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Home Construction Rates Keep Falling

August 2, 2011 by

The home construction industry in the United States is in the doldrums. Builders are not applying for permits for new projects. Applications for building permits are at the lowest level in fifty years. Falling home prices, the huge glut of foreclosed homes in the market place and purchasers reluctance to buy a new home is destroying significant portions of the home building industry.

Jobs, Jobs, Jobs

Americans need jobs. The unemployment rate is too high! The housing industry will not recover unless more Americans are employed.

Tight Credit Markets

Both builders and prospective home purchasers need to obtain credit before they can build and buy homes. Right now small home building companies have been shut out of the credit market. Since they can’t obtain credit, they do not have the means to build homes. The few that are building homes are finding it very difficult to find perspective purchasers who’s credit scores and liquidity allows them to qualify for a new mortgage.

The housing industry in the United States is a mess. Things will continue to get worse unless financial institutions make it easier for homeowners to modify their mortgages.

Foreclosure Help in New York

If your home is in foreclosure we can help you. Our law office defends homeowners in foreclosure proceedings. We litigate defective mortgages, defective lawsuits, predatory lending issues related to foreclosures and other real estate problems. We are familiar with federal laws that deal with foreclosure. We assist our clients with mortgage modifications. After foreclosure lawsuits are started, we represent our clients at foreclosure court conferences.

Bankruptcy

In the appropriate situations we file foreclosure related bankruptcies for our clients. These bankruptcies can either be a Chapter 7 or Chapter 13 bankruptcy. These bankruptcies can be used to eliminate second mortgages, stop foreclosure proceedings and also stop all debt collection activity. At the end of the bankruptcy, we can help our clients in re-establishing their credit. Feel free to call for a free consultation or contact us online.

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

Foreclosure By Facebook

August 1, 2011 by

Foreclosure proceedings must work their way through the courts in the United States. Some legal experts expect that lenders will obtain the right to start initiate foreclosure proceedings by serving the foreclosed legal documents through Facebook. Although this has not taken place yet in the United States, it has already happened in Australia.

A couple in Australia defaulted on a mortgage loan. The lender’s lawyers found them on Facebook. The lawyer served the couple their legal papers through Facebook. The matter was litigated in the courts in Australia. The court upheld the lenders right to send foreclosure notices via Facebook! The court found the couple’s privacy rights were not violated and that they received adequate notice by service through Facebook.

Canada, New Zealand and United Kingdom Accept Service By Facebook

There have been cases in New Zealand, Canada and the United Kingdom where homeowners have been served foreclosure notices through Facebook.

Service of Foreclosure Papers By E – Mail

Courts in general have not accepted e – mail service of legal notices to be either reliable or appropriate. Courts are concerned that the end users will assume the e – mails are junk mail and not open them.

New York City and Long Island Foreclosure Defense

If you are served with a summons and complaint in a foreclosure proceeding in the State of New York you must quickly take action. The service of the summons personally upon you requires you to submit a written answer within twenty days. If you are served through any other means other than by personal service you have thirty days to submit a written answer. The answer to the summons and complaint must either admit or deny the allegations in the complaint. The answer must be served on the attorney for the financial institution and an additional copy must be mailed to the court. The copy mailed to the court must contain an affidavit stating you served a copy of the answer on the bank’s lawyer. You will thereafter receive notice of a foreclosure court conference.

Long Island and New York City Area Foreclosure Defense Lawyers

If you’re home is in foreclosure we can help you. We can assist you in obtaining a mortgage modification. We can help you litigate your foreclosure proceeding. We will attend the foreclosure court conferences on your behalf and press your lender to approve a mortgage modification for you. If you contact us for a consultation we will meet with you and discuss your foreclosure options. These options may also include foreclosure related bankruptcy filings. These options may include filing either a Chapter 7 or Chapter 13 bankruptcy. We appreciate your visiting our foreclosure blog.

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

Foreclosure and Unemployment

July 29, 2011 by

Recent news reports have indicated that it will take approximately 24 months for the New York City and Long Island area to recover from the current high levels of unemployment. It is estimated that the metropolitan New York are will not return to it’s pre – recession levels of employment until April of 2013. Metropolitan New York is doing better at recovering from the recession then other parts of the country. It is estimated that the majority of the country will take 3 years to reduce the unemployment rates to pre – recession levels.

