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.

Alleged Mortgage Scams Target Seniors

The attorney general for the state of Texas has recently filed suit against Enhanced Mortgage Corporation and Templeton Mortgage Company.  The lawsuit claims the companies fraudulently targeted senior citizens and other individuals not experienced in real estate transactions.  The firms were accused of telling senior citizens who owned property that they would receive up-front cash for their land.  Unfortunately for the seniors, they were not paid the amount of money promised and the payments were not made on the time schedule as agreed.The Texas attorney general is requesting damages in the amount of $20,000.00 for each and every violation of the “Texas Deceptive Trade Practices Act”.  The Texas attorney general has stated that it is one of many mortgage scams in the United States.

The mortgage companies chose to use owner-financed mortgages in their scams.  These are mortgages that the buyer obtains directly from the former owner instead of going to a financial institution mortgage company or bank.

There are more than 75 lawsuits currently pending against Enhanced Mortgage Corporation and Templeton Mortgage Company.  The Texas Attorney General has advised property owners who believe they have been fraudulently scammed out of assets to call the office of the attorney general toll free at 1-800-252-8011 to file a complaint.  Complaints can also be filed against these mortgage companies online.

About Our Firm

For more than two decades, our office has been representing individuals concerning mortgage issues.  We help our clients obtain mortgage modifications.  When mortgages go bad, we represent our clients in foreclosure defense.  We represent our clients at foreclosure conferences.  We litigate defective foreclosure proceedings as well as predatory lending issues.  We help our clients stay in their homes!

Should you, a friend, or family member be subject to a foreclosure proceeding, call us.  We can save your home! Our phone numbers are 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

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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