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Wells Fargo Faces Penalties in Foreclosure

March 15, 2011 by

Wells Fargo Faces Penalties In ForeclosureWells Fargo is currently being investigated by various governmental agencies with regard to illegal practices concerning mortgages and foreclosures. Wells Fargo has been accused of violating fair lending laws by the Security and Exchange Commission.

The company spokesman for Wells Fargo recently stated “with regard to the investigation into foreclosure practices, it is likely that one or more of the government enforcement actions against Wells Fargo will result in civil monetary penalties.” There are also more than half a dozen class action lawsuits pending against Wells Fargo on behalf of homeowners. These lawsuits claim that employees at Wells Fargo executed documents in foreclosure proceedings without having personal knowledge of the facts contained in these documents. The relief requested in the lawsuits against Wells Fargo asks for monitory damages, cancellation of mortgages and other penalties against the bank. Wells Fargo has indicated that they make be facing as much as $1.2 billion dollars in losses related to the pending litigation. This has caused the bank’s share price to go down.

New York Foreclosure Defense Attorney

If you are sued in a foreclosure proceeding, we can help you. The foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo have been assisting homeowners and consumers regarding lawsuits involving financial institutions for more than 45 years. We prepare mortgage modification applications on behalf of our clients. We assist our clients in dealing with mortgage modification programs that fail to provide our clients with the appropriate relief.

We defend our clients in foreclosure proceedings. We defend defective foreclosure lawsuits, defective mortgage issues, predatory lending, and bad faith by financial institutions. We maintain a foreclosure blog to update our clients and the general public concerning issues involving the banking industry, mortgages and foreclosures.

We represent our clients in real estate related litigation. In the appropriate situations we also file Chapter 7 bankruptcies and Chapter 13 bankruptcies on behalf of our clients. If bankruptcies are filed, we help our clients reestablish credit at the end of the bankruptcy procedures. If you need an attorney to stop a foreclosure or help you out of debt feel free to call us. Our office numbers are 1-800-344-6431, 516-561-6645 and 718-350-2802.

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

Fannie Mae and Freddie Mac

March 11, 2011 by

Fannie Mae and Freddie Mac are the two federally-backed agencies that are responsible for the large majority of mortgages in the United States. Congress and the White House are now at odds as to how to deal with these financially ravished, federally-backed agencies.

Steps need to be taken to reform the mortgage business. There has to be greater consumer protection for prospective homeowners. Changes must be made regarding how the mortgage servicing industry deals with prospective homeowners. Mortgage companies must work with borrowers who unfortunately fall behind on their mortgage payments. Action must also be taken to deal with the bundling of loans for sale to investors. These loan bundling schemes were a significant part of the current mortgage crisis.

Democrats and Republicans Both Agree and Disagree

Democrats and Republicans both agree that Fannie Mae and Freddie Mac should not continue to exist. The problem is Democrats and Republicans can’t agree on what should replace them. Both the Democrats and Republicans want the private market place to assume the responsibility currently maintained by Freddie Mac and Fannie Mae. The actual setup of the new organizations is the subject of spirited debate between the two parties in Congress, as well as within the Obama Administration.

Fannie Mae And Freddie MacForeclosure Defense Lawyers in New York

If you have problems with a mortgage modification, we can help you. If you have difficulties dealing with mortgage modification programs that fail to approve your application, we are the lawyers for you. Should you be the subject of a foreclosure lawsuit, we are the lawyers for you. We litigate foreclosure proceedings. We provide foreclosure defense for our clients. We maintain a foreclosure blog to educate our clients and homeowners throughout the Metropolitan New York area with regard to their rights in foreclosure proceedings.

We litigate defective mortgages, predatory lending issues, defective foreclosure lawsuits, bad faith and other related real estate issues. We also assist our clients in filing Chapter 7 and Chapter 13 bankruptcies.

We meet with our clients, we review all of the financial documents related to their mortgage and loan modification and we set up a plan to help keep them in their homes. Feel free to call us at 1-800-344-6431, 516-561-6645 or 718-350-2802. We can help you!!

