Mortgage Services Agree to 25 Billion Dollar Settlement For Their Improper Activities Regarding Mortgages

Seven Hundred and Fifty Thousand Americans who lost their homes in foreclosures between 2008 and 2011 will be able to qualify for up to $2000 in reimbursement from a settlement worked out with large financial institutions.

New York Attorney General Eric Schneiderman

New York Attorney General Eric Schneiderman played a key role in working out the settlement with the large financial institutions. However this settlement doesn’t excuse criminal activity on behalf of the mortgage services. Schneiderman has stated that he will keep pursuing his investigation with regard to mortgage abuses.

Schneiderman said “there are huge tax fraud implications to some of the stuff involving mortgages that we went on.” The large financial institutions involved in the settlement are Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and Ally Financial Services.

Too Little Too Late

The $2000 dollars being paid to people who lost their homes is much too little and it is being paid much too late. Schneiderman stated that the settlement is just a down payment. He intends on pursuing interest and further penalties on the financial servicing companies.

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 obtainmortgage 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 conferenceand 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 a Chapter 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.

Strategic Defaults

Walking Away From Your House

Strategic default is the new concept in how homeowners are dealing with mortgages on homes that are underwater.  A strategic default is simply when you stop paying your mortgages.  Many homeowners are considering strategic defaults on their mortgages.  It is estimated that over eleven million homes are now underwater in America.  More than three and a half million homeowners are behind in their mortgage payments.  There are already a million and a half homes currently in the foreclosure process.

The New York Federal Reserve estimates that there are an additional 3.6 million foreclosures that will be taking place in the next few years.  Does it make sense to keep paying a mortgage on a home where it will be many years before the home regains its former value?  A columnist named James Surowiecki recently wrote in the New Yorker Magazine that paying mortgage payments for a home that is underwater is “setting a pile of money on fire every month”.

Mortgage Payments: A Moral Quandary?

For some families there is a moral quandary in making the decision to stop making mortgage payments on a home that is underwater.  Should families be embarrassed or feel they are going to lose respect as they break their mortgage contract obligations and stop paying their mortgage?  Companies utilize the bankruptcy process to default on their financial obligations when they feel it is appropriate.  So why shouldn’t individuals consider it is a business decision as to whether they should pay their mortgage payments when their home is underwater and it is unlikely it will ever get back to its former value at anytime in the near future?

Penalties For Not Paying Your Mortgage

Obviously the first penalty is that your home will eventually go into foreclosure.  However the foreclosure process in the State of New York, as in most other states, is a slow process.  This means you won’t be forced to leave your home in the short run.

The second issue involves your credit score.  Not making mortgage payments will definitely have a negative impact on your credit score.  It is estimated that your credit score will go down a minimum of 85 to 100 points if you default on making mortgage payments.

Strategic default is not something to be taken lightly.  It should be considered as a last option.  Your first option should be to make a mortgage modification.  Mortgage modifications allow you to rework your mortgage to more favorable terms.

If you decide to strategically default you should save the funds that had formally been allocated to make mortgage payments.  This will give you the ability to retain an attorney to fight the foreclosure in court.  It will also give you money for a down payment on an apartment that you may need to rent down the line.

Tax Implications of Strategic Defaults

If a portion of your debt is forgiven by a financial institution the forgiven amount is considered taxable income by the Internal Revenue Service.  You may end up receiving a 1099 from your bank that you will have to declare on your income taxes.  You should talk to a tax professional with regard to how to handle this tax issue.

Strategic defaults are not for everybody but more and more people are making this choice!

Foreclosure Lawyers

If your house is in foreclosures we can help you.  The Law Offices of Schlissel DeCorpo have been helping New Yorkers stay in their homes.  To start with we can help you with the mortgage modifications.  We are familiar with the problems mortgage modification programs have.  We can also assist you with a forensic audit with regard to your mortgage.  Should you be served with a summons and complaint we will appear in court for you and attend settlement foreclosure conferences.  During these conferences we will press the financial institutions to cooperate in giving you a mortgage modification.  We will submit answers to the formal compliant submitted by the banks.  Our answers will allege defenses such as defective mortgagesdefective foreclosure law suitspredatory lendingforeclosure fraud and other real estate related defenses.

