To watch today’s blog video regarding deficiency judgements, please click on the link below:
Elliot S. Schlissel is a foreclosure lawyer. He can be reached by telephone at 516-561-6645 or 718-350-2802, or by email to schlissel.law@att.net.
Chinese Home Buyers Invade the United States
September 14, 2014 by
Chinese home buyers are buying billions of dollars of real estate in the United States. They are now the largest international investors in the American real estate market. It is estimated Chinese home buyers spent in excess of $22 billion in real estate acquisitions during the past twelve months within the States of New York, California and Washington. California is the state with the most activity by Chinese home purchasers. This is partly because it is the closest state to mainland China. In San Francisco and Oakland, Chinese real estate investors have had a significant impact on inflating real estate prices.
Chinese Home Purchasers in New York
Chinese real estate investors are especially focused at buying high end properties in Manhattan. A significant portion of these acquisitions of real estate are not to be lived in by the purchasers. They are simply investments in property in the United States. To Chinese investors, owning property in New York is a safe haven for their money. These real estate purchasers also look at purchasing property in the United States as a means of diversifying their assets. A significant number of the Chinese people investing in the United States never see the property or actually come to the United States for the transaction. The transactions are handled through middle men on behalf of the Chinese purchasers. It is estimated less than 40% of the Chinese real estate purchasers in the United States involve families who plan on living on a full time basis in these homes.
Elliot Schlissel is a foreclosure defense lawyer. He represents New Yorkers whose homes are foreclosed on. He has been successful in keeping his clients in their homes, and in many situations, helping them obtain mortgage modifications. His office offers free consultations with regard to foreclosure issues.
How To Spot Bank Fraud – Part II
September 12, 2014 by
The Notarization of the Assignment Document
The assignment document needs to be notarized. The first thing you should check is if the date of the notarization is the same date as the date the person with the power of attorney, or the alleged officer of the financial institution executed the assignment. The second item you should look for is whether the notarization is from a notary in the same state as the individual who executed the assignment on the date of its execution. The notarization should have taken place on the same day and at the same location as the signature of the person making the assignment for the financial institution.
Is The Bank Still in Business?
During the past ten years, numerous mortgage companies, financial institutions and banks have gone bankrupt, have been dissolved, have merged and/or have been acquired by other financial institutions. If the bank or financial institution no longer exists, how could an employee of an institution that no longer exists execute an assignment? In these cases there is usually some sort of fraud which took place.
If the financial institution indicates there was a document attached to the note or affixed to the note, check to see if there are staple marks. If no staple marks exist on the document it is either not the original document or there was nothing actually attached to the document. If the financial institution is claiming the note is lost, check to see there has been an affidavit submitted explaining in detail the circumstances and events related to the loss of the original note. Be careful to make sure the person signing the affidavit actually was in a position to have personal knowledge about the loss of the note.
Elliot Schlissel is foreclosure defense lawyer. He has helped scores of New Yorkers fight foreclosure lawsuits and stay in their homes.
Bank Failed to Follow Notice Requirements
September 10, 2014 by
Please view today’s blog video at the following link:
Elliot S. Schlissel is a foreclosure defense attorney. He can be reached at 1-800-344-6431 or by email at schlissel.law@att.net.
Understanding How Bank Lawyers Operate in Foreclosure Cases
August 29, 2014 by
The law firms which represent financial institutions in foreclosure legal actions sometimes process thousands of foreclosure cases per year. These law firms are designed to operate efficiently to obtain a maximum profit level on the foreclosure cases they handle. They are most profitable and most successful with regard to their foreclosure litigation when they don’t run into a foreclosure defense lawyer who has a detailed understanding of the legal process involved in foreclosures, the defenses which can be plead and the problems financial institutions have in prosecuting foreclosure lawsuits. It is most profitable for the bank lawyers processing foreclosures when they can move forward with their lawsuit without significant opposition from the homeowners and their counsel.
When my office raises twenty or more affirmative defenses and countersues financial institutions involved in foreclosure lawsuits, it creates numerous problems for the financial institutions and their attorneys. To start with, the bank lawyers go from aggressive moving party to defending their clients’ practices, producing documents and explaining to the court whether all aspects of the mortgage transaction were legal, ethical and appropriate. In numerous cases in which our law firm is involved, we take the banks and their attorneys to task. Sometimes these cases get put aside for years by the bank’s attorneys. In some of the cases the banks simply move to dismiss their own lawsuit.
Mortgage Modifications
By submitting an aggressive, well thought out series of affirmative defenses and counterclaims, the banks are put back on their heals. One of the ways they deal with these cases is by entering into negotiations for mortgage modifications. Sometimes the pressure of an aggressively litigated foreclosure defense results in the bank offering very favorable mortgage modifications as a means of ending the lawsuit.