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

Foreclosures Represent 12.5% of all Real Estate Sales on Long Island

March 10, 2011 by

Real Estate Sales On Long IslandIn 2009, there were 2,836 foreclosure sales of homes on Long Island. This represented 10.7% of all sales of single-family homes on Long Island. In 2010, there were 2,571 homes sold related to foreclosure proceedings on Long Island. Even though the number of homes sold in foreclosure was less in 2010 than the prior year, the percentage of real estate transactions on Long Island related to foreclosure sales grew in 2010.

Foreclosure Home Sales Dominate the Real Estate Market in the U.S.

In 2010, 25% of all home sales throughout the United States were the result of foreclosure proceedings. It is anticipated that the percentage of home sales related to foreclosure proceedings will increase in the year 2011. It is expected that foreclosure sales will increase in 2011 because lenders are getting their act together with regard to providing their attorneys with the appropriate paper work to facilitate foreclosure proceedings through the courts.

John Fitzgerald, a real estate broker in Hauppauge, New York, whose business focuses on foreclosure transactions, stated that he has been told by lenders in New York to “get ready because there are properties coming” with regard to increased foreclosure activity on Long Island.

Foreclosure Defense on Long Island and the Five Boroughs of NYC

Should you find your house in foreclosure, we can help you. We’ll assist you in obtaining a mortgage modification. If you don’t qualify for a mortgage modification and you are sued in a foreclosure proceeding, we can represent you in court.

We will see to it that your rights are protected. We are experienced in dealing with mortgage modification programs that fail to provide the homeowner with the promised relief. We maintain a foreclosure blog to educate our clients and the general public with regard to the foreclosure crisis in the United States.

When foreclosure ensues, we attend foreclosure court conferences on behalf of our clients. We litigate defective foreclosure lawsuits, predatory lending issues, bad faith on behalf of financial institutions and defective mortgages.

Our law office has been handling real estate litigation for more than three decades. Should a Chapter 7 or Chapter 13 bankruptcy be appropriate to deal with your financial situation, we will discuss this issue with you and assist you in filing bankruptcy, if necessary. The filing of bankruptcy will stop foreclosure proceedings from moving forward and in some situations eliminate the security interest created by second mortgages. We can also assist you in reestablishing your credit after you have been discharged in bankruptcy.

Feel free to call us at your earliest convenience at 516-561-6645, 718-350-2802 or 1-800-344-6431. Our phones are monitored 24/7.

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

Mortgage Delinquencies Declined

March 9, 2011 by

Mortgage Delinquencies DeclinedDuring the past few months, there has been a reduction in the number of mortgages becoming delinquent. In the third quarter of 2010, the mortgage delinquency rate fell from 14.42% to 13.52%, according to the Mortgage Banker’s Association.

There are several explanations for a decline in mortgage delinquency rates. One explanation is that the economy is improving and this is having a positive effect on home owners ability to make mortgage payments.

Delinquencies and Foreclosures above Normal

The good news is that mortgage delinquency rates and the number of foreclosures is starting to go down. The bad news is that mortgage foreclosure rates and mortgage delinquencies are extremely high by historical standards.

It is thought that one of the reasons why foreclosure rates are starting to decline is that the new foreclosures in 2011 are not being caused by bad bank loans. Many of the foreclosures in 2009 and 2010 were caused by banking practices that provided mortgage loans to individuals who didn’t qualify. Most of the new foreclosures are related to prime loans. These loans are much harder for banks to modify than sub-prime loans. Prime loans are given out at low interest rates to start with.

The number of home owners obtaining mortgage modifications has also been decreasing. Twenty-four thousand homeowners throughout the United States obtained mortgage modifications in October of 2010. Hopefully, we will see a continuation of the reduction of mortgages that are delinquent and foreclosure rate will continue to decline.

Queens, Nassau and Suffolk County Mortgage Modification and Foreclosure Defense Lawyers

Our office can assist you with mortgage modifications. If you are sued in foreclosure, we will aggressively represent you and stop the foreclosure in its tracks.

We litigate bad faith bank practices, defective foreclosure lawsuits, predatory lending issues and fraudulent mortgages. We attend foreclosure conferences in court on behalf of our clients. We also deal with problems caused by mortgage modification programs that do not work. We will analyze your financial situation to see if filing Chapter 7 or Chapter 13 bankruptcy is the appropriate remedy for your difficulties.

Feel free to call us at 1-800-344-6431, 516-561-6645 or 718-350-2802 for a free consultation.