We will advise you with regard to all of your foreclosure options.  One of your options may be a foreclosure related bankruptcy.  There are two types of bankruptcies that can be utilized in foreclosure. A Chapter 7bankruptcy and a Chapter 13 bankruptcy.  There are benefits and drawbacks to each of these bankruptcies.  When you file bankruptcy it immediately stops creditor harassment.  All debt collection activity has to come to an end when a creditor receives notice of a bankruptcy filing.  Foreclosure proceedings also are immediately frozen upon the filing of a bankruptcy.  At the end of the bankruptcy process you receive adischarge of your debts.  We educate our clients with regard to reestablishing credit and the end of the bankruptcy.  There are many bankruptcy myths such as you will never receive credit again that are simply untrue.  At your initial free consultation with our office will we describe the bankruptcy process.  We will explain to you what bankruptcy exemptions are and why it may be necessary to file bankruptcy.  Feel free to call us for a free consultation 1-800-344-6431, 516-561-6645 and 718-350-2808.

Mortgage Mistakes – Part II – Shop Around But Be Careful

Many prospective home owners get conned with regard to too good to be true mortgage deals. Mortgage deals that are too good to be true often involve negative amortization. This is when the principal amount you owe goes up every month because you are not even paying the entire amount of the interest on your home. Interest-only mortgages also should be avoided if possible. In an interest-only mortgage the amount you owe never decreases.

Locking In Mortgage Rates

Mortgage rates can change on a daily basis. They can go up or they can go down. If you like the mortgage rate that has been offered to you, you should speak to the mortgage broker or the individual handling the mortgage and have the rate locked in. Once the rate is locked it is guaranteed for a specific period of time. You should also make sure you receive the lock-in of your mortgage rate in writing.

Hire The Right Lawyer

Buying a home may be the largest single purchase you make in your lifetime. You should speak to friends, relatives, and do online research to make sure you are hiring an experienced and well thought of attorney. The attorney will be in a position to assist you in through all aspects of your home purchase as well as advise you with regard to the mortgage process.

Foreclosure Lawyers

If you have foreclosures problems, the Law Offices of Schlissel DeCorpo can help you. Our law office represents individuals with regard to all aspects of mortgage modifications and foreclosure related issues. We attend foreclosure settlement court conferences for our clients. We litigate issues concerning defective foreclosures law suits, predatory lending, foreclosure fraud, and other real estate problems. We represent our clients in filing foreclosure related bankruptcies when appropriate. The filing of a Chapter 7 or a Chapter 13 bankruptcy can stop foreclosures from moving forward. In some situations these bankruptcies can eliminate second mortgages, stop debt collection practices and eliminate creditor harassment. At the end of the bankruptcy process we can assist our clients in reestablishing credit. Call us for a free consultation. We can help you save your home!

Mortgage Mistakes – Part I

Applying for a mortgage can be a complex process. How much to ask for, how much you will qualify for, getting approved and closing on the sale of a home can be difficult to say the least. There are a number of potential problems that you should avoid when looking to obtain a mortgage. Here a list of some of those problems.

Credit Check

First thing you should do before applying for a mortgage is buy a credit report for yourself. This can be easily obtained online. You should ascertain what you credit score is. If your credit score is low there are procedures that can be taken to raise your credit score.

Maintaining Assets

Banks will look to the assets you have in your checking and savings accounts when you apply for a mortgage. Should a family member, friend, or loved one be making a cash contribution towards the down payment it would be in your interest to let those funds stay in your account for a period of time to boost up your standing with the bank you apply for a mortgage with. Underwriters do not like to see transfers of funds into your bank account shortly before you apply for a mortgage. They will think it is fishy!

Steady Employment

Mortgage underwriters like to see that you have a stable job. Individuals who frequently change jobs have difficulty in obtaining mortgages. It is less problematic if you are moving within the same general field. Mortgage lenders do not like to see individuals recently making a career change and then applying for a mortgage.

Total Housing Payments

Many potential homeowners do not understand what compromises a mortgage payment. Mortgage payments consist of principle, interest, taxes and insurance on the dwelling. New homeowners often make the mistake and only think about the cost of the repayment of the principle and interest on their home. They do not take into consideration property taxes, interest and insurance payments.

Don’t Apply For New Credit And Then Apply For A Mortgage

Mortgages lenders do not take kindly to individuals applying for other types of credit at the same time they’re applying for a mortgage. In an underwriters eyes this makes you a greater risk a credit default. If you should be applying for new credit cards or personal loans at the time you are applying for a mortgage the duplicate applications may have a negative impact on your credit report.

