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Making Timely Mortgage Payments

June 21, 2011 by

Making Timely Mortgage PaymentsMany homeowners are making late payments on their mortgages. The percentage of mortgage holders who make late mortgage payments is high compared to the normal delinquency rate on mortgages.Las Vegas and Nevada are the states with the two highest mortgage delinquency rates in the country. The delinquency rate in Florida is 14.3%, and the delinquency rate in Nevada is 15.9%. Although the delinquency rate concerning homeowners making timely payments on mortgages has gone down from last year, it is still very high in these two states. Arizona was the state with the next highest mortgage delinquency rate. Its delinquency rate is 9.14%. The lowest delinquency rates in the country are in North Dakota and South Dakota, with rates of 1.54% and 2.53, respectively.

Pre-Recession Delinquency Rates

The normal pre-recession delinquency rate in the United States is 2.5%. One of the reasons why delinquency rates and mortgages are so high is because the foreclosure process in most states takes a long time. There are currently almost four million homeowners that are behind in paying their mortgages in the United States. As more and more homes go into foreclosure, the time it takes for the foreclosures to work their way through the courts, to get the home on the market to be sold, continues to grow. New York State has a slow foreclosure system. Foreclosures in some counties in New York can take up to two years before the home is sold.

Unemployment and Mortgage Delinquency Rates

There is a direct correlation between unemployment rates in the United States and the number of homeowners who are behind on their mortgages. The value of homes continues to fall in the United States. This acts as a negative factor in motivating homeowners with no equity in their property to continue to make their mortgage payments.

For the housing crisis to be stabilized, more Americans need to be employed so they will have sufficient funds to make the payments on their mortgages.

Foreclosure

If your home is in foreclosure, we can help you! For more than two decades the Law Offices of Schlissel DeCorpo has been one of the premier law firms in the Metropolitan New York area helping homeowners keep their homes. We provide foreclosure defense legal services. We litigate defective mortgages, defective foreclosure lawsuits, predatory lending, bad faith by financial institutions and all types of real estate related proceedings. We assist our clients with mortgage modifications and we deal with mortgage modification programs that fail to meet our clients’ needs. We attend foreclosure court conferences for our clients and we try to motivate the lenders to enter into mortgage modifications, which reduce our clients’ mortgage payments.

Bankruptcy and Foreclosure

We explain foreclosure related bankruptcy proceedings to our clients. If the situation calls for it, we file either Chapter 7 or Chapter 13 bankruptcies for our clients. These bankruptcies stop foreclosures and, in some situations, eliminate second mortgages. We also assist our clients in re-establishing credit after they file bankruptcy. Feel free to call us for a free consultation. Thank you for visiting this foreclosure blog.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: , , , , , , , , , , , ,

Contact Us For a Free Consultation: We Can Save Your Home!

June 17, 2011 by

appraisalLow Appraisals

The real estate crisis in America has caused Financial Institutions to become very conservative with regard to approving mortgages for prospective homeowners. Bankers have put pressure on the appraisers they use to be very conservative in the valuation of homes. Restrictive loan underwriting requirements are causing many homes to be valued at 15 to 20% less than the actual market value. This has resulted in prospective home purchasers backing out of real estate deals due to a lower than anticipated appraisals.

Real Estate Appraisal Problems

During the days of the real estate boom, financial institutions accepted appraisers’ inflated home values so the prospective purchasers could obtain larger mortgages. Since the time the real estate bubble burst, new home purchasers have found that the appraisers working for financial institutions are now under valuing homes. In April of 2011, the medium national home price in the United States was $163,700. This was a 5% reduction from the median value of a single family home since April, 2010.

lawForeclosure Lawyers

Our law office can help you save your home. We fight foreclosure proceedings!!! We help our clients obtain mortgage modifications. We litigate defective mortgages, predatory lending, bad faith, defective foreclosure lawsuits and real estate issues. We are familiar with the State and Federal laws the banks must comply with in foreclosure proceedings. We attend court conferences for our clients and we try to motivate the financial institutions to enter into mortgage modification programs with our clients. Sometimes we advise our clients to file either a Chapter 7 or Chapter 13 bankruptcy, which immediately stops foreclosures from moving forward. We also can assist our clients in re-establishing their credit after filing for bankruptcy. Contact us for a free consultation. Thank you for visiting our foreclosure blog.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: , , , , , , , , , ,

The Economy is Slowly Improving, but the Housing Sector is Lacking

June 15, 2011 by

But The Housing Sector Is LackingIn recent months, consumer spending in the United States has been increasing. For the seventh month in a row, consumers have been purchasing more goods and services from retailers. Companies have reported higher sales than in 2010.

