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 45 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.

103 Year Old Woman Avoids Foreclosure and Eviction

Vinia Hall is 103 years old. She lives with her daughter, who is 84 years of age. Chase Manhattan had foreclosed on her property and sent the sheriffs to her house to evict her. When the sheriffs arrived at her home, they were moved by her plight. They refused to evict Vinia and her daughter. News circulated throughout the world via television news stories, internet articles, and newspaper stories about her situation. An online petition was started to keep her in her home. It had more than thirty three thousand signatures on it.

Due to the huge media coverage Chase Manhattan Bank has reconsidered evicting Vinia from her home. They have renegotiated her mortgage and worked out a payment schedule that she and her daughter can afford.

Six Hundred Thousand United States Foreclosures During the Third Quarter of 2011

Vinia’s problem is simply one story out of the more than six hundred thousand homes foreclosed during the third quarter of 2011. Her case was an exception to the rule. The large majority of individuals who’s homes are foreclosed on are eventually forced out of their homes. Most mortgage modification applications are unsuccessful.

Foreclosure Defense Lawyer

If your house is facing foreclosure there are legal remedies available to protect you. The foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo have been helping our clients stay in their homes for more than two decades. Should you receive a letter from your financial institution or a summons and complaint, you need to contact a qualified, experienced foreclosure defense lawyer as soon as possible. In response to foreclosure lawsuits we file written answers with the court and opposing counsel. We submit a variety of legal defenses including defective mortgages, predatory lending, defective foreclosure lawsuits and a variety of other real estate defenses. We attend foreclosure court conferences on behalf of our clients and we seek to put pressure on the financial institutions to work out mortgage modifications.

We discuss all types of foreclosure options with our clients. Some of the options involve filing a Chapter 7 bankruptcy or Chapter 13 bankruptcy. When you file a Chapter 7 or Chapter 13 bankruptcy, foreclosure lawsuits are frozen and eventually eliminated.  All other debt collection activity also comes to a halt. Call us for a free consultation. We can keep you in your home! Our phone numbers are 1-800-344-6431, 516-561-6645 or 718- 350-2802.

Brooklyn Judge Sanctions Bank and Law Firm in Foreclosure Case

Justice Arthur M. Schack, sitting in the Supreme Court, Kings County, has fined.

HSBC Bank $10,000.00 and the Law Firm of Shapiro, DiCaro and Brak $5,000.00 in sanctions. In his ruling he stated that both parties engaged in “frivolous conduct” during an attempted foreclosure against Eleanor Taher, a homeowner in Bedford Stuyvesant.

Judge Schack had previously dismissed with predjudice the foreclosure action brought against Eleanor Taher by HSBC Bank. The court had requested that an HSBC executive appear at the sanctions hearing.Justice Schack has in the past taken a tough position with regard to financial institutions acting improperly in foreclosure proceedings. The attorneys for Shapiro, DiCaro and Brak stated they would appeal Justice Schack’s ruling. In discussing the appeal, Patrick Bnaylon of Goldman Segalla, stated “we do not believe an attorney or a client should be punished while proceeding in reliance on existing law. Mortgage foreclosures are not popular cases these days but out system provides for representation by attorneys for anyone appearing before the judiciary. Protecting attorneys who appear for currently unpopular clients or causes from unwarranted sanctions is of the utmost importance to our system of justice.

We will keep you informed as to how this appeal plays out.

Foreclosure Defense Lawyers in New York

The foreclosure lawyers at the Law Offices of Schlissel DeCorpo can help you keep your home. If a foreclosure action is eminent, it is important that you retain the most qualified, experienced foreclosure defense lawyers available. The Law Offices of Schlissel DeCorpo has helped dozens of their clients keep their homes when faced with foreclosure lawsuits. The law firm submits answers to foreclosure lawsuits to the courts and to opposing counsel. Defenses such as defective foreclosure lawsuits, predatory lending, defective mortgages and a variety of other real estate related defenses are often utilized by the law firm to protect their clients. The firm appears at foreclosure court conferences on behalf of their clients and seeks to put pressure on the financial institutions to enter into mortgage modifications with their clients.

Filing for Bankruptcy to Stop Foreclosure

The firm also files Chapter 7 and Chapter 13 bankruptcies on behalf of their clients. Filing of a bankruptcy stops foreclosure lawsuits and also stops all other collection activity. Call for a free consultation. At our initial meeting we will discuss all of your foreclosure and bankruptcy options.

New York’s Mandatory Retirement of Judges: A Mistake

judgesNew York judges must retire on or before September 31st in the year in which they reach seventy years of age. The statute is a mistake. It should be amended, modified, changed or eliminated completely.

