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Foreclosure Horror Story

Warren Nyerges and his wife Maureen purchased a home from Bank of America in St. Petersburg, Florida. They paid $165,000 for a twenty-seven-hundred square foot home.

Foreclosure Proceedings Initiated on Home

Several months after paying $165,000 for the home and having no mortgage on it, Warren and Maureen were sued in a foreclosure proceeding. They originally thought this was a joke. The house had no mortgage on it. This was the start of a saga lasting almost two years. A representative from Bank of America told Warren he was not current on his mortgage. This was ridiculous; he didn’t have a mortgage.

Homeowners Sue Bank of America

Warren and Maureen eventually sued Bank of America. After painstakingly researching this situation, Warren and Maureen found out that their names were taken from their real estate contract to buy the house and placed on a previously initiated foreclosure proceeding.

Florida Attorney General Investigation

The Attorney General’s office in Florida investigated this matter. They ascertained the attorney representing Bank of America had engaged in fraudulent practices. He had overcharged homeowners in legal fees. He also brought foreclosure proceedings without having the appropriate documents showing the banks were owed money on the homes. Eventually, Maureen and Warren were able to straighten out their problem with the help of a foreclosure defense attorney.

Foreclosure Help

Is your home in foreclosure? If so, we can help you save it! We are a foreclosure defense law firm. For more than thirty years, we have helped 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 involvingdefective 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 to discuss your foreclosure options. We appreciate your visiting us on our foreclosure blog.

SWAT Team Removes Squatters From Foreclosed Home

In Naples, Florida, a group of squatters moved into a foreclosed home that was empty. The Naples Police Department called in a SWAT team in March of 2011. The SWAT team gassed the foreclosed home to try to force the squatters out. Three adults and two children were removed from the home. The two children, ages 2 and 3, were taken by the Florida Department of Children and Families.

A neighbor who was interviewed by NBC news said, “it makes me so sad, it gives me chills. This is a quiet neighborhood. This is the only house we have here that’s in foreclosure.”

Foreclosed Empty Homes Can Cause Problems

If there are homes in your neighborhood that have been foreclosed upon and are currently empty, these homes can become the target for squatters to move into. There are several things neighbors can do to prevent incidents of squatters in empty foreclosed homes in your neighborhood.

Having a Home Look Like It Is Occupied

Simply parking your car in front of the home can have an impact on potential squatters to stay away. Helping out by cutting the grass gives the home a lived-in look.

Foreclosure Lawyers

Our law firm helps families whose homes are in foreclosure. We provide foreclosure defense litigation services including, but not limited to, preparing mortgage modifications, litigating defective mortgages, defective foreclosure lawsuits and predatory lending issues. We attend foreclosure court conferences on behalf of our clients and we provide information concerning all foreclosure options to our clients. We provide foreclosure related bankruptcy legal services, including filing Chapter 7 and Chapter 13 bankruptcies. The filing of these bankruptcies has the immediate effect of stopping foreclosure. In some instances, we can eliminate second mortgages and help our clients re-establish credit. Thank you for reading my foreclosure blog.

Underwater Mortgages Keep Rising

The high level of unemployment in the United States, coupled with the increasing foreclosure rate, is leading to a reduction in the value of homes. The percentage of Americans who owe more on their mortgages than the value of their homes continues to rise. This is causing more and more homes to be underwater. “Underwater” refers to a home having a greater mortgage indebtedness on it then its actual value.

There are 11 million families, which represent 23% of all foreclosures in the United States, that have mortgages that were underwater during the last quarter of 2010. That was an increase from the previous quarter, in which 22.5% of the homes in foreclosure in the United States were underwater. This is the third quarter in a row where the number of homes underwater have increased.

Underwater Mortgages Leave Homeowners with Few Options

When the mortgage on a home is underwater, a homeowner has few options. The homeowner won’t be able to qualify for mortgage refinancing. They simply must continue making the payments on their property and hope that it will eventually start appreciating in value and be worth more than the indebtedness on it.

Experts expect that home prices will continue to fall throughout the 2011 calendar year. The greater the percentage of homes in a given area that are underwater, the more significant impact they have on the valuation of homes in general for that area. As homes in a locality fall into the category of being underwater, they tend to bring down the values of the neighboring homes too.

Purchasing a Home in Today’s Market

To obtain a conventional mortgage, most financial institutions require the perspective homeowner to put down 20% of the purchase price of the home. In today’s economic situation in the United States, with falling salaries, high unemployment and high foreclosure rates, few perspective homeowners fall into this category. The down payment requirements for prospective new home buyers is having a negative effect on the housing market. President Obama’s administration seeks to have all perspective homeowners provide a minimum of a 10% down payment before they can obtain a conventional mortgage that is guaranteed by either Fannie Mae or Freddie Mac.

The amount of negative equity in the United States in the last quarter of 2010 increased from $744 billion nationwide to $751 billion nationwide. This is a major step in the wrong direction! Families, at one time, measured their wealth by the equity in their home. Today, home ownership means you have an asset that is decreasing in value!

Foreclosure Defense Attorneys on Long Island

The Law Offices of Schlissel DeCorpo handles foreclosure defense litigation. We submit detailed answers to summonses and complaints filed by financial institutions. We litigate defective foreclosure lawsuits, predatory lending, defective mortgages and bad faith by financial institutions. Our office in experienced in handling real estate litigation. If a case is in litigation, our attorneys will attend foreclosure court conferences on behalf of our clients. We also maintain a foreclosure blog that contains articles concerning foreclosures, mortgage modification issues and other issues effecting homeowners. We also file Chapter 7 and Chapter 13 bankruptcies which stop foreclosures and can have an impact on eliminating second mortgages. We can also assist our clients in re- establishing credit.

Feel free to call us if you are having difficulties with your financial institution, paying your mortgage or in dealing with a foreclosure issue.

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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