Archives for April 2012

According to Realty Trac, foreclosures in December of 2011 in Nassau and Suffolk Counties fell by 34%. There are several reasons why foreclosures rates slow down at the end of the year. Banks traditionally have hesitated to foreclose on homes and put people on the street at Christmas time. In addition the paperwork concerning foreclosure has been backlogged at financial institutions and there are currently delays in the courts related to the courts being overwhelmed by the volume of foreclosures that have already been initiated by financial institutions.

New Defenses In Foreclosure Proceedings

Prior to a lender bringing a foreclosure action, the lender and the lender’s attorney must make sure that they have all the appropriate paperwork to document the foreclosure proceeding. They must prove they actually are the appropriate party to bring the foreclosure action.

Foreclosed Homes Depress Real Estate Market

The large number of foreclosed homes on Long Island has had a depressing effect on the real estate market. Prices are being forced down due to the high volume of foreclosed homes that are still on the market unsold.

It is estimated it takes about three years for a home to go from foreclosure to sale in the State of New York. It is anticipated as lenders become more adept at qualifying their paperwork the foreclosures in the 2012 will increase to make up for the backlog that currently exists. It looks like there will be much more pain felt by families on Long Island during 2012.

Long Island Foreclosure Lawyers

The Long Island foreclosure defense lawyers at The Law Offices of Schlissel DeCorpo have for more than two decades been representing the families in the courts of Nassau and Suffolk Counties. The firm helps clients obtain mortgage modifications. The firm also prepares forensic audits on behalf of clients. If a foreclosure action is started, the firm submits written answers alleging defenses such as predatory lending, defective foreclosure lawsuits and defective mortgages. The firm’s attorneys appear in court for settlement conference and pressure the financial institutions to give their clients mortgage modifications.

Foreclosure related bankruptcies are another option to deal with foreclosure lawsuits. Either the filing of aChapter 7 or a Chapter 13 bankruptcy will bring a foreclosure proceeding to a halt. Either of these bankruptcies can be utilized to stop foreclosures, stop debt collection, and stop creditor harassment. Contact the firm for a free consultation. We will discuss all of your foreclosure and/or bankruptcy options. We will keep you in your home!

There was a mortgage meltdown in the United States more than four years ago. President Obama, in his State of the Union Address, recently discussed investigating irregularities with regard to how mortgages were handled in the United States. The President stated there will be a fresh investigation into mortgage abuses. He said his goal was to “hold accountable those who broke the law, speed assistance to homeowners and help turn the page on an era of recklessness that hurt so many Americans.” I wonder whether this was election year speech or is the President going to finally take the appropriate action necessary to find and punish the real villains of the mortgage crisis.

Fifty Months With No Significant Prosecutions

More than fifty months into the mortgage crisis in America all prosecutorial actions of the Federal government have been very narrowly focused. These civil lawsuits are looking for fines do not impact on the huge level of profits made by the illegal inappropriate activities of the mortgage lenders that led to the financial meltdown in the United States. To date there have been no significant criminal prosecutions against the major mortgage lenders in the United States.

I am concerned this new investigation will be more of a public relations campaign to help President Obama be reelected and not a detailed look into who should be the subject of criminal prosecution with regard to mortgage irregularities in the United States. The president must make sure the individuals charged with conducting this investigation are given real power to prosecute those individuals and organizations that abused their public trust causing trillions of dollars in damages and millions of Americans to lose their homes. The President, to restore the public faith in the financial system in the United States, must conduct a full investigation and hold all those individuals responsible for the mortgage crisis in America accountable for their inappropriate and/or illegal acts.

Foreclosure Defense

If your home is in foreclosure you should hire an experienced lawyer to defend your case. Elliot Schlissel was a former President of the Commercial Lawyers Conference in New York. His initial experience was in representing financial institutions collecting on loans and credit cards from debtors. Elliot has used his vast experience in representing the banks to help individuals whose homes are in foreclosure defend themselves from attorneys representing the banks. His law office appears in court for foreclosure settlement conferences. They draft answers alleging defenses such as defective mortgages, predatory lending,foreclosure fraud and other real estate defenses. They provide clients with all foreclosure defense options at the initial consultation.

The law office also files bankruptcies on behalf of their clients. Both Chapter 7 and Chapter 13 bankruptcies will stop foreclosures from moving forward. Filing a bankruptcy can eliminate second mortgages, stop foreclosures, stop debt collection practices and eliminate creditor harassment. At the end of the bankruptcy process the firm can educate you as to how to rebuild your credit. Call for a free consultation.