New York Real Estate

Although property values have not recovered from the real estate crisis, in the State of New York, real estate experts are proclaiming that we are doing better than California, Arizona and the majority of the sun belt. Although the pundits are claiming things will get better, I don’t see this happening. Foreclosure rates in the Metropolitan New York area continue to climb. Banks are refusing to provide feasible mortgage modifications to homeowners. Unemployment rates are remaining steady or climbing. The business areas in local communities have been devastated. There are empty stores everywhere.

2012 is an election year. President Obama is going to have to take further action to simulate our economy and revitalize our housing markets if he wants to get re – elected.

Litigating Foreclosures In New York State Courts and In Federal Courts

There are two different routes to dealing with homes that are in foreclosure. The cases can be defended in the New York State Courts. Defective mortgages, defective foreclosure lawsuits, predatory lending and other real estate related defenses can be submitted in a response to the service of the summons and complaint in a foreclosure proceeding. Mortgage modification applications can also be submitted to the financial institutions.

Filing Bankruptcy to Stop Foreclosure

The second route is filing foreclosure related bankruptcies. Both Chapter 7 and Chapter 13 bankruptcies will stop foreclosures from moving forward. The filing of bankruptcies will also eliminate unsecured debts, stop debt collection, harassment and in some cases, eliminate second mortgage liens. Call us for a consultation and we will discuss why filing bankruptcy may be in your interest, the types of bankruptcy available to you and how to re-establish credit after filing bankruptcy.

Filed Under: Bankruptcy, Foreclosure Tagged With: , , , , , , , , , , , , , , , , , , ,

Bankruptcy Filings Are On The Rise

July 29, 2011 by

Bankruptcy filings on Long Island are on the rise. In March of 2011, more bankruptcies were filed on Long Island than any other time in the past two years.

Change In Bankruptcy Exemptions

There was a significant change in the bankruptcy exemptions in New York in January, 2011. Individuals now filing a Chapter 7 bankruptcy can exempt $150,000.00 in equity in their home. A couple filing a Chapter 7 bankruptcy can exempt $300,000.00 in equity in their home. This means a couple filing a Chapter 7 bankruptcy can discharge their debt and keep their home even if they have $300,000.00 in equity in their home. This is the
main reason why Chapter 7 bankruptcy filings have increased.

Let’s look at an example involving the bankruptcy exemptions. Let’s suppose you
have a home worth $500,000.00 and you and your wife have a mortgage of $250,000.00 on it. You also have $50,000.00 in credit card debt, you owe a doctor $10,000.00 and have a personal loan that you didn’t pay in the amount of $10,000.00. You can file a joint Chapter 7 bankruptcy with your wife, eliminate the $70,000.00 in personal debt, and keep your home. This is provided you are up to date on your mortgage at the time you file your bankruptcy and you continue making your mortgage payments on a timely basis. Filing a Chapter 7 bankruptcy if you’re in financial difficulty may be a good idea!

Long Island and Queens County Bankruptcy Lawyers

If you have questions about filing bankruptcy, contact the bankruptcy lawyers at the Law Offices of Schlissel DeCorpo. We represent individuals filing Chapter 7 and Chapter 13 bankruptcies. We will discuss with you prior to filing bankruptcy, why bankruptcy may be the best route to resolve your financial problems and also explain the various types of bankruptcies available to you. At the end of the bankruptcy we’ll help you re-establish your credit. It is important to know that under Chapter 13 bankruptcies the lien created by second mortgages can sometimes be eliminated. Bankruptcies can help you stop foreclosure proceedings from moving forward and eliminate debt collection hassles. Call us for a free consultation.

Filed Under: Bankruptcy Tagged With: , , , , , , , , , , ,

United States Government Sues Deutsche Bank Over Improper Loan Practices

July 21, 2011 by

In May of 2011 the Justice Department filed a lawsuit against Deutsche Bank. They asked for hundreds of millions of dollars in damages from Deutsche Bank. The lawsuit alleges that Deutsche Bank improperly charged it’s customers for bad loans issued by the bank. The lawsuit was filed in the United States District Court in New York.

U.S. attorney Preet Bharara stated upon filing the lawsuit, Deutsche Bank “ignored every type of red flag and breached every duty of due diligence before underwriting thousands of federally insured mortgages.” “While the homes the defendant’s issued loans for may have been build on solid ground, the defendant’s lending practices were built on quick sand. Ultimately prudence was trumped by profit, and good faith took a back seat to good fees.”