Under the current system, judges who reach the mandatory retirement age can obtain up to three extensions for periods of two years. To obtain these extensions, the judge has to be re-certified that he or she is capable of continuing to work as a judge.

Numerous Judges who are forced into retirement are brilliant jurists. They still have a lot to contribute to resolving the problems faced by litigants. Forcing the most experienced and often the most dedicated judges into premature retirement does not benefit lawyers, litigants or the administration of justice.

Justice Edward A. Marin

Justice Edward A. Marin, who sits in the matrimonial part of the Supreme Court in Nassau County, was seventy years of age in 2010. I know Justice Marin to be a bright, articulate, energetic judge. I was shocked to find out he is seventy years of age. Men of Justice Marin’s caliber are simply too dedicated, too bright and too hard-working to be forced into early retirement. For more than thirty-five years, Justice Marin was an active attorney working in private practice in Nassau County. He has now been on the bench in both County Court and Supreme Court for in excess of ten years. I find Justice Marin to be a tough, bright, hardworking, respected justice. It is a shame that, in a mere six years, Justice Marin will be forced off the bench, even if he is approved for the three two-year extensions.

Amend The New York State Constitution

To deal with the mandatory retirement of judges, it will be necessary to amend the New York State Constitution. The process of amending the constitution requires two separately elected legislatures to approve the measure, and then the measure must be ratified by a majority of the voters in a state-wide referendum.

I am currently sixty years of age and I will turn sixty-one in March. I am young, energetic and still at the height of my tennis prowess. I don’t expect when I turn seventy to be considering retirement. Americans are living longer and longer and have more years of productive activity available to them in their professions than previous generations. Mandatory retirement ages for judges must be reconsidered.

divorceLong Island Divorce Lawyers

At the Law Offices of Schlissel DeCorpo, we litigate divorce proceedings on Long Island. We have extensive experience in handling matrimonial and family matters in both Nassau and Suffolk Counties. Our office also deals child custody cases and family court cases throughout the metropolitan New York area. We aggressively represent our clients regarding investigations concerning child abuse and child neglect. When our clients are served with orders of protection, we actively and effectively litigate these matters to have our clients returned to their homes.

Should you have a matrimonial or family law problem in the metropolitan New York area, call us at 516-561-6645, 718-350-2802 and 1-800-344-6431.

Also Visit – Nassau County Divorce Attorney

Americans Are Becoming Less Mobile

house1New census data shows that Americans are becoming less mobile. They’re staying in their homes for longer periods of time and are moving less. A major reason for Americans’ lack of mobility relates to the downturn in the economy in the United States and problems within the housing industry.

Approximately 25% of all Americans moved into their current residence in the five year period between 2005 and 2010. In the prior five year period only one in three Americans had resided in their prior residence.

Christopher Jones, Vice President of Research for the Regional Planning Association, an advisory group on Long Island, New York, states homeowners in the Metropolitan New York area are moving less “because they can’t find a buyer for their house or don’t have another job location that they’d be interesting in moving to.”

Residential mobility rates are closely watched by governmental agencies. By reviewing these rates the government can obtain information with regard to revenues from town and state mortgage taxes.

Inability to Sell Homes

People are unable to relocate when they have complete inability to sell their home. During the housing market boom, it commonly only took three to six months from the time a house was placed on the market until it was closed on in a sale. Today, it is common for homes to stay on the market for years before they are purchased. During these long periods of time on the real estate market the value of the homes continues to go down related to the housing crisis and the economic down turn that exists in the United States.

Job Problems on Long Island

Long Island, New York has more problems regarding the real estate market and the economy than other areas of the country. Long Island has not been creating new job and businesses are not moving there. The lack of job creation on Long Island has a negative effect on the residential mobility of home owners.

Long Island Foreclosure Defense Lawyers/ Metropolitan New York Foreclosure Defense Lawyers

There is a housing crisis in the New York metropolitan area as well as the rest of the country. It is estimated approximately 40% of all homes are worth less than the amount of their mortgages, while mortgage delinquency rates continue to climb in the Metropolitan New York area.

The unemployment rate of approximately 9% contributes to the problems homeowners have in making their mortgage payments. Loss of jobs, reduction of income, and increased expenses are forcing many homes into foreclosure. Mortgage modifications are one way to avoid foreclosure proceedings.

Foreclosure Problems

The best way to deal with foreclosure problems is to hire a qualified, experienced law firm. The attorneys at the Law Offices of Schlissel DeCorpo have been defending homeowners in foreclosure proccedings for more than 45 years. We attend court conferences for our clients. We provide detailed defenses ranging from defective mortgages, defective foreclosure lawsuits, predatory lending to other real estate related defenses on behalf of our clients. Our office has experience with regard to Federal laws relating to foreclosure.