Conclusion
If you are sued in a foreclosure, hire an experienced, dedicated foreclosure attorney to protect your rights and prevent the financial institution from taking advantage of you.
Filing Chapter 7 Bankruptcy and Keeping Your Home – Part II
August 19, 2014 by
Property Exemptions in New York
There is a homestead exemption for homes, co-ops, condos, and mobile homes of $150,000 within the Counties of Nassau, Suffolk, Westchester, Rockland, Putnam, Richmond, Kings, Queens, New York, and the Bronx. (If the title to the house were in the name of a husband and wife, each of the parties, if they filed a joint bankruptcy, would have a $150,000 homestead exemption. Therefore $300,000 of equity in the parties’ home could be protected in a bankruptcy proceeding.)
The extent of the New York bankruptcy exemptions and the ability to use these exemptions to save the equity in a home can be further brought out by the following example. In this example a husband and wife own a home worth $600,000. They have a mortgage on the home of $300,000. They are up to date on their mortgage payments. They have credit card debt and other unsecured debt of $100,000. In this case, if the parties qualify for a Chapter 7 bankruptcy, as a result of filing bankruptcy, the parties could eliminate their $100,000 in unsecured debt. Instead of making the payments on credit cards and the other unsecured debts, they can now utilize those funds to pay their mortgage. The fact they had $300,000 of equity in their house would not create a problem because each of the parties could utilize their $150,000 exemption. (Please be advised that this only works in the counties referred to above).
Conclusion
Bankruptcy is not usually the best way to handle being served with a summons and complaint in a foreclosure lawsuit, however, in the right circumstance it is a viable option.
Citigroup Pays $7 Billion Regarding Improper Mortgage Practices
August 8, 2014 by
Citigroup recently settled with the Justice Department a lawsuit with regard to its being involved with fraudulent practices concerning residential mortgages. As part of the settlement, Citigroup will be expending more than $7 billion.
Citigroup
Citigroup is required under the settlement with the Justice Department to modify mortgages of financially troubled homeowners. However, due to the numerous problems Citigroup has had with regard to financing residential mortgages, they do not have sufficient existing mortgages to satisfy a $7 billion settlement with the federal government. Therefore, in addition to being involved in providing mortgage modifications to its struggling mortgage holders, Citibank has agreed to finance affordable housing to be rented to individuals in “high cost of living areas.”
No Criminal Prosecutions
Commentators with regard to the settlement have found the federal government has not held banks accountable to the level they should regarding the real estate crisis created in the United States by faulty mortgage practices. It should be pointed out no Citibank executives were charged criminally or prosecuted with regard to their fraudulent mortgage activities.
Attorney General Eric Holder however, has indicated the settlement with Citibank does not absolve the bank or its employees of the possibility of facing criminal charges. He went on to state, “the bank’s misconduct was egregious.”
Affordable Housing
Citibank has agreed to provide $108 million for affordable housing as part of this settlement. The rental housing component of the settlement will cause Citibank to provide financing for housing developments may result in financial losses to the bank. Justice Department spokesman Tony West, recently stated regarding the settlement, “we hope this measure will bring relief to families who were pushed into the rental market after losing their homes in the wake of the financial crisis.”
Elliot Schlissel is a foreclosure attorney. He litigates predatory lending issues, bad bank practices, fraudulent mortgage practices, and other issues involving financial institutions. He also helps his clients obtain mortgage modifications. Elliot is the former President of the Commercial Lawyers Conference of New York.
Low Cost Loans Designed to Stop Foreclosure On Long Island Are Now Available
July 30, 2014 by
New York Attorney General Eric T. Schneiderman has recently held a news conference with regard to the new low cost loan program designed to stop foreclosures. At his news conference he stated “we are going to provide loans to families that prevent them from losing their homes.” He went on to state “we know how hard Long Island was hit by the foreclosure crisis this was the worst of the worst. There was a big boom and a big bust.”
Foreclosures on Long Island
The foreclosure rates in Nassau and Suffolk Counties are among the highest in New York State. The highest rate of foreclosures is in the Village of Hempstead in Nassau County. Hempstead residents have a mortgage delinquency rate approaching 30%.
The New Program
Under the new program, families whose mortgages are overdue can borrow up to $40,000. These low cost loans can be used to bring mortgages up to date and deal with property tax issues. These loans will not be payable until the house is sold or the entire mortgage is repaid. These loans will be interest free. However, the amount due and owing will be adjusted to account for inflation. Applications for these loans will start being processed on September 15, 2014. Applications for Long Island residents will be processed first and a month later residents of other parts of the state can apply for this program. There is a requirement that individuals applying for this program earn less than 120% of the area’s median income.
Elliot Schlissel is a foreclosure attorney. Elliot has been helping New Yorker’s stay in their homes for more than 45 years. Elliot and his staff of lawyers litigate foreclosures, deal with predatory lending issues, and assist clients in applying for mortgage modifications. His phones are monitored 24/7 and free consultations are offered.