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

Higher Mortgage Rates and Stricter Mortgage Procedures likely for 2011

March 1, 2011 by

Low Mortgage Rates

In the year 2010, mortgage rates were extremely low. They were the lowest they have ever been in the past forty years. It is likely that there will be an upward trend of mortgage rates in the year 2011. As the economy starts to improve, consumer spending will increase and the public’s confidence in our economy will be a factor in the Federal Reserve raising interest rates.

Prospective Home Buyers

If you are a prospective home buyer, you will still be able to obtain an inexpensive mortgage in 2011. Although rates may go up, they are so incredibly low right now that even if they increase in 2011, by historical standards, the rates will still be very reasonable.

Prospective home owners should be aware that the procedures to obtain a new mortgage have been tightened in the past few years. Financial institutions are investigating the information provided by prospective home buyers. The financial institutions are conducting due diligence to a higher degree than existed before.

Mortgage ModificationMortgage Modification

Should you, a friend or a loved one require a mortgage modification, we can help. When homes go into foreclosure, we provide foreclosure defense for our clients. We attend foreclosure conferences. We litigate defective foreclosure lawsuits, bad faith on behalf of financial institutions and predatory lending practices. We also analyze our clients financial situations and advise them as to whether filing a Chapter 7 or Chapter 13 bankruptcy would be appropriate. Feel free to call us at 1-800-344-6431, 516-561-6645 or 718-350-2802 for a free consultation.

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

Home Modification Problems in California (Part 2): Lawyers Who Assist Homeowners in Mortgage Modifications Are Now out of Reach

February 25, 2011 by

Homeowners In MortgageProblems with Bank Mortgage Practices

There have been recent revelations regarding numerous financial institutions that have been involved in deceptive mortgage practices, predatory lending practices, defective mortgages and bad faith litigation, as well as litigating cases where they did not have the appropriate paperwork. This makes the need for attorneys to represent homeowners very important. Homeowners in California are now defenseless in dealing with the law firms that represent financial institutions in foreclosures, as well as the “robo-signers” at the banks, who could care less about State and Federal laws that protect homeowners from improper bank practices. The actions taken by the legislature in California hurt homeowners and will destroy families.

When a homeowner in California gets notice that they are going to lose their home, they no longer have the ability to obtain a seasoned, experienced foreclosure defense lawyer to protect them and their families from being thrown out of their homes because of foreclosure lawsuits.

More then 300,000 foreclosure lawsuits were started in California alone during the 2010 calendar year. It is estimated that in 2011 the amount of foreclosures in California will surpass the 2010 number.

New York Foreclosure Defense

Fortunately, homeowners in New York do not have to deal with the restrictive statute that exists in California. Our law firm has been representing homeowners and consumers dealing with financial problems and mortgage foreclosures brought by banks for more than 45 years. We litigate foreclosure defense lawsuits. We file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients to stop foreclosure proceedings. When necessary, we attend, on our client’s behalf, foreclosure court conferences. We litigate defective mortgages, defective foreclosure lawsuits and predatory lending issues. We also bring to the court’s attention fraudulent activities that mortgage brokers, financial institutions and appraisers engaged in during the mortgage underwriting process.

We can keep you in your home! Call us for a free consultation at 1-800-344- 6431; 516-561-6645 or 718-350-2802.

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

Foreclosure Action Dismissed, Bank Had No Standing to Sue

January 10, 2011 by

Posted by Elliot S. Schlissel, Esq.

Justice Madden, sitting in the Supreme Court of New York County, recently dismissed a foreclosure proceeding because the plaintiff financial institution had no standing to sue. The court held that they had no standing to sue because they could not document that the mortgage had been properly assigned to them. The case involved was LPP Mortgage Ltd. v. Sabine Properties, LLC.

LLP Mortgage claimed that Sabine had defaulted in making mortgage payments to them. They had accelerated the mortgage (called it due) and asked for a judgment for the entire mortgage balance.

Justice Madden noted that the complaint submitted by LLP Mortgage Ltd. did not specifically identify the original institution that granted the mortgage. It also didn’t state how the mortgage was assigned to LLP Mortgage Ltd.

The attorneys for Sabine alleged that the mortgage was originally given by Wall Street Mortgage Banks. They also claim that Mortgage Electronic Registration Systems was acting as a nominee and was not the mortgage holder filed with the Registrar of Deeds in the City of New York.