Housing is Dragging the Economy Down

The real estate sector in the United States is having a negative effect on the United States pulling out of a recession. Although consumer spending has increased, real estate spending is decreasing.

Home builders are still very pessimistic with regard to housing starts in 2011. This year is the worst in nearly fifty years with regard to the amount of new homes being built in the United States.

The National Association of Home Builders recently stated that its index of home builder sentiment remains unchanged as of February, 2011. For the fourth straight month, the sentiment of home builders has been extremely negative.

The American Dream

At one time, the ownership of a single family home was the American dream. For many Americans, this dream has turned into a nightmare. They owe more on their homes than their homes are worth. They are falling behind on their mortgages. They have lost their jobs or are underemployed and are no longer capable of making their mortgage payments. Their children attend schools in their neighborhood and they don’t want to move. This is a dilemma.

The key to an improvement on the real estate market is a reduction in unemployment. If Americans earn more money, they will spend this money on their mortgages. They will buy new homes and modernize their homes. This will give a boost to the housing industry and increase employment in this sector. Unfortunately, this is not happening right now in the United States.

Best Foreclosure Defense Lawyer

If you have a foreclosure problem, we can help you. Our foreclosure defense lawyers litigate defective mortgages, defective foreclosure lawsuits, predatory lending and all other types of real estate related matters. We can explain the federal laws on foreclosure and how they affect you. We attend foreclosure court conferences for our clients.

In the appropriate situation, we will discuss foreclosure related bankruptcy issues, such as filing a Chapter 7 and a Chapter 13 bankruptcy with you. In bankruptcy situations, there is an automatic stay that goes into effect, ordered by the court, that stops foreclosure from moving forward. In some bankruptcy situations, we can eliminate second mortgages. At the end of the bankruptcy, we can assist you in re- establishing your credit.

Feel free to set up a free consultation with us. We will discuss your foreclosure options with you. Thank you for visiting our foreclosure blog.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: , , , , , , , , , ,

Foreclosure Notice Rules Must be Complied With

June 14, 2011 by

Foreclosure Notice Rules Must Be Complied WithJudge Angiolillo, sitting in the Appellate Division of the Second Department, has ruled that lenders must strictly comply with foreclosure notice rules. In 2008, foreclosure notice rules were enacted to protect homeowners confronted with foreclosure. Judge Angiolillo’s recent ruling requires that these rules be strictly complied with.

Foreclosure Proceeding

Aurora Loan Services sued Mr. Weisblum in a foreclosure proceeding. Justice Angiolillo found that the notice that was provided by Aurora Loan Services to Mr. Weisblum did not “substantially comply” with the requirements of the 2008 statute. The notice required that a minimum of five counseling agencies regarding foreclosure issues had to be provided to homeowners whose mortgages were past due. Justice Angiolillo further stated that the 2008 law, which was modified and expanded in 2010, was to “preserve and guard the precious asset of home equity.” In this case, Justice Angiolillo wrote that the mortgage company had neglected to submit an appropriate affidavit, which showed there was proper service of documents on Mr. Weisblum. Justice Angiolillo wrote for a unanimous panel of the Appellate Division.

Foreclosure Defense In New York

If your house is in foreclosure, we can help you. We’ve been fighting foreclosures for more than two decades. We litigate defective mortgages, defective foreclosure lawsuits, predatory lending, violations of federal laws and other real estate issues. We can help you obtain mortgage modifications and we can counsel you concerning mortgage modification programs that fail to meet your needs.

We also assist our clients with foreclosure related bankruptcies. These bankruptcies can either be a Chapter 7 or Chapter 13 bankruptcy. We will explain to you why filing bankruptcy may be the best route to deal with your foreclosure issues and the types of bankruptcies that are available to you. Filing the bankruptcy stops foreclosure proceedings from moving forward. It also stops other debt collection activities involving credit cards and other debts.

Feel free to schedule a free consultation. We will explain your foreclosure options to you. Thank you for visiting our foreclosure blog.

Filed Under: Foreclosure Defense, Mortgage Modification Tagged With: , , , , , , ,

Failure to Apply For Mortgage Causes a Loss of Down Payment

June 10, 2011 by

Mortgage Causes A Loss Of Down PaymentA husband and wife entered into a contract to purchase a home. They deposited $35,000 as a down payment. When they didn’t close on the real estate transaction, the seller sued them for breach of contract.

Applying for a Mortgage

The issue in the lawsuit was whether the purchasers diligently applied for a $280,000 mortgage. When the mortgage application was turned down by the financial institution, the purchasers demanded that the sellers return their $35,000 deposit.