Hire Experienced Foreclosure Defense Lawyers

The Law Offices of Schlissel DeCorpo are currently litigating numerous foreclosure defense cases throughout the metropolitan New York area. For more then thirty years the law firm has been representing individuals with financial difficulties. The first step in a foreclosure lawsuit is to put in a written answer. Affirmative defenses such as defective foreclosure lawsuits, predatory lending, foreclosure fraud, defective mortgages and a variety of other real estate based defenses can be plead depending on the circumstances involved in the case.

After an answer is submitted, the court will schedule a foreclosure settlement conference. At the conference the court will seek to have the parties amicably resolve the case. The court will inquire as to whether mortgage modifications have been applied for. Our law firm’s experienced in handling foreclosure defense cases for numerous clients has established the firm as being one of the premier foreclosure defense law firms on the East Coast of the United States. We have an excellent success rate in keeping our clients in their homes. Feel free to call our law office to discuss your foreclosure defense options.

Foreclosures Can Make You Sick

Are you losing your home? Certainly this would make you unhappy, but can it make you sick? A recent study shows that the foreclosure crisis is having more than just an economic toll on Americans. It is making Americans sicker! Janet Curry, co-author of a study published by the National Bureau of Economic Research states “our findings prove that yet again economic well being and physical well being are connected. The foreclosure crisis is having a significant impact on mental health as well as on a wide range of preventable conditions that are susceptible to stress.”

Studies Regarding Foreclosures and Health Problems

Researchers conducted studies in California, Arizona, Florida and New Jersey. These are states that have significant foreclosures problems. First, the studies showed that for every one hundred foreclosed properties in a community the emergency room and admission rates in local hospitals increased by almost seven and a half percent. This is the greatest areas of increases were related to hypertension and diabetes. Hospital admissions and outpatient care related to anxiety increased to over twelve percent.

Louis Allen, the mental director at the Florida Hospital Center for Behavioral Health stated, “[w]e’ve seen more patients under financial stress whose mood, hypertension and diabetes are worsening. Often these patients feel so overwhelmed they don’t do what they need to do to take care of their conditions.” He stated further that “when stress hormones rises these conditions get worse.” Allen pointed out that “the housing crisis is forcing more families to move in together. This often causes increased friction and arguments. This can lead to the consumption of alcohol, and substance abuse problems, high levels of anxiety and even suicides.”

What To Watch Out For

Financial problems and stress related to these problems can affect virtually every area of your health. They can create eating disorders and sleeping disorders. They can push you into consuming alcohol or other drugs. Individuals under financial stress need healthy outlets for their anxiety. Physical activity, going to a gym and participating in all types of athletic programs are healthy ways of dealing with stress and anxiety. So if you have problems related to your finances, consider seeing a debt counseling center and a therapist. Don’t let your financial problems drive you to drink or other inappropriate activities.

Foreclosure Defense and Bankruptcy

If you are served with a summons and complaint or threatened with foreclosure you should contact a foreclosure defense lawyer. The foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo for more than thirty years have been helping clients deal with foreclosure problems. We submit applications on behalf of our clients for mortgage modifications. We handle forensic audits. We litigate issues such as defective mortgages, defective foreclosure law suits, predatory lending, foreclosure fraud and other real estate related legal problems. We appear in court for foreclosures settlement conferences on behalf of our clients. We also file foreclosures related bankruptcies for our clients.


Individuals have two types of bankruptcies they can file, either a Chapter 7 or a Chapter 13 bankruptcy. Chapter 7 is a straight bankruptcy. While a Chapter 13 is a repayment plan of between three and five years. Either of these types of bankruptcies can help. Filing bankruptcy can eliminate second mortgages, stop foreclosures from moving forward, stop debt collection activities and eliminate creditor harassment. At the end of the bankruptcy we can educate you on how you can reestablish your credit. Call our office should have foreclosure or bankruptcy questions or you are worried about losing your home! Our office phone numbers are 1-800-344-6431, 516-561-6645 and 718-350-2802.

Skyrocketing Foreclosure Rates In Wealthy Towns on Long Island, NY

Victoria Gotti, the daughter of mob Don John Gotti a reality star in her own right, let her home go into foreclosure in 2009. She owned an estate on Long Island which she put up for sale originally for 3.9 million. The home was located in the lovely and high end town of Old Westbury. She was unable to sell her home for even 2.9 million. She had originally paid over 4 million dollars for her home.