Long Island Bankruptcy Lawyers

Filing a Chapter 7 or Chapter 13 bankruptcy can be also be the solution to foreclosure problems. This will stop the foreclosure from moving forward, stop debt collection activity, and in some situations, can eliminate second mortgages. Call our office for a free consultation. We will explain all your foreclosure options to you. You are on the Elliot S. Schlissel, Esq. foreclosure blog.

Visit – Nassau County Divorce Attorney

Renters Getting Caught Up In Foreclosure Proceedings

Those individuals who rent homes can potentially become involved in foreclosure proceedings where that home goes into foreclosure. Approximately 34 million families rent homes today in the United States. A 2010 study performed by the National Low Income Housing Coalition revealed that approximately 40% of the families facing eviction due to foreclosures were tenants, and not the owners of the property. A tenant’s ability to pay rent – and pay it on time – is not a defense when the house is foreclosed upon by the financial institution.

Federal Laws Protecting Tenants

One federal law protects any tenants who reside in homes that are foreclosed on. The statute requires financial institutions to give tenants 90 days notice prior to taking action to evict tenants from foreclosed properties, and also allows tenants who are up to date on their rent to stay in the property until the end of their lease.

Very Little Protection for Tenants

Tenants are forced to confront two problems when they reside in a home that goes into foreclosure. In situations where the home is foreclosed upon by the financial institution, the landlords simply sometimes skip town, leaving the homeowner without anyone responsible for making repairs and maintaining the residence. A second issue confronted by tenants is that landlords sometimes stop making payments on the premises to the financial institutions while still collecting rent. In these situations, the tenants have no idea that the home they are renting is going to be foreclosed on. Overall, there is very little tenants can do to protect themselves from a landlord who stops making mortgage payments causing the property they reside in to end up in foreclosure.

New York Foreclosure Lawyers

The Law Offices of Schlissel DeCorpo can help you should your home go into foreclosure. We have extensive experience in defending foreclosure lawsuits throughout the New York metropolitan area. We attend foreclosure court conferences for the clients we represent and provide our clients with all of their foreclosure options at the initial consultation. We vigorously defend foreclosure lawsuits submitting defenses involving defective mortgages, defective foreclosure lawsuits, predatory lending, and other real estate related defenses.

Our law firm has also developed an expertise in bankruptcies that are utilized to defend foreclosure proceedings. Filing a Chapter 7 or Chapter 13 bankruptcy not only can stop foreclosures from moving forward, but they can also be utilized to stop debt collection activity and eliminate second mortgages.

Call us for a free consultation. This is the Elliot Schlissel foreclosure defense in NY blog.

If Bankruptcy Petition is Incorrect, The Debtor is Responsible

bankruptcyIn a recent case in the Northern District of New York Bankruptcy Court, a debtor filed a Chapter 7 bankruptcy petition littered with errors. In addition to mistakes, there were all types of odmissions and inaccuracies in the bankruptcy petition.

The debtor, Mr. Castellano claimed that his attorney, Joseph H. Hobika, Jr. of the Law Firm of Callanen, Foley & Hobika, located in Utica, New York was responsible for the mistakes in the bankruptcy petition. Mr. Castellano stated in an affidavit, “I never had any intent to mislead or thwart any of my creditors.” He further stated “I have lost everything in the past three years with the exception of the birth of my son, life has been very difficult for myself and my family.”

Blame Attorney, Defense Fails

Judge Davis said that the attorney’s defense “must fail has a matter of law in this case,” and decided that Mr. Castellano was personally responsible for the information contained in the bankruptcy petition which he reviewed and signed. The Judge also said Mr. Castellano “has raised a plausible defense in that the petition was prepared in haste to avoid a wage garnishment rather than under a calculated plan to hide the truth.” The Judge went on to state “accordingly the debtor is entitled to a trial where the parties will have a full and fair opportunity to present their evidence, including live testimony, to the court on the issue of intent and the court will be able to gauge the credibility of the debtor.”

Mr. Hobika, the original lawyer who prepared the bankruptcy petition for Mr. Castellano in a recent interview stated the missing information was caused by “a software problem that was not immediately caught and the information in question had no bearing on the outcome of the case.”