A representative from Deutsche Bank stated the charges against them were “unreasonable and unfair”.  The governments complaint stated that more than forty thousand loans were issued by Deutsche Bank during a ten year period from 1999 to 2009. These loans have a face value of more than five billion dollars.  The government alleges that as a result of Deutsche Banks loan program, there was numerous defaulted loans which have cost the United States taxpayers more than one billion dollars.

New York Foreclosure Defense and Bankruptcy Attorneys

There are a variety of ways to fight foreclosures. They can be litigated in the State Court where the lawsuit is brought. Defenses such as predatory lending, defective foreclosure lawsuits, defective mortgages, violation of federal laws related to foreclosure and other real estate defenses can be raised in the state courts. Applications can also be made for mortgage modifications to entice the financial institution to back off on the foreclosure proceedings.

In addition to the state based actions, families whose homes are in foreclosure can file foreclosure related bankruptcies. The bankruptcies filed are either a Chapter 7 or Chapter 13 bankruptcy. These are two types of bankruptcy that apply to consumers. Filing the bankruptcy stops foreclosures from moving forward, ends debt collection and sometimes eliminates second mortgages. At the end of the bankruptcy the individuals filing can re-establish their credit.

Should you have questions as to the best route for you to take to save your home, call us, we’ll provide you with a free consultation and discuss your foreclosure defense options. You are on the Elliot Schlissel foreclosure blog and we thank you for visiting with us.

Filed Under: Current Events Tagged With: , , , , , , , , , , , ,

Illegal Foreclosures on Homes Owned By Military Personnel

July 20, 2011 by

Banks, mortgage companies and other financial institutions have been illegally foreclosing on homes owned by men and women actively serving in the military  of our country. Men and women in the Armed Services of the United States are supposed to be protected by the Servicemembers Civil Relief Act. This is a law designed to protect members of the Armed Services who have financial difficulties. This federal statute prevents foreclosure on properties owned by men and women on active duty in the military of the United States. Foreclosures in violation of the Servicemembers Civil Relief Act are punished by the justice department’s civil division.

Fifty Illegal Foreclosures of Property Owned By Members of the Military

In a recent report the General Accountability Office of the United States government has disclosed that they have found more than fifty wrongful foreclosures of homes owned by members of the military. These foreclosures have been undertaken by 14 of the largest banks in the United States. Al Franken, the democratic senator from Minnesota, stated “the idea of wrongfully forcing service members families from their homes while their loved ones are risking their lives to protect our country, is not only unconscionable, it’s illegal.”

In February of 2011, JP Morgan Chase disclosed it had improperly foreclosed on 18 homes owned by military members. The bank has recently either rescinded the foreclosure sales or reached a financial settlement with a dozen of these military borrowers. JP Morgan Chase’s chairman, Jamie Dimon, referred to these foreclosures as “a painful apparition.” Recently JP Morgan Chase has found another 30 situations where they may have illegally foreclosed on service members homes.

Protect Your Country and Lose Your Home

Men and women who are risking their lives in the armed services of the United States should be protected from having their loved ones thrown out of their homes and the home sold in foreclosure!

Lawyers Helping Victims of Foreclosure

We help families whose homes are being foreclosed. We assist our clients with mortgage modifications and dealing with mortgage modification programs that fail to meet their needs. We litigate violations of federal laws regarding foreclosure,  predatory lending issues, defective foreclosure lawsuits, real estate related issues and defective mortgages. We attend foreclosure court conferences for our clients.

We file foreclosure related bankruptcies, such as Chapter 7 and Chapter 13 bankruptcies for our clients. At our initial consultation we discuss the types of bankruptcy that are available and why the situation may require the filing of a bankruptcy petition. At the end of the bankruptcy case we explain to our clients how to re-establish their credit. It should be noted that bankruptcies stop foreclosures and also stop debt collection activity. Feel free to call us for a consultation. Thank you for visiting our foreclosure defense blog.