Well-To-Do Americans Letting Their Homes Go Into Foreclosure

The foreclosures rates in many of the more affluent towns on Long Island, New York have been going up. In the town of Great Neck, there is a foreclosure rate of over 7%. Great Neck is considered one of the most affluent towns in the United States.

Highest Foreclosure Rate

The State of Florida is one of the hardest hit states concerning foreclosures of homes. Florida is home to two extremely high end areas that have very high foreclosure rates. These are Fischer Island and Rosemary Beach. Fischer Island is located off Miami Beach and it is one of the most expensive zip codes in the United States. The foreclosures rate in this millionaire haven is over 20%. Rosemary Beach, a planned community in the pan handle area of Florida, which maintains the 69th most expensive zip code in the United States has a foreclosure rate of approximately 10%.

Homes Lose More Than 50% of Their Value

The high foreclosure rates in the United States have caused the value of homes to tumble. In many areas homes are worth less than 50% of what they were previously. Many of these homes are underwater (meaning the mortgage amount is higher than thevalue of the home).

Why Affluent Americans Are Walking Away From Their Homes

Many well off homeowners have stopped paying their mortgages. They have done this for calculated financial reasons. “Strategic defaults can be an even bigger issue with high end homes, where if you are 25% underwater that could mean hundreds of thousands of dollars or more, if the borrowers may be more financially shrewd and consider it a financial decision to walk away from the home,” pursuant to the analysis of Daren Blomquiste of REALTYTRAC.

The reasons why affluent Americans are walking away form their homes can be summed up by the term “strategic default.” Financially well off Americans will not qualify for short sales or loan modifications. They usually have too much income or too much in the way of assets to qualify for these programs.

Chris Tucker, a well known comedian, owned a home in Florida which had a mortgage of 4.4 million dollars. The home was originally worth 6 million dollars. Its current assessment is 1.6 million. So Chris Tucker dealt with this problem by strategically defaulting on his mortgage.

Initially only the middle class was affected by the mortgage/financial crisis in America. Now even the upper class is caught up in the foreclosure crisis in the United States. Pain is being felt by Americans throughout the economic spectrum!

Foreclosure Defense Lawyers

The attorneys of the Law Offices of Schlissel DeCorpo have more than thirty years of helping their clients with foreclosure related legal problems. They assist their clients in dealing with mortgage modifications applications and mortgage modifications programs that fail to meet client’s needs. They deal with issues such as forensic audits, defective mortgages, defective foreclosure lawsuits, predatory lending, and various other real estate problems.

We will discuss foreclosure related bankruptcy with their clients when it is appropriate. Sometimes following either a Chapter 7 or a Chapter 13, bankruptcy can be utilized as a strategy in dealing with foreclosures. We will discuss the bankruptcy process with you at your initial free consultation. The filing of the bankruptcy can eliminate second mortgages in some situations, stop foreclosures, stop debt collection activity and eliminate creditor harassment. We will also discuss bankruptcy exemptions and why filing bankruptcy might be the best route in dealing with your financial difficulties.

Call us for a free consultation our phone numbers are 1-800-344-6431, 516-561-6645 and 718-350-2802.

How To Rebuild Credit After Going Through A Bankruptcy

More than a million and a half people file bankruptcy each year. Many individuals who file bankruptcy don’t believe they will ever have credit again. They are wrong! You can rebuild your credit after filing bankruptcy. Credit scores after filing bankruptcy can fall to as low as two hundred points. Taking the appropriate procedures you can rebuild your credit in a year to a year and a half.

Review Your Credit Report

Obtain a copy of your credit report. This can be easily done on the internet. Carefully review the credit report. You should make sure all of your debts discharged in bankruptcy show a zero balance on your credit report. If your credit report is inaccurate regarding zero balances related to debts discharged in bankruptcy, contact the creditor and the credit bureau that gave you the credit report and have them update correct information.

Pay Your Rent On Time

Credit reporting agencies now include rental histories as part of your credit profile. By paying your rent on time on a regular basis after filing bankruptcy you can help rebuild your credit score. Pay your debts not discharged in the bankruptcy. Bankruptcy discharges only dischargeable debts. There are a variety of debts that are not discharged. Among these debts are some taxes owed the federal government, child support, spousal maintenance (alimony), and student loans. If any of these debts survive your bankruptcy, pay them on time. By paying these debts on time it will enhance your credit score.

Obtain A Secured Credit Card

Most secured credit cards require a deposit of either five hundred or a thousand dollars. You then receive credit in the amount of either the five hundred or the thousand you deposited. Use the secured credit card and pay on time. Each time you pay them on time you will receive valuable points towards your credit score.

