New York Foreclosure Law Firm Fined Two Million Dollars

Steven J. Baum, P.C. of Amhearst, New York has been fined two million dollars for inappropriate foreclosure legal practices.  Steven J. Baum, P.C. is the largest foreclosure law firm in the State of New York.  Steven J. Baum, P.C. has agreed, in addition to paying the two million dollar fine, to re-vamp its practices with regard to the handling of pleadings, affidavits and mortgage assignments in New York State and Federal Courts.

The Law Firm has agreed to implement a variety of internal controls regarding its processing and handling of foreclosure proceedings.  They have agreed to review original promissory notes received from their clients or custodians of the notes, prior to filing new foreclosure lawsuits.  These actions will bring the firm in compliance with the order issued by Chief Judge Jonathan Lipman, regarding attorneys representing lending institutions.

Mortgage Foreclosure Proceedings

US Attorney, Preet Bharara, from the Southern District of New York stated with regard to the settlement “in mortgage foreclosure proceedings, there are no excuses for sloppy practices that could lead to someone mistakenly losing their home.”  She stated further “homeowners facing foreclosure cannot afford to have faulty paperwork or inadequate evidence submitted and today’s agreement will help minimize that risk.”

Baum Law Firm Released from Civil Liability

The Baum Law Firm upon payment of the two million dollar fine and the imposition of new internal procedures will be released from potential civil liability under the Financial Institutions Reform, Recovery and Enforcement Act of 1989.  The Baum Law Firm “acknowledges that it occasionally made inadvertent errors in its legal filings in State and Federal Courts, which it attributes to human error in light of the high volume of mortgages and foreclosures it handled throughout the State of New York in the wake of the national subprime mortgage crisis.”

It should be noted that this is a settlement.  It is not a finding of wrong doing by the Baum Foreclosure Law Firm.  The Baum Law Firm has also agreed to have experienced attorneys supervising all aspects of the preparation of documents and reviewing of documents before they are filed with the courts.  In addition, they are implementing a one to two year training program for their attorneys to bring them in compliance with the rules regarding bringing foreclosure proceedings in the State of New York.

Hopefully this law firm will live up to its responsibilities in dealing with foreclosure proceedings.  Taking from a family, its home and putting them on the street is the sad end to the American dream.  These proceedings should be handled in a manner that protects the homeowner’s rights and sees to it that homes aren’t wrongly foreclosed upon.

Foreclosure Defense Lawyers

If you have problems with your mortgage, mortgage modifications or are facing foreclosure, the Law Office of Elliot Schlissel can help you.  We assist our clients with mortgage modifications and we have extensive experience in dealing with the mortgage modification programs that fail to meet consumers needs.  We are familiar with Federal laws in foreclosure and we litigate issues concerning defective foreclosure proceedings, defective mortgages, predatory lending and other issues involving real estates matters.

We can advise you whether filing a foreclosure related bankruptcy is the appropriate way to deal with your financial situation.  Chapter 7 and Chapter 13 bankruptcy filings can be utilized to deal with foreclosure issues. We will explain to you at your initial consultation all of your foreclosure options, including the types of bankruptcies that may be appropriate for you and how to re-establish credit at the end of a bankruptcy proceeding. Bankruptcy proceedings stop foreclosures from moving forward, stop debt collection practices and in some circumstances eliminate second mortgages. Call us for a free consultation.  We appreciate your visiting our foreclosure defense blog.

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