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

Foreclosure Defense Attorneys

March 28, 2011 by

Filed Under: Foreclosure Defense Tagged With: , ,

Foreclosure Scam by the Rich and Well Connected

February 18, 2011 by
Filed Under: Foreclosure Defense Tagged With: , , , ,

Housing Crisis Has Nightmare Scenarios

December 16, 2010 by

Foreclosure DefenseThere is currently a national scandal involving the “robo-signing” of foreclosure documents by personnel of financial institutions. There is concern that the foreclosure predicament resulting from the mortgage crisis in this country may destabilize the American financial system.

The Troubled Asset Relief Program, more commonly referred to as TARP, was set up to deal with the bank crisis in the United States related to the banking industry over-extending itself concerning residential mortgages. The Congressional Oversight Panel is the watchdog agency designed to monitor the TARP program. Recently, the Congressional Oversight Panel has been issuing warnings that the problems involving the servicing of foreclosures in the United States could create global economic problems.

The Congressional Oversight Panel is concerned that banks may not be able to prove they own the mortgage loans that they seek to bring foreclosure proceedings on.

In recent months, foreclosure proceedings have actually gone down. This is not related to homeowners making their mortgage payments; it is instead related to lenders temporarily stopping their foreclosure proceedings due to allegations of mishandling and fraud in thousands of cases.

Homeowners being unable to make their mortgage payments and the huge volume of foreclosures in the United States are significant factors in preventing the United States from having an economic recovery. The foreclosure crisis relates to banks giving mortgages to hundreds of thousands of individuals who basically could not afford to make the payments on their mortgages.

About Our Law Firm

The Law Offices of Schlissel DeCorpo is a general practice law firm that has extensive experience in handling foreclosure defense. In addition to foreclosure defense, our office handles litigation concerning defective foreclosure lawsuits. We also assist our clients in Chapter 7 and Chapter 13 bankruptcies as well as preparing and submitting mortgage modifications> on their behalf. Should you have a problem, feel free to contact us. Our phones are answered 24 hours per day, 7 days per week. Our phone numbers are 1-800-344-6431, 516-561-6645 or 718-350-2802.

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

Foreclosure Papers Need To Be Verified By Attorneys

December 9, 2010 by

The Chief Judge of The State of New York , Judge Litman, has recently commented  about a new court rule. The court rule requires attorneys for financial institutions to file an affirmation that they have taken all reasonable steps to verify the accuracy of courts papers that they file in support of residential foreclosure proceedings.

This new court rule is an outgrowth of the problems concerning the accuracy of court documents in foreclosure proceedings in New York State. Chief Judge Jonathan Litman  said “we have an obligation to make sure the attorneys do their do diligence and come to us with credible papers because the consequences of wrongful foreclosures are so great”.

Verification Under Penalties Of Perjury

All future court papers in foreclosure proceedings have to be verified by attorneys
under penalties of perjury. The attorneys must make a diligent inquiry as to the accuracy and truthfulness of said documents. Attorneys must attest “to the best of my knowledge upon information and belief, the summons and complaint and all the documents filed in support of this action for foreclosure are complete and accurate in all relevant respects”.

The intent of this new statue is to deal with problems with regard to financial institution filing inaccurate or bogus notarized affidavits signed by “robo signers”. The courts seek to avoid the wrongful filing and prosecution of foreclosure proceedings.

Investigations are continuing in all 50 states and the District of Colombia with regard to whether the mortgage companies have violated state laws concerning the foreclosure proceedings.

Its hopeful that these new procedures set forth by the administrative judge will deal with some of the inaccuracies and false documents that have been that have been filed in the past in foreclosure proceedings in New York State.

About Our Firm

For more than 45 years our law firm has assisted individuals with mortgage modifications, foreclosure defense and lawsuits involving creditors. We have expertise in defending homeowners in foreclosure lawsuits. We have litigated cases involving predatory lending practices. We are also familiar with the issues involving failed mortgage modification programs. Should you, a friend or family  member be involved  in a foreclosure.  You need a foreclosure defense attorney to represent you.  Our experience in representing  individuals in all aspects of foreclosure defense including but not limited to foreclosure defenses and litigating foreclosure issues makes us one of the foremost foreclosure defense law firms in the metropolitan New York area. Feel free to call us for a free consultation at 516-561-6645, 718-350-2802 or 1-800-344-6431. We are available 7 days a week.

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

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

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Attorney Elliot S. Schlissel

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Lynbrook, NY 11563 Nassau phone: 516-561-6645
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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.

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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.