Financial Discipline

It is necessary for you maintain financial discipline after filing bankruptcy. If you’re disciplined and you pay your debts on time within a year and a half, you will be able to obtain new credit cards all over again. Hopefully this time you won’t end up in bankruptcy again.

New York Bankruptcy Lawyers

The bankruptcy lawyers at the Law Offices of Schlissel DeCorpo have filed hundreds of bankruptcies on behalf of our clients. We file both Chapter 7 and Chapter 13 bankruptcies. The filing of a bankruptcy can be utilized to stop foreclosures from moving forward, eliminate second mortgages, stop debt collection practices and stop creditor harassment.

Bankruptcy is a simple process. After an initial meeting with us we will discuss all bankruptcy options with you. If your house is in foreclosure we will also discuss foreclosure options such as mortgage modifications, litigating defective mortgages and mortgages modification programs.

Call us for a free consultation with regard to either foreclosure defense or bankruptcy related issues.

California Attorney General Sues Freddie Mac and Fannie Mae

foreclosureKamala Harris, the Attorney General for the State of California has filed a lawsuit in San Francisco Superior Court. The lawsuit is a result of an investigation by the California Attorney General with regard to twelve thousand foreclosed properties in California owned by Freddie Mac and Fannie Mae. Kamala Harris seeks to ascertain what role, if any, these companies had in selling and marketing mortgage backed securities. Kamala Harris also seeks Freddie Mac and Fannie Mae to provide information with regard to the decreased value of homes in California related to drug dealing, prostitution, explosives and weapons found on these vacant properties. The lawsuit states “foreclosures not only affect the families who lose their homes, but also the safety, health and welfare of the entirecommunity.” In addition, Harris seeks information as to whether Freddie Mac and Fannie Mae are in full compliance with the Civil Rights Laws protecting minorities and members of the Armed Forces of the United States who reside in California.

Freddie Mac and Fannie Mae Taken Over By Federal Government

In 2008 the Federal Government took over Freddie Mac and Fannie Mae. A conservativeship under the Federal Housing Agency was created to deal with the staggering debts of these two companies. An attorney for the Federal Housing Agency has taken the position, in a letter, related to the lawsuits that State Attorney Generals do not have authority to issue subpoenas to Federal Conservators. This lawsuit may determine whether a state has the authority to investigate mortgage companies while they are under federal control.

Freddie Mac & Fannie Mae Cost Tax Payers One Hundred Fifty Billion Dollars

Since Freddie Mac and Fannie Mae have been taken over they have cost tax payers one hundred and fifty billion dollars. This is the largest bail out of the financial crisis. It is estimated that before the mortgage crisis ends the bail out of Freddie Mac and Fannie Mae may amount to as much as two hundred and fifty billion dollars. The lawsuit deals with some of the residential foreclosures in California that took place between January, 2007 and June of 2011. Altogether there were more than seven hundred and sixty eight thousand foreclosures in California during this period.

Foreclosure Help Lawyers

If you are facing a potential foreclosure you need to consult with qualified, experienced foreclosure defense lawyers. The Law Offices of Schlissel DeCorpo has been representing homeowners in foreclosure lawsuits for more than 23 years. If you are served with a Summons and Complaint, our law office can submit an Answer to the Summons and Complaint alleging affirmative defenses, such as predatory lending, defective mortgage, defective foreclosure lawsuit and various other real estate defenses. We can appear in court at foreclosure court conferences on your behalf. We can also help you submit mortgage modifications to your financial institutions.

Bankruptcy Filing

When appropriate, we can also file either a Chapter 7 or a Chapter 13 bankruptcy for the purpose of stopping the foreclosure from moving forward. Filing of a bankruptcy also can be utilized to eliminate credit card debts and stop all other types of collection activity. At the end of the bankruptcy’s filing we can educate you as to how to re-establish your credit. Contact us for a free consultation. At this consultation we will provide you with all your foreclosure and bankruptcy options. Our office numbers are 1-800-344-6431, 516- 561-6645 or 718-350-2802.

Demand for Rental Apartments Increasing in the United States

There has been an increased demand for apartments to be rented in the United States. More and more Americans are choosing to rent places to live in instead of buying homes. The portion of the American public that owns their own homes peaked in 2004. At that time 69.2% of Americans owned their own homes. As of today approximately 65% of Americans own their own homes. This is a thirteen year low!

