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.

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.

Kamala 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.

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.

The 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.