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Foreclosure by Bulldozer

Banks have a new weapon in dealing with foreclosed homes. The weapon is the bulldozer. Banks have been bulldozing more and more foreclosure homes. First, banks start legal proceedings, which enables them to obtain the titles to homes in local areas. Then they review the homes in their portfolio and they bring demolishing teams and bulldoze the least valuable repossessed homes. In the month of June, Bank of America bulldozed more than 100 foreclosed homes in Cleveland.

JP Morgan Chase has donated homes that it can’t sell or didn’t think were worthy of being repaired. Since 2008, JP Morgan Chase has knocked down approximately 2,000 homes and donated the land to city and county officials.

There is a benefit to banks donating property back to municipalities. They no longer have to pay the real property and school taxes on these homes. They also may be able to write off, as a loss, the homes donated to the municipalities.

Does Bulldozing Help the Housing Market?

There are experts in the real estate industry who claim that by removing low quality homes that are difficult to sell, these homes no longer cause real estate prices in a local area to go down. Since there is an over supply of homes on the market already, putting more low quality homes on the market just brings real estate prices down. The theory is the housing market is in best shape when supply and demand are an equilibrium. By bulldozing homes, the banks are reducing the supply of empty homes to the market place.

New York and Long Island Foreclosure Defense Lawyers

We can keep you and your family in your home. We provide foreclosure defense and bankruptcy legal representation for our clients. We attend foreclosure court conferences for our clients. We litigate foreclosure proceedings in the courts throughout the Metropolitan New York area. We are knowledgeable concerning real estate related defenses, in foreclosure proceedings and the federal laws that deal with foreclosure.

We can also assist our clients in foreclosure related bankruptcies. We file Chapter 7 and Chapter 13 bankruptcies for our clients. At our initial consultation, we will discuss various types of foreclosure defenses and the types of bankruptcies that may be available to you. We can stop foreclosure and debt collection activities by filing bankruptcy on your behalf. There are also numerous bankruptcy myths, such as you will never receive credit again, that are untrue. We will be happy to meet with you and discuss issues involving foreclosure, bankruptcy, re-establishing credit and staying in your home. Call us for a free consultation. Thank you for visiting our foreclosure blog.

Sarah Palin Buys Foreclosed Home in Arizona

Sarah Palin can be added to the long list of mortgage fraud victims! Palin bought a home in Scottsdale, Arizona, for 1.7 million dollars. She recently found out that her title to the home may be invalid.

Robo-signers

The robo-signer scandal involved banking institutions and mortgage companies that took title to homes without having the proper documentation. The five bedroom home bought by a company Sarah Palin had an interest in was acquired by the mortgage company through fraudulent or tainted documents. A close examination of the title documents to the property have revealed there were two fraudulent signatures involved in re-financing and foreclosure transactions with regard to this parcel of property. These two questionable issues concerning the property have raised the prospect that the mortgage company that sold the property to Sarah Palin didn’t have good title to the property. It is expected that there will be significant litigation, that will take years to straighten out, as to whether Sarah really is the owner of this property.

Conclusion

When you buy a foreclosed property, make sure you obtain title insurance. If you cannot get title insurance on the property, you are taking the risk that the property you thought you owned is owned by someone else!

Foreclosure Defense In New York

If your house is in foreclosure, we can help you. We’ve been fighting foreclosuresfor more than two decades. We litigate defective mortgages, defective foreclosure lawsuits, predatory lending, violations of federal laws and other real estate issues. We can help you obtain mortgage modifications and we can counsel you concerning mortgage modification programs that fail to meet your needs.

We also assist our clients with foreclosure related bankruptcies. These bankruptcies can either be a Chapter 7 or Chapter 13 bankruptcy. We will explain to you why filing bankruptcy may be the best route to deal with your foreclosure issues and the types of bankruptcies that are available to you. Filing the bankruptcy stops foreclosure proceedings from moving forward. It also stops other debt collection activities involving credit cards and other debts.

Feel free to schedule a free consultation. We will explain your foreclosure optionsto you. Thank you for visiting our foreclosure blog.

President Obama will not be Successful in Slashing Mortgage Deductions for the Wealthy

Mortgage Deductions For The WealthyPresident Obama wants to limit two popular mortgage deductions utilized by wealthy taxpayers. Unfortunately, the President is meeting a tremendous amount of difficulty from entrenched special interest groups. President Obama has proposed that there be a curtailment of tax deductions for mortgage interest payments and charitable contributions from high-income earners.

President Obama’s proposal is that taxpayers in the 33% and 35% tax brackets will only be allowed to deduct their contributions and mortgage interest payments at a rate of 28%. This would affect taxpayers with incomes of $250,000 and up. It is estimated that this would bring in $321 billion dollars into the federal treasury over a period of ten years. This is not the first time reducing tax deductions for mortgage interest has been proposed. In the past, these proposals have been unsuccessful because of resistance from special interest groups.

Intense Lobbying by the Real Estate Industry

Real estate industry groups, as well as not-for-profit lobbying groups, are lobbying heavily in both the Senate and the House of Representatives against limiting tax deductions for mortgage payments and charitable contributions.

The National Association of Home Builders, through its chief executive Jeffrey Howard, has issued a statement that “this is an attack on the middle class.” Where the housing industry is concerned, capping deductions will have a further negative effect on the housing market. These tax deductions are an incentive for home ownership.

Tom Delaney, the head of the National Council of Non-profits, a network of charity organizations, stated, “we look for every opportunity to help policy makers understand the consequences of different proposals.” The National Council of Non-profits are against limiting these tax deductions. Their position is that limiting the charitable deductions will curtail donations to charities by large donors.

The fifty-four most generous donors in America in the year 2010 gave $3.3 billion dollars to charities. Charities are reliant on donations from wealthy individuals. Charities throughout the country strongly oppose any changes regarding mortgage deductions for individuals who make over $250,000 a year. Individual families in New York State that earn more than $250,000 a year are not wealthy. They are middle class!

Foreclosure Defense In New York

The Law Offices of Schlissel DeCorpo assists it’s clients in applying for mortgage modifications. In situations where the mortgage modifications program fail to approve clients applications, the law office represents them in foreclosure proceedings. Our attorneys attend foreclosure court conferences on behalf of our clients. They defend clients from defective foreclosure lawsuits, predatory lending issues, bad faith on behalf of financial institutions and all aspects of real estate litigation. Call for a free consultation at 516- 561-6645, 1-800-344-6431 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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