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Foreclosure and Continuing to Live in the House for Years

Foreclosure And Continuing To Live In The House For YearsThousands of American families have stopped making their mortgage payments, their houses have gone into foreclosure and they’re living in their homes for years without making mortgage payments. Approximately four and a half million American homes are behind on their mortgage payments or have foreclosure actions pending against them. In two-thirds of these cases, the homeowners continue to live in their homes, with their families, without making any payments towards their mortgage. Many of these families have been living in their homes for more than a year and approximately one-third of the families have been living in their homes for more than two years, without making mortgage payments.

Foreclosures Move Slowly Through the Courts

In virtually all fifty states, the courts have been inundated with foreclosure proceedings. At a time of economic turmoil throughout the country, additional judges and resources have generally not been allocated to deal with the foreclosure crisis. This means that cases sit idle in the courts for long periods of time before the foreclosure actions are completed. It is estimated that it takes approximately a little more than a year and a half for the average foreclosure case in the United States to make it’s way through the courts. In the State of New York, in cases handled by my office, it generally takes three to five years for the cases to proceed through the courts.

Evictions After Foreclosure

Even if your home is foreclosed on and eventually sold years later at auction, you can still continue to stay in your home. At the end of a foreclosure sale, should someone buy your home, whether it be the bank or a third party, and they seek to remove you from your residence, they have to bring an eviction proceeding. Eviction proceedings are brought in landlord/tenant courts. These proceedings are separate and distinct from the foreclosure actions. There are additional calendar delays in these eviction proceedings. Most take anywhere from two to four months.

Foreclosure Defense Lawyer

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 conferencesfor 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. You can reach us at 1-800-344-6431, 516-561-6645 or 718-350-2802. We look forward to seeing you again on our foreclosure blog.

Neighborhoods Affect Home Values

Home buyers will pay premiums for homes they perceive are located in country club communities. Subdivisions with attractive names such as pleasant, acres, hills, estates and heights are utilized by real estate professionals to motivate homeowners to purchase in these communities. The naming of a neighborhood is now a major consideration in the marketing of homes.

Investigate Before You Buy

Just because a subdivision or neighborhood has a fancy, slick name does not mean it is a fancy or attractive neighborhood. Before purchasing a home, you should look into the infrastructure of the area. Schools, parks, recreational facilities, senior facilities, crime in the area and services provided the local communities are significant issues to be investigated prior to purchasing a home. Due diligence requires that you investigate in detail before you purchase a home. Drive around the neighborhood. Talk to neighbors. Come to the area at various times of day or night. See how far the schools are from your home. Check with the various rating services as to the quality of the schools. Look into criminal statistics for crimes in the area. Look carefully before you leap when you buy a new home!

Defending Foreclosure Proceedings

The Law Offices of Schlissel DeCorpo handles foreclosure defense for homeowners. We litigate all aspects of foreclosure proceedingsincluding, 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.

Aid for Home Buyers Coming to an End

Fannie Mae and Freddie Mac are the federal agencies that are responsible for the large majority of mortgages in the United States. The Obama Administration plans on eliminating these two programs and replacing them with new programs.

Fannie Mae and Freddie Mac subsidized 90% of the home mortgage loans in the United States in the year 2010. Under the new programs suggested by President Obama, the percentage of loans sponsored by federal agencies by the end of the decade will be only 10%.

Fannie Mae and Freddie Mac

Freddie and Fannie’s programs were established in the United States after the great depression. The intent of these programs was to assist Americans in the purchase of single family homes. For decades, Freddie and Fannie were successful in helping Americans fulfill the American dream of home ownership.

These programs attract investors by guaranteeing repayment of mortgages even if the homeowners default. The investors accept relatively lower interest rates under these programs due to the government guarantees. This enables both Freddie and Fannie to create a pool of mortgage money for lenders at low cost, which in turn allows the borrowers to obtain relatively low interest rates on their mortgages.

Tax Payers Back Freddie and Fannie

The problem with Freddie and Fannie is that the system only works because the United States Treasury backs the system. In the year 2008, the Federal Government was forced to take over these companies. Since then, the government has spent $135 billion dollars in honoring mortgage loan guarantees.

Freddie and Fannie To Be Dissolved By The Obama Administration

The Obama Administration plans on gradually phasing out Freddie and Fannie. They plan on doing this by reducing the number of loans that they guarantee and charging higher prices to the private lenders. Higher down payments will also be required for the perspective homeowners to obtain mortgages.

Thirty Year Fixed Rate Mortgage

The thirty year fixed rate mortgage is the most common mortgage given in the United States. This mortgage would never have existed without government support under the Freddie and Fannie programs.

Three Options to Replace Freddie and Fannie

The first option would be the complete elimination of all government guarantees for mortgages. The second option would offer some guarantees to investors, but only at times when the economy is not doing well or the real estate market is in financial distress.

The third option would involve the government guaranteeing various types of mortgages, but only if lenders first purchased a guarantee from a private insurer. Although this would limit the government’s exposure, it would also impact interest rates. The third option is a similar option to what exists today under Freddie and Fannie.

Affordable Housing

Conservatives blame Freddie and Fannie for causing the mortgage crisis in the United States. Housing advocates say the Obama Administration is making a mistake in trying to kill Freddie and Fannie. They point to the fact that these programs have been successful for decades in the past.

John Taylor, the president of the National Community Reinvestment Coalition, stated that “instead of cleaning up where Freddie and Fannie went wrong we’re eradicating a proven system that worked very well for most of it’s history.”

The ownership of a single family home is truly the American dream. I strongly believe the government should assist Americans in fulfilling this dream. However, I also believe the dream should be smaller and less expensive!

Foreclosure Help

The Law Offices of Schlissel DeCorpo provides foreclosure defense for homeowners. We litigate all aspects of foreclosures, including defective mortgages, defective foreclosure lawsuits, predatory lending and bad faith issues. We attend foreclosure court conferences on behalf of our clients and we provide our clients with the various options available to them in foreclosure matters. We also assist our clients with mortgage modifications and deal with mortgage modification programs that fail. We file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients for the purposes of stopping foreclosure actions from moving forward. In some situations, we can eliminate second mortgages by filing bankruptcies for our clients. We also assist our clients in re-establishing credit after filing for bankruptcy. Thank you for visiting my foreclosure blog. Free feel to call us should you need legal assistance 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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