Sabine Properties contended that LLP Mortgage did not provide the courts with documentation that this mortgage had been assigned to them.The court ruled in favor of Sabine Properties. The court held that LLP Mortgage could not show the rightful owner of the note and mortgage. Sabine Properties could not show a continuing chain of title as to how the mortgage became their property. On this basis. the court dismissed the lawsuit because they had no standing to sue.

Foreclosure Defense Lawyers

Should you be facing a foreclosure situation regarding your home, it is important you have experienced legal counsel to defend you. For more than 45 years, the Law Offices of Schlissel DeCorpo has been representing individuals whose homes have been foreclosed upon. We litigate foreclosure cases. When necessary, we can file Chapter 7 and Chapter 13 bankruptcies to stop foreclosures from moving forward. We are adept at handling mortgage modifications as well as defending foreclosure lawsuits based on the banks using defective procedures , bad faith and assignments. We also deal with predatory lending cases. Call us should you need assistance at 1-800-344- 6431; 516-561-6645 or 718-350-2802.

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

Problems With Foreclosure Affirmation Requirement

January 5, 2011 by
“Posted by Elliot S. Schlissel, Esq.”

Anne Reynolds Copps is the chairperson of the real property law section of the New York State Bar Association. On behalf of members in her section, she has filed objections to the Office of Court Administration regarding new requirements for attorney affirmations for foreclosure proceedings. She claims that the new affirmation requirements violates the attorney/client confidentiality privilege. She also feels that it unfairly blames New York attorneys for inappropriate practices that exist in other parts of the country.

The Office of Court Administration has recently made some minor changes requiring that attorneys must submit affirmations under penalty of perjury with regard to the truthfulness of documents that they file.
The letter Ms. Copps submitted to the Office of Court Administration questioned the preamble to the original affirmation which said “Numerous and wide spread insufficiencies in foreclosure filings in various courts around the nation.” Ms. Copps demanded that said preamble be removed. She further stated “Mandating the inclusion of this preamble in the affirmation creates an unfair and prejudicial connection between any attorney who submits the documentation and the unidentified attorneys around the nations who have allegedly committed this specific wrongs.”

The courts are now insisting that attorneys report their communications with lender representatives and attest to the best of their knowledge and belief that the statements made in all applications related to foreclosure proceedings in the State of New York be true and correct.

In a related note, Steven P. Younger, the president of the New York State Bar Association, stated that the State Bar has not rendered an official position with regard to the new requirements attorneys must meet with regard to all applications in foreclosure proceedings.

Foreclosure Defense Lawyers

The new requirements in foreclosure proceedings relate to the widespread practices that have existed in the United States in foreclosure cases. When appropriate, we counter sue the financial institution related to defective foreclosure lawsuits and predatory lending issues. We defend our clients from all types of foreclosure proceedings. We also help our clients obtain mortgage modifications. We also advise our clients as to whether Chapter 7 or Chapter 13 bankruptcies would be the appropriate way to eliminate the foreclosure and save their home. Should you have questions regarding foreclosure defense or bankruptcy, feel free to contact us 24/7 at 1-800-344-6431, 516-561-6645 or 718-350-2802.

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: , , , , , , , , , , ,

Home Ownership Hits Lowest Level in a Decade

December 13, 2010 by

There is weak demand for purchasing homes in the United States.  At the same time, banks have taken a very conservative approach with regard to giving new mortgages to perspective home owners.  There are also record amounts of homes going into foreclosure in the United States.Currently, 66.9% of the households in the United States own their own home.  This is the lowest percentage of home ownerships in the United States in the last 10 years.

There are currently approximately 19 million homes, or 14.4% of all homes and apartments in the United States, that are unoccupied.  During the past five years, there has been a significant increase in the amount of homes that have remained unoccupied.

Foreclosure Crisis

The foreclosure crisis in the United States has significantly added to the number of homes that are either unoccupied, in foreclosure or have been taken over by the bank.  The real estate market in the United States is based on supply and demand.  There is currently a large supply of homes that people seek to sell or that have been taken over by banks in foreclosure situations.  The demand by individuals to purchase these homes is not in sync with the supply.  This causes a reduction in the prices of houses being sold.

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, or contact us by email.

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

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Attorney Elliot S. Schlissel

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Disclaimer: The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.