Purchasers Not Entitled to Refund of Down Payment

Justice Tom Feinman, sitting in a the Supreme Court located in Nassau County, found that the defendants “failed to properly, diligently pursue a mortgage loan as required by the contingency provision of the contract.” Justice Feinman found that the defendant, Edwin Silvey, did not apply for a mortgage. Only his wife, co- defendant Barbary Silvey, applied for the mortgage. The mortgage was turned down because she did not have sufficient income to obtain a $230,000 mortgage loan. The court held that both the husband and the wife, pursuant to the terms of the real estate contract, needed to apply for the mortgage. Since they both didn’t apply, they failed to make the diligent and good faith effort required under the real estate contract to obtain a mortgage. Since they failed to fulfill their obligations under the contract, they were not entitled to their $35,000 deposit back.

Foreclosure Defense Attorney

Is your home in foreclosure? If so, we can help you save it! We are a foreclosure defense law firm. We help our clients in obtaining mortgage modifications and dealing with mortgage modification programs that fail to meet their needs. We represent our clients in foreclosure defense litigation. We litigate issues involving defective mortgage, predatory lending, defective foreclosure lawsuits and other types of real estate issues. We attend foreclosure court conferences on behalf of our clients.

At the time of our initial consultation, we provide all foreclosure options to our clients. In situations when foreclosure related bankruptcies make sense, we discuss either filing a Chapter 7 or Chapter 13 bankruptcy. Filing bankruptcy immediately stops the foreclosure from moving forward. Sometimes the bankruptcy can also eliminate second mortgages. We discuss with our clients how to re-establish credit at the end of the bankruptcy. Feel free to call us for a free consultation. We appreciate you reading our foreclosure blog.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: , , , , , , , ,

The Public’s Outlook on Real Estate on Long Island

June 8, 2011 by

Outlook On Real Estate On Long IslandProspective homeowners on Long Island have shown more interest about real estate ownership this spring then they have shown in the past few years. A new poll showed that consumers felt the real estate market was moving in the correct direction.

Buyers’ Market

Prospective homeowners on Long Island take the position that they are in control of the market place. It is a “buyers’ market.” Although the sentiment is favorable, this has not translated into an increase in the number of homes that have been purchased on Long Island. Don Levy, the director of Ciena Research Institute, recently stated, “the current view toward buying is extremely positive on Long Island. Right now the seller is losing and the buyer is winning and that tension is more acute on Long Island than it is in any other area of the state we measure.”

Sellers are at a Disadvantage

Liz English is the president of the Long Island Board of Realtors. She is also an associate broker at Netter Real Estate, located in West Islip, Long Island. She recently stated that some may view sellers at a disadvantage, but she does not. “With interest rates where they are now the buyers are there” English said. She believes it is an opportunistic market for both buyers and sellers. Houses are being sold for reasonable rates and buyers can obtain low interest mortgages. She feels this is a “win-win” situation for all involved.

English stated that she sees a trend concerning increases in the amount of purchases of homes on Long Island. She hopes this will continue into the near future.

Foreclosure Defense Attorneys

Filing a bankruptcy is one avenue to take to stop foreclosures from moving forward. Individuals can file Chapter 7 and Chapter 13 bankruptcies. These bankruptcies are usually filed by individuals and not by corporations. After filing bankruptcy you can re-establish credit and, in some circumstances, eliminate second mortgages.

Individuals and families whose homes are in foreclosure can also fight the foreclosures in the New York State courts. Foreclosure defense in the New York State courts can involve litigating issues concerning predatory lending, defective mortgages and defective foreclosure lawsuits. There are mandatory foreclosure court conferences in the state courts of New York. The Judges at these conferences try to motivate banks to work out mortgage modifications with individuals whose homes are in foreclosure. The courts can put pressure on the banks concerning mortgage modification programs that fail to meet the consumers needs. Feel free to call our office for a free consultation. At our initial meeting, we will provide you with an explanation of all of your foreclosure options. If you are reading this article, you are on our foreclosure defense blog.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: , , , , , , , , ,

Slowdown in Foreclosures on Long Island

June 7, 2011 by

In April of 2011, there were 540 foreclosure filings in Nassau and Suffolk counties on Long IslanSlowdown In Foreclosures On Long Islandd. This represented the lowest number of foreclosure lawsuits initiated during a month since December of 2008. It represented a drop of 21.5% from the level of foreclosure activity in March of 2011.