The Year of the Landlord

Oliver Chang, a real estate analyst at Morgan Stanley has stated in reference to the year 2012, it will be “The Year of the Landlord.” Mr. Chang states “rents are rising, vacancies are falling, household formations are growing and rental supply is limited.” “We believe the demand for rental properties will continue to grow.”

The area in the rental industry is seeing the most growth deals with building that have five or more apartments in them. Construction of apartment buildings with five or more apartments is up more than 30% from last year. The cost of renting an apartment is up more than 2.4% from last year.

Single Family Homes on the Decline

At the height of the construction boom in 2005, home building represented 6.2% of the overall economic activity in the United States. At the present it represents about 2% of the overall economic activity in the United States. In April of 2009, home building for single family homes hit their lowest level since 1959. Although there is more demand for apartment buildings, the construction of single family homes was the weakest in 2011 since records were maintained concerning this data. Let’s hope that 2012 is a better year for residential construction. Unless Americans see the value of their single family homes going up, consumer confidence in the economy will not be rising!

Long Island and New York City Foreclosure Lawyers

If your home is in foreclosure or about to go into foreclosure, the Law Offices of Schlissel DeCorpo can help you. We can help you with the submission of mortgage modification applications. We are familiar with mortgage modification plans that fail to meet homeowner’s needs. If your financial institution seeks to take your home back in foreclosure we can defend you. We draft and submit to the court answers to foreclosure complaints. The defenses commonly submitted in these types of matters are defective mortgages, defective foreclosure lawsuits, predatory lending and other real estate affirmative defenses to foreclosure lawsuits. Our office can educate you concerning Federal laws and foreclosure.

Long Island and New York City Bankruptcy Lawyers

We are also adept at filing foreclosure related bankruptcies when circumstances require bankruptcy filings. A Chapter 7 bankruptcy or Chapter 13 bankruptcy will cause the foreclosure on your home to immediately stop. Filing bankruptcy in some situations can eliminate second mortgages. Filing of a bankruptcy also stops all debt collection activity related to credit card debts and all other debts. Call us for a free consultation. At our initial meeting we will discuss all of your bankruptcy and foreclosure options. Our law office phone numbers are 516-561-6645, 1-800-344-6431 or 718-350-2802.

Two Hundred Thousand Minority Borrowers Over Charged!

Two Hundred Thousand Minority Borrowers Over ChargedThe United States Government has recently settled a case against Bank of America’s Country Wide subsidiary. The case was settled for a record amount of $335,000,000.00. The $335,000,000.00 settlement sets a record for being the largest housing discrimination lawsuit ever resolved by the government.

Government Looking For Two Hundred Thousand Minority Families to Reimburse Them For Housing Discrimination

So who is supposed to receive the $335,000,000.00 settlement? The basis of the settlement was to reimburse minority homeowners for housing discrimination. However, Country Wide’s records were not well maintained. After they were purchased by Bank of America the records suffered further set backs. The Justice Department is now looking for the two hundred thousand minority borrowers of Country Wide who are entitled to receive a share of the $335,000,000.00 settlement. If you are one of those individuals or families you need to contact the Justice Department to obtain your fair share of the settlement.

The lawsuit alleged Country Wide Mortgage Company was charging minority borrowers higher interest rates and higher fees between 2004 and 2008 then they charged non-minority individuals.

Foreclosure Lawyers

The housing crisis has left a significant portion of the American public in a position where they are unable to meet their monthly mortgage payments. The purchase of a single family home was the American dream. For families who can no longer afford to make their mortgage payments, it’s the American horror story. The Law Offices of Schlissel DeCorpo have been representing individuals and families with foreclosure defense problems for more than 20 years. We litigate issues concerning defective mortgages, defective lawsuits, predatory lending issues and many other real estate related issues. We also represent our clients in applying for mortgage modifications. If your case is in litigation we attend foreclosure court settlement conferences on your behalf. In appropriate situations we will recommend foreclosure related bankruptcies to our clients.

New York City and Long Island Bankruptcy Lawyers

In some situations filing either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy is the best way to deal with foreclosure problems. At your initial free consultation with our office we will discuss all of your foreclosure and bankruptcy options with you. The filing of a bankruptcy will stop foreclosures from moving forward, stop debt collection activities against you and in some situations eliminate second mortgages. At the end of the bankruptcy we can help you re-establish your credit.

Call us and we will discuss all of your foreclosure defense and bankruptcy options. Thank you for visiting our foreclosure blog.

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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