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Bad Neighbors Hurt the Value of Your Home

Bad Neighbors Hurt The Value Of Your HomeIf your neighbor is a slob, a sex offender or he maintains his property poorly, it can have a negative impact on the value of your home. Bad neighbors are individuals who lack the common courtesy, consideration and social values that are considered normal by the rest of the community. Business or governmental entities can also fall under the category of bad neighbors.

Neighbors Whose Homes are Foreclosed Upon

The largest single negative factor that drives down the value of single family homes is the foreclosure of other homes on the street. A study by the Massachusetts Institute of Technology has concluded that if neighbors homes are foreclosed on, it can bring the value of any home in the area down by as much as 27%. Federal Reserve Governor Joseph Tracy recently stated, “the growing inventory of the defaulted mortgages continues to weigh down any recovery in the housing market… problems in the housing market can impact on economic growth.”

Although homeowners don’t intentionally allow their homes to go into foreclosure, the fact that their homes are being taken back by the bank impacts on everyone in their locality. It is unfortunate that a family’s single largest investment can be negatively effected by other families in their area.

Conclusion

The foreclosure crisis hurts everyone in a community. It has a general impact on the home values of all homeowners in the surrounding area. It slows down economic growth, destroys equity and for the unfortunate families whose homes are foreclosed upon, it causes them to end up without a place to live.

Foreclosure Help

The Law Offices of Schlissel DeCorpo can help you with foreclosure issues. We can prepare mortgage modification applications and assist you with mortgage modification programs that fail to meet your needs. We litigate defective mortgages, defective foreclosure lawsuits, predatory lending and all other foreclosure and real estate related issues. We attend foreclosure court conferences for our clients. We draft and file foreclosure related bankruptcies. These bankruptcies can either be a Chapter 13 bankruptcy or Chapter 7 bankruptcy. At the end of the bankruptcies we assist our clients in re-establishing credit.

Our job is to stop foreclosures in their tracks. We have dozen of cases throughout the Metropolitan New York area pending and numerous satisfied clients. If you call us for a free consultation, we will meet with you at no charge and discuss your foreclosure options. Feel free to call us. We can help you! We look forward to seeing you again on our foreclosure blog.

Higher Mortgage Rates and Stricter Mortgage Procedures likely for 2011

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.

Bank Complaints Soar

Bank Complaints SoarComplaints by consumers and homeowners against banks are rising to a stratospheric level. It has been suggested that new laws and regulations need to be put in place to reign in inappropriate bank practices.

The controller of the currency recently stated that he is receiving a record number of complaints against the more than 1500 banks subject to regulation. It is estimated that there were more than 80,000 complaints against banks in the year 2010.

The Federal Reserve and the Federal Deposit Insurance Company have recently issued specific regulations and guidelines to deal with the numerous complaints filed against banks.

Complaints About Mortgage Foreclosures

The majority of the complaints against banks have dealt with various problems encountered by homeowners in mortgage foreclosure proceedings. There were more than 36,000 complaints filed against banks in 2010 dealing with mortgage foreclosure issues. Banks are fighting numerous lawsuits throughout the country and are being investigated by all fifty state Attorney Generals concerning their practices involving foreclosure proceedings.

Prior to the financial melt down, most bank complaints dealt with credit card issues. The reason why banks are receiving so many complaints is that they have been involved in faulty practices. They have engaged in predatory lending. They have set up mortgage modification programs that simply do not work.

The American consumer deserves better. Consumers do not deserve to be left hanging for months and months at a time without getting any feedback on their mortgage modification applications. Consumers deserve to be updated regarding the status of their applications for mortgage modifications. They should not be forced to call week after week and continually get incorrect information or deal with nincompoops at the other end of the phone who have no knowledge of what is going on. If banks and financial institutions are serious about mortgage modifications they should help consumers instead of frustrating and angering them.

mortgage1Helping Homeowners with Foreclosure Defense

Our law firm has been helping homeowners with foreclosure defense issues for more than twenty years. We understand the frustrations and anger homeowners feel regarding their mortgage modification applications not being attended to. We are foreclosure defense lawyers. We deal with predatory lending, bad faith issues, defective mortgages and all aspects of mortgage foreclosure proceedings. We represent our clients in court and we attend foreclosure court conferences. We effectively tie up our client’s foreclosure cases in court and put pressure on the financial institutions to provide them with reasonable, acceptable, affordable mortgage modifications. When the situation calls for it, we file either Chapter 13 or Chapter 7 Bankruptcies for our clients. We keep our clients in their homes. We stop foreclosures cold! Call us for a free consultation at 1-800-344-6431; 516-561-6645 or 718-350-2802.

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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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.

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