Bankruptcy Lawyers

If you find yourself in financial difficulty, filing a bankruptcy may be your best solution. Bankruptcy is a federal proceeding brought in the United States Bankruptcy Court. The Law Offices of Schlissel DeCorpo has filed hundreds of bankruptcies on behalf of our clients. We file both Chapter 7 and Chapter 13 bankruptcies. At our initial consultation we will discuss with you why filing bankruptcy may help you and the types of bankruptcies that are available to you. The filing of a bankruptcy can stop foreclosure proceedings from moving forward, eliminate second mortgages in some situations and stop all debt collection activity. Your credit can be reestablished after receiving a discharge in the bankruptcy. Contact us for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Student Loan Issues

studentloans1Many students have become overwhelmed by their student loans and President Obama has developed a new program to help students deal with these loans. He recently spoke at the University of Colorado regarding the program. During the speech, the President stated that he and his wife Michelle together had owed more that $120,000.00 in student loans regarding their law school educations. He told his audience that Michelle made monthly payments to many lenders and that it took them a decade to pay off these loans. He told his audience “I’ve been in your shoes. We did not come from a wealthy family.”

The President, in his speech, stressed how important a college education is. The President’s plan accelerates a statute previously passed by Congress. The statute reduces the maximum required payment on student loans from the current standard of 15% of income to 10%. The President will put this measure into effect in the year 2012, but the plan was initially scheduled to go into effect in the year 2014. In addition, the President stated the remaining debt after this acceleration would be forgiven in 20 years. This is a five year reduction off of the previous forgiveness period of 25 years. It is anticipated that over a million and a half students would be effected by these new rules.

Student Loans Involve Sufficient Household Debt

It is estimated that student loans are the second largest source of debt for Americans. A college education is a necessity in today’s world. Burdening young people with loans which they are unable to pay leads to frustration and delinquencies. President Obama’s new inititive is an excellent idea!

Long Island Bankrutpcy Lawyers

The bankruptcy lawyers at the Law Offices of Schlissel DeCorpo have filed in excess of five hundred bankruptcies on behalf of our clients. We file both Chapter 7 and Chapter 13 bankrutpcies. At the initial free consultation with our clients, we explain the various types of bankruptcies and why it may be in their interest to file bankruptcy. Bankruptcies can eliminate debt collection activity, stop foreclosures, and eliminate second mortgages. There are many myths regarding bankruptcy – including that after filing, you can never have credit – but these myths are simply untrue. Call us for a free consultation and we will review all issues you have concerning bankruptcy, and whether bankruptcy is appropriate for you and as to whether you have other options to deal with financial difficulties. Our phones are monitored 24/7 for your convenience.

Hamptons Real Estate Sales and Prices are Up

hamptonhouseThe real estate market in the Hamptons, in New York is doing well. The Hamptons, where the rich and famous spend their summers is recovering from the real estate crisis. The closing rate in the Hamptons rose more than 10% in the third quarter of the year. Where there has been a continued slump in other real estate markets, the Hamptons is recovering.

The medium home price for a house in the Hamptons is up more than 20%. The average house in the Hamptons can sell for nearly one million dollars. The market for luxury homes for five millions dollars or more in the Hamptons has recovered at an even faster rate than the rest of the market in the Hamptons. During the third quarter of last year, there were more than 50 sales of homes for more than 5 million dollars in the Hamptons on Long Island.

Hamptons Real Estate Tied to Wall Street Earnings

It is said that when Wall Street does well, the real estate market in the Hamptons jumps. It seems that buyers in the Hamptons have greater confidence that the real estate market in this area of New York will continue to do well.

While protestors spend freezing nights in Zuccotti Park in Manhattan protesting the unequality over financial markets controlled by Wall Street, financial institutions, and banks, the residents of the Hamptons in New York State (who are generally in that top 1% of the American economy), find that real estate is recovering in their favorite vacation area. Whoop-de-do!

Foreclosure Opportunities

If your house is in foreclosure, I can help you. I have been representing individuals with foreclosure related problems for more than 45 years. The lawyers at my law office aggressively represent individuals and families whose homes are foreclosed upon and keep them in their homes. We appear at foreclosure court conferences for our clients. We also litigate foreclosure lawsuits by submitting detailed Answers to Summons and Complaints with defenses such as defective foreclosure lawsuits, defective mortgages, predatory lending, and numerous other real estate related defenses.

In some situations, foreclosure related bankruptcies are the most ideal way to handle foreclosure problems. In these cases we can file either Chapter 7 or Chapter 13 bankruptcies on behalf of our clients. Filing a bankruptcy not only stops foreclosures from moving forward but it can eliminate credit card debts and other financial obligations. At the end of the bankruptcy we can help educate our clients as to re-establishing their credit.

Call us for a free consultation. At our initial meeting we will discuss all of your foreclosure options and explain how we can keep you in your home!

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

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

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.

This is attorney advertising. This website is designed for general information purposes only. The information presented on this website shall not be construed to be legal advice. If you have a legal problem you should consult with an attorney.

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