Foreclosures Moving Slowly Through the Courts

The courts in the State of New York have been inundated with foreclosure filings for the past few years. Governor Andrew Cuomo has recently stripped the budget of the court system of 174 million dollars. This has caused massive layoffs and cutbacks within the court system. At a time when there are huge back logs in foreclosure activities, there are less and less resources within the court system to deal with these foreclosures. It is estimated that it could take as long as three years to complete the foreclosure process for foreclosures initiated in the second half of 2011.

Lenders Reluctant to Foreclosure

Lenders have stated that it is an expensive procedure to litigate a long foreclosure matter. In the end, they can end up with a property that needs to be repaired and maintained. It can also take the lender a substantial period of time to sell the property.

Delays take place in the foreclosure process because lenders are allowing more time during the period between delinquency and foreclosure. They are waiting to see if loan modifications go through. They are waiting for short sales. There are judicial delays caused by the courts inability to process the huge amount of cases that are in foreclosure.

Do Delays Help or Hurt The Real Estate Market

The question is do delays help or hurt the market place. There is a considerable body of thought that now holds that the faster we move the foreclosures through the legal system, the faster we can eliminate the pain. They compare this to pulling off a band-aid one hair at a time or ripping the band-aid off all at once. Unfortunately, ripping the band-aid off all at once destroys many peoples’ lives and forces them out of their homes with no place else to go!

Aggressive Foreclosure Defense Lawyers

We can fight your foreclosure. We litigate predatory lending issues, defective foreclosure lawsuits, and defective mortgages. We attend foreclosure court conferences for our clients. We draft mortgage modifications and deal with mortgage modification programs that fail to meet our clients needs. We litigate foreclosure related bankruptcies, whether they’re a Chapter 7 bankruptcy or Chapter 13 bankruptcy. We also assist our clients in re-establishing credit after filing a bankruptcy. We can help stop your foreclosure from moving forward! Call us and we will provide you with a free consultation. We will discuss all of your foreclosure options. Feel free to come back to our foreclosure blog on a regular basis to read about real estate and foreclosure related issues.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: , , , , , , , , , ,

Federal Program Helps Homeowners with Utility Expenses

June 3, 2011 by

Federal Program Helps Homeowners

There is a new pilot federal program which is designed to assist homeowners obtain low interest loans to make energy efficient improvements to their homes. This will be especially helpful for New York City and Long Island homeowners who pay some of the highest energy expense bills for utilities in the country.

The Federal Loan Program is designed to loan money to homeowners to make their home more efficient, which in the long run will reduce the United States overall dependency on costly foreign oil.

Renovations

The loans under this new program can be used for new heating systems, installing energy efficient windows and adding insulation to walls and attics by homeowners. Homeowners who qualify for this program can borrow up to $25,000 at interest rates between 5-7%. There are 18 institutions throughout the United States who will process these home loans. It is anticipated that more than 30,000 loans will be made in the next three to four years under this program.

New York Program

In addition to this federal program, there is a program called the New York State Energy Research and Development Authority Program. This offers low interest loans of up to $13,000 for renovations by homeowners.

Energy independence is worthwhile goal. Every time I pull up to the gas pumps, I think about how much better America would be if we had alternate means of heating our homes and powering our cars.

Long Island Foreclosure Defense Lawyer

We provide foreclosure defense legal services for our clients. We help them with mortgage modifications. We deal with mortgage modification programs that fail to meet our clients’ needs. We litigate defective mortgages, predatory lending, defective foreclosure lawsuits and other real estate related problems. We make court appearances at foreclosure court conferences for our clients. We file foreclosure related bankruptcies, either Chapter 7 or Chapter 13 bankruptcies on behalf of our clients. We discuss with our clients re-establishing their credit and which is the best route to stop their pending foreclosure proceedings from moving forward.

At the time of our initial consultation, we discuss all foreclose defense options with our clients. We hope we see you visiting our foreclosure blog again. Call for a free consultation.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: , , , , , , , , , , ,

Banks Delaying Foreclosure Proceedings

June 2, 2011 by

Banks Delaying Foreclosure ProceedingsThe number of foreclosures in the Metropolitan New York area has been going down for approximately six months. This has been caused by massive delays in financial institutions processing foreclosure proceedings. Banks and other financial institutions have been hurt by the negative publicity concerning robo signers and improper and illegal foreclosure practices. They are now carefully reviewing each and every case before they send it out to their attorneys to initiate foreclosure proceedings. They are reviewing all of the mortgage related documents in each file to make sure that they have been handled in an appropriate manner before initiating a foreclosure litigation. There were 9% less foreclosures in April of 2011 than in March of 2011. In the United States, there were 219,258 foreclosures initiated during April of 2011. In addition, banks seized 70,000 homes in April. A representative of Reality Trac stated, “the slow down continues to be largely the result of massive delays in processing foreclosures, rather than the result of a housing recovery that is lifting people out of foreclosure.”

