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Foreclosure Lawyers

New Home Sales

The good news is that the sale of new homes in April of 2011 was up. The bad news is, if new home sales continue at their current pace for the rest of 2011, it will be the worst year for new home sales since records started to be kept more than fifty years ago!

There were 303,000 new home sales in the United States in April of 2011. This was an increase of 3,000 more sales from the 300,000 sales that took place in March of 2011. Overall, economists forecast that there will be 700,000 fewer home sales in the United States this year than will be necessary for the real estate industry to recover.

Demotivated Purchasers

Buyers are not buying new homes. They feel they are too expensive. The high foreclosure rate and the glut of homes already on the market make it more reasonable for a purchaser to buy an existing home instead of a new home. 2011 looks to be the fifth year in a row that showed a decline in new home sales.

The medium price for a new home today is $214,000. This is the same price that it would have cost you to buy that home in 2004. New homes sales in the United States account for approximately a quarter of the real estate market. However, new homes sales have a much greater impact on the overall economy. Every time a new home is built it creates three new jobs. New homes have an impact of more than $90,000 on the local tax rates in their community. When purchasers buy a new home, they also generally buy other items related to their home, such as furniture and appliances.

Home Builders in Trouble

Home contractors have been waiting for years for the economy to improve. They are afraid to build spec houses in a negative economic environment. They don’t want to be stuck with them, as their value continues to erode. Unfortunately, the 1.2 million foreclosures that are anticipated to take place in 2012 will further glut the real estate market and have a continuing long term negative impact on the home building industry in the United States!

Foreclosure

The Law Offices of Schlissel DeCorpo handles foreclosure defense for homeowners. We litigate all aspects of foreclosure proceedings including, but not limited to, defective foreclosure lawsuits, defective mortgages, predatory lending issues, bad faith, and other real estate legal issues. We attend foreclosure court conferences for the clients we represent. We also assist our clients in the preparation of mortgage modification applications, as well as deal with mortgage modification programs that are unresponsive to our clients’ needs.

In certain situations, foreclosure related bankruptcies can be utilized to stop foreclosures from moving forward. Upon filing either a Chapter 7 or a Chapter 13 bankruptcy, the bankruptcy court issues an automatic stay that stops the foreclosure lawsuit from moving forward. It should be noted that bankruptcy proceedings are brought in the United States Bankruptcy Court, while foreclosure proceedings are brought in New York State Courts.

For our clients who file bankruptcy, we can sometimes eliminate second mortgages. We also can assist our clients in re-establishing their credit after filing bankruptcy. Should you have questions as to what type of bankruptcy would be appropriate for you or whether there is other alternatives related to foreclosure defense, feel free to contact us. At your initial free consultation, we will discuss all of your foreclosure options. We look forward to seeing you again on our foreclosure blog.

Failure to Apply For Mortgage Causes a Loss of Down Payment

Mortgage Causes A Loss Of Down PaymentA husband and wife entered into a contract to purchase a home. They deposited $35,000 as a down payment. When they didn’t close on the real estate transaction, the seller sued them for breach of contract.

Applying for a Mortgage

The issue in the lawsuit was whether the purchasers diligently applied for a $280,000 mortgage. When the mortgage application was turned down by the financial institution, the purchasers demanded that the sellers return their $35,000 deposit.

Purchasers Not Entitled to Refund of Down Payment

Justice Tom Feinman, sitting in a the Supreme Court located in Nassau County, found that the defendants “failed to properly, diligently pursue a mortgage loan as required by the contingency provision of the contract.” Justice Feinman found that the defendant, Edwin Silvey, did not apply for a mortgage. Only his wife, co- defendant Barbary Silvey, applied for the mortgage. The mortgage was turned down because she did not have sufficient income to obtain a $230,000 mortgage loan. The court held that both the husband and the wife, pursuant to the terms of the real estate contract, needed to apply for the mortgage. Since they both didn’t apply, they failed to make the diligent and good faith effort required under the real estate contract to obtain a mortgage. Since they failed to fulfill their obligations under the contract, they were not entitled to their $35,000 deposit back.

Foreclosure Defense Attorney

Is your home in foreclosure? If so, we can help you save it! We are a foreclosure defense law firm. We help our clients in obtaining mortgage modifications and dealing with mortgage modification programs that fail to meet their needs. We represent our clients in foreclosure defense litigation. We litigate issues involving defective mortgage, predatory lending, defective foreclosure lawsuits and other types of real estate issues. We attend foreclosure court conferences on behalf of our clients.

At the time of our initial consultation, we provide all foreclosure options to our clients. In situations when foreclosure related bankruptcies make sense, we discuss either filing a Chapter 7 or Chapter 13 bankruptcy. Filing bankruptcy immediately stops the foreclosure from moving forward. Sometimes the bankruptcy can also eliminate second mortgages. We discuss with our clients how to re-establish credit at the end of the bankruptcy. Feel free to call us for a free consultation. We appreciate you reading our foreclosure blog.

Foreclosure Abuses

The Attorney Generals in all fifty states have been involved in litigation concerning the foreclosure practices at the largest banks in the United States. When these investigations by the State Attorney Generals were initially announced, homeowners who had been defrauded and abused by financial institutions they placed trust in were expecting justice.

Settlement Proposal

There has recently been a settlement proposal made to America’s largest banks. The Republicans in the United States Senate and House of Representatives feel that the Attorney Generals are asking much too much from the banks. The proposal includes needed reforms. It would require financial institutions and banks to stop foreclosure proceedings while a loan modification is pending. It will also be necessary for the financial institutions to eliminate red tape, simplify the loan modification process, properly fund it and speed it up.

The purpose of this settlement proposal is to shield the financial institutions from future lawsuits involving illegal, improper mortgage and foreclosure practices. Although it is a good idea to have one global settlement with the financial institutions, the settlement should not be too generous. Banks have been involved in numerous improper mortgage and foreclosure practices. They have filed false court documents to speed up foreclosures. They have utilized robo-document signers. They have brought foreclosure proceedings when mortgages have been paid. They have charged excessive fees. They have not provided loan modifications pursuant to the federal loan modification programs. They have had conflicts of interest and they have favored foreclosures over loan modifications.

Bank Misbehavior

Banks have gotten away with bad behavior, which has victimized consumers for much too long. The foreclosure crisis in the United States was caused by greed on behalf of the banks! A settlement concerning the foreclosure abuse by financial institutions should be of a nature as to reform the banking industry regarding mortgage modifications, mortgage and foreclosure practices and rectify the bad past practices.

Foreclosure Defense for New Yorkers

We provide foreclosure defense for New Yorkers. We assist New Yorkers with mortgage modifications and mortgage modifications programs that fail. We file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. We explain why bankruptcies should be filed to our clients. We deal with re-establishing credit when necessary. We can stop foreclosures from moving forward. We attend foreclosure conferences in the state courts in New York for our clients. We provide foreclosure defense and litigate defective foreclosure lawsuits, predatory lending, real estate issues, bad faith by financial institutions and defective mortgages. We maintain a foreclosure blog which is updated on a weekly basis. Call us should you have foreclosure or bankruptcy problems. We can help you!

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

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