving loan modifications, deeds in lieu of foreclosure, and short sales. It is anticipated all these new activities will speed foreclosures through the court and assist homeowners in obtaining mortgage modifications.foreclosure defense lawyer in New York

Bank Sought To Foreclose On Decedent’s Home

Please click on the link below to view today’s video blog:

http://youtu.be/GLexagaYJ8Q

Elliot S. Schlissel is a foreclosure defense attorney.  He and his associates have been helping homeowners remain in their homes for more than 45 years.  Elliot assists his clients in obtaining mortgage modifications.  He can be reached for consultation at 516-561-6645, 718-350-2802 or by email to schlissel.law@att.net.

The New Relaxed Mortgage Requirements

mortgage modification attorneyFannie Mae and Freddie Mac are now underwriting mortgages which only require a 3% down payment. These new 3% down payment mortgages are only available for first time home purchasers. Is this a good idea? It is thought that home ownership is the foundation in building equity and wealth. It is anticipated these new relaxed mortgage regulations will make it easier for middle class Americans to purchase homes.

The 3% Down Payment Mortgage

The purpose of the 3% mortgages is to make it affordable for young people who don’t have significant funds for down payments, but who have reasonable income, to enjoy the benefits of home ownership. It is also thought the 3% mortgage program will have an affirmative impact on the housing market in the United States.

Mortgage Safeguards

There are a number of safeguards which have been built into this new 3% mortgage program. The current credit requirements to obtain a mortgage shall remain the same. Individuals applying for these mortgages will have to document their income. Only fixed rate mortgages will be available with 3% down payments and the program will only be available for primary residences. It will also be necessary for the prospective home purchasers to have private mortgage insurance.

Historical Perspective of 3% Mortgages

Studies have shown the default rate on 3% mortgages, when they were available in the past, was about the same as the default rate for individuals taking 5% down payment mortgages. To make sure the 3% mortgages don’t become a springboard for another housing bubble, individuals seeking to take out 3% mortgage loans will be required to take a buyer counseling program.

Conclusion

3% mortgages are designed to make the benefits of home ownership available for more middle class families. However, the 3% mortgage program may be the springboard for future default by homeowners who didn’t have the financial wherewithal to actually purchase their dream home. Hopefully this will not spur another foreclosure crisis in America.

foreclosure defense lawyer in New YorkElliot S. Schlissel is a foreclosure lawyer who has helped hundreds of New Yorkers continue to live in their homes.

Couple Receives a Million Dollar Award Against Bank of America

foreclosure defense on Long IslandNelson and Joyce Coniglio had received more than 700 collection calls during a 4 year period when they fell behind on their mortgage payments. The Coniglios hired an attorney to try to make Bank of America stop calling them. Unfortunately, this didn’t work. A Federal Judge sitting in Florida recently awarded the Coniglios $1 million dollars related to the “unrelenting phone calls from Bank of America.”

Bank of America had an excuse for the phone calls. Their Senior Vice President, Dan Frahm, said the calls weren’t to collect a debt, but solely to help the couple avoid a foreclosure lawsuit.

Lawsuit Against Bank of America

The Coniglios were forced to file a lawsuit in Federal Court to stop the harassing phone calls from Bank of America. They received a default judgment when Bank of America failed to respond to their lawsuit in a timely manner. The lawsuit stemmed from Bank of America making hundreds of robo-calls to the Coniglios. Sometimes they received as many as 5 phone calls a day. Jason Coniglio, the parties’ son, stated “we would be out to dinner and they would ring my mother’s cell phone, then they would ring my dad’s cell phone and then when we got back to the house, there would be another message on the answering machine.” Their son, Jason, works as a mortgage broker. He diligently tried to help his parents get a mortgage modification. Unfortunately, he could never get anyone from Bank of America to cooperate with him. Their lawsuit was pursuant to the Telephone Consumer Protection Act. The damages were $500 per call and they were tripled. The Coniglios’ attorney stated “the borrowers, the people who own those phones, you do have a right to privacy. And when they say to stop, you have to stop.”

Bank of America had asked the court to reconsider this large award against them. However, the judge denied their request.

Conclusion

When banks misbehave, they can be punished by taking legal action against them.

foreclosure defense lawyer in New YorkElliot Schlissel is a foreclosure defense lawyer. He represents families throughout the Metropolitan New York area who have problems dealing with banks related to mortgage modifications and foreclosure lawsuits.

Mandatory Foreclosure Settlement Court Conferences

Please click on the link below to watch today’s video blog:

http://youtu.be/qy-fvQTcy0c

Elliot S. Schlissel is a foreclosure lawyer representing homeowners throughout the Metropolitan New York area for more than 45 years. He regularly sues banks to set aside mortgages and help keep his clients in their homes.  He and his associates can be reached at 516-561-6645, 718-350-2802 or by email to schlissel.law@att.net.

Coming Soon: 3% Mortgage Down Payments

foreclosure defense for homeownersThe federal government has come up with a new plan to encourage individuals without significant funds to be able to buy homes. Under this new plan, prospective homeowners will be able to obtain mortgages with down payments as low as only 3% of the purchase price. There is a debate as to whether this is a good thing or a bad thing. These new 3% down payment mortgages are coming less than a decade after the tremendous housing collapse America recently experienced.

First Time Home Buyers

The purpose of the program is to help lure first time home buyers back into the housing market. Is a 3% down payment loan risky? If the individuals putting the 3% down and buying a home have set aside an emergency fund in the event they lose their job or become ill, it may be a good idea. However, this writer’s experience with individuals taking these type of loans is they do not have emergency funds. The 3% is usually all they have. Without an emergency fund, should the roof leak, the boiler go bad, or one of the family members lose their job, they will be unable to make the mortgage payments and the house will go into foreclosure.

A 20% Down Payment

Most conventional mortgages require a 20% down payment today. I also have problems with this level of down payment. Most young people coming into the housing market do not have the 20% down payment. A more reasonable down payment on a conventional mortgage would be 10%. Unfortunately, pursuant to a 2012 Center for Responsible Lending Study, it found even a 10% down payment would require the individuals purchasing a home with a 2010 median value of $158,000, would take 21 years for the average family to save this amount.

The American Dream

Owning a single family home is the American dream. An equilibrium must be found which will motivate and help young people to purchase homes while not putting them into a situation where they are overextended. Owning a home is one of the bed rocks young married couples have. This is the American dream and that dream must not be kept out of reach for young couples!

foreclosure defense lawyer in New YorkElliot Schlissel is a foreclosure attorney. He represents clients who unfortunately fall behind on their mortgages and face the possibility of losing their homes in foreclosure.

Bank’s Bad Faith When Negotiating Mortgage Modifications

To watch today’s video blog, please click on the link below:

http://youtu.be/Zj0VcXXNwl4

Elliot S. Schlissel is a foreclosure defense lawyer.  He and his associates have been helping homeowners stay in their homes for more than 45 years.  His phones are monitored 24/7.  Please call for a consultation at 516-561-6645, 718-350-2802 or send an email to schlissel.law@att.net.

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