Foreclosure Proceedings Taking Longer

Each foreclosure proceeding in New York initiated during the first quarter of 2010 took more than 400 days from inception to completion. This is an increase of 60 days from the 340 days this process had taken in 2009. In 2007, it took approximately 150 days to move forward, from start to finish, with a foreclosure proceeding. As the number of foreclosure proceedings has dramatically increased in New York, the time for these proceedings to make their way through the courts has been increasing. It is estimated that new foreclosure proceedings could take as long as 2 ½ years to be concluded.

Home Prices Falling

Home prices are still falling through most of the country. In April of 2011, home prices fell below the March 2009 levels. This is the lowest point home prices have been in the past two years. Unfortunately, real estate experts do not feel the downward trend in home values will be ending in the near future.

Conclusion

The real estate market in the United States is in a sad state of affairs. Unless the real estate market comes back, the economy in the United States will continue to suffer.

fore1Foreclosure Help

The Law Offices of Schlissel DeCorpo provides foreclosure defense for clients in the Metropolitan New York area. We attend foreclosure court conferences for our clients. We litigate defective mortgages, predatory lending and defective foreclosure lawsuits. We deal with all types of foreclosure and estate problems. We educate our clients concerning foreclosure related bankruptcy proceedings, including Chapter 7 or Chapter 13 bankruptcy filings.

We advise and assist our clients concerning mortgage modifications and how to deal with mortgage modification programs that fail to meet the needs of the public. We can provide you with a free initial interview and we will discuss all of your foreclosure options and how to stop foreclosures from moving forward. Thank you for visiting our foreclosure blog.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification, Uncategorized Tagged With: , , , , , , , ,

Foreclosure Crisis Continues

June 1, 2011 by

Foreclosure Crisis ContinuesForeclosure rates are going down. April of 2011 was the seventh month in a row that the number of homes that banks and other financial institutions initiated foreclosures against declined. There were 34% less foreclosure proceedings brought in April of 2011 than in April of 2010. Although this seems like good news, it is not! Rick Sharga of Reality Trek recently stated that, even with the decline in the foreclosure rates, there were still 225,000 foreclosures initiated during the month of April. There are more than 3.7 million families that are more than 90 days behind on their mortgage payments. In the past, almost all of these homes would have been put into foreclosure. However, the large majority of these homes are still not in foreclosure. Banks are under a microscope by regulatory agencies concerning their foreclosure procedures. They are now making sure that they “dot their i’s” and “cross their t’s” on all new foreclosure proceedings they initiate.

Saturated Real Estate Markets

The current level of foreclosures have saturated most of the real estate markets in the United States. The banks are slowing down their foreclosure procedures to avoid having a further negative impact on the homes that are already on the market waiting to be sold.

Mortgage Modification

Due to the concern by many large financial institutions about further flooding of the real estate market, they have liberalized some of their programs on mortgage modifications. In March of this year, more than 75,000 mortgage modifications were granted by financial institutions. This represented a 26% increase in the number of new mortgage modifications approved by banks since February of 2011.

Declining Home Prices

As home prices continue to decline, more and more homes become under water (worth less then the amount of their mortgages). This unfortunately creates an incentive for mortgage holders to default on their loans and walk away from their homes. It is estimated that approximately 30% of all single family homes in the United States are currently under water. If banks put more homes into foreclosure, the number of homes that are worth less than the amount of the mortgages on them will increase and continue to accelerate the downward spiral in home values. Some experts are predicting that home values will decrease in 2011 by 7% to 9%.

Conclusion: The Housing Crisis is Far From Over

It is estimated that the market for single family homes will not return to a normal housing market until 2014!

Foreclosure Defense

The Law Offices of Schlissel DeCorpo is considered by many to be the premier foreclosure defense law firm in the Metropolitan New York area. We represent our clients concerning mortgage modifications and we deal with mortgage modification programs that fail. We litigate all aspects of foreclosure defense including, but not limited to, defective mortgages, defective foreclosure lawsuits, predatory lending and other real estate related defenses. We attend foreclosure court conferences for our clients. At the time of the initial consultation, we provide our clients with all foreclosure options, which also includes discussion of filing Chapter 7 and Chapter 13 bankruptcies, which stop foreclosures upon the filing. Feel free to call for a free consultation. Thank you for visiting our foreclosure blog.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: , , , , , , , , , , ,

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Attorney Elliot S. Schlissel

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Disclaimer: 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.