Home Flipping in Nassau County, New York
July 5, 2014 by
Speculators have been involved in a significant amount of home flipping in Nassau County. A home is considered to have been flipped when it is purchased and then resold within a period of 180 days. There were approximately 200 homes flipped in Nassau County during the six month period ending in April 2014. The average purchase price of the homes that were flipped was $316,000 and the sale price of the homes within that same six month period was an average of $423,000. This provided a profit of over 33% to the speculators doing the flipping.
Why Are Homes Being Flipped in Nassau County, New York?
The reason for homes being flipped in Nassau County has to do with the fact that home prices are going up and there has been an increase in new foreclosure lawsuits. During the first quarter of 2014, there was a 4% rise in the number of foreclosure cases initiated by financial institutions in the courts in Nassau County. There has been a 6% year to year increase in the value of homes in Nassau County.
Pursuant to RealtyTrac approximately 2% of all the homes purchased in Nassau County have been purchased by speculators and flipped.
Conclusion
Speculators are very attuned to market trends. The fact that speculators have gone back into the marketplace in Nassau County to purchase homes indicates they believe real estate is appreciating at a significant level in Nassau County. Does this make it the right time for prospective purchasers to purchase a house in Nassau County? Yes, I believe purchasing a home in Nassau County is an excellent investment at this time.
Elliot S. Schlissel is a foreclosure attorney. He has been defending homeowners in foreclosure lawsuits for more than 45 years. Elliot and his staff of attorneys are well known in the court system and have had an excellent success rate in helping their clients obtain mortgage modifications. Elliot and his staff of attorneys are available for free consultations to homeowners having financial difficulties.
Foreclosure Truths and Falsehoods – Part II
June 24, 2014 by
Fighting The Foreclosure Lawsuit
3. Can I fight a foreclosure case on my own or do I need a lawyer?
You technically do not need to hire a lawyer to fight a foreclosure case. In theory you can represent yourself. But let’s look at the facts.
The financial institutions bringing the foreclosure proceedings are multi-billion dollar institutions. Banks such as Chase Manhattan are worth as much as a trillion dollars. The lawyers the banks hire to bring the foreclosure lawsuits specialize in foreclosure litigation. Many of these law firms have been operational for more than 25 years and are experts in handling foreclosure litigation. Unless you are very knowledgeable and experienced in the law regarding foreclosures, it would be a terrible mistake to try to defend yourself in a foreclosure proceeding. Experienced foreclosure lawyers have expertise in litigating foreclosure cases. Our law firm has been representing clients in foreclosure cases for more than 20 years. We have scores of cases pending, and many of our clients have been in their homes more than 6 years since the foreclosure proceedings were initiated against them.
Trying to represent yourself at a foreclosure proceeding, although legally appropriate, is almost always a mistake. You need to retain the right lawyer. You should look for a law firm that has extensive experience in representing clients in foreclosure lawsuits.
Loan Modifications
4. Are loan modifications the answer to foreclosure problems?
Loan modifications are the answer for many families’ foreclosure problems. However, they do not work if you have lost your job, are disabled, or have very little cash flow. Banks are not social service organizations. They are in business to make money. They make the mortgage loans to homeowners with the hope of making a profit on these loans.
There are various mortgage modification programs. However, the success rate consumers have in obtaining mortgage modifications runs approximately 20%. Sometimes the best way to motivate a bank to provide you with a mortgage modification is to aggressively litigate the foreclosure case and let them know you are not going to take this matter lying down. Foreclosure defense lawyers utilize the mandatory foreclosure conference parts to press the financial institutions into providing the clients with reasonable mortgage modifications. The failure of a financial institution to negotiate in good faith can be used as a defense in the foreclosure lawsuit.
Walking Away From Your House
5. Your loan modification was denied, should you turn over your home to the bank?
False!
Approximately 80% of the people who apply for loan modifications don’t receive permanent loan modifications. This does not mean you are going to be forced out of your home in the near future. Sophisticated foreclosure defense law firms file answers with numerous affirmative defenses and a variety of countersuits against the financial institutions. They can also demand documents, records and other material from the banks which may be embarrassing or may show the banks have violated federal and state laws. This can put further pressure on financial institutions to grant the client’s mortgage modifications.
Facing Foreclosure: What Do You Do?
6. What should I really do if I am behind on my mortgage and facing foreclosure?
Simply stated, call us. The Law Offices of Schlissel DeCorpo have been helping New Yorkers fight foreclosures and stay in their homes for more than two decades. We have an unparalleled record of success. Our law firm is known to the bank attorneys, the court personnel, and the judges. Call us at 1-800-344-6431, 516-561-6645, or 718-350-2802 for a free consultation. We will keep you in your home!
