foreclosure defense

The Real Estate Market

March 8, 2011 by Elliot S. Schlissel

For the past few years, home prices in the large majority of the United States have been falling. I am happy to report that in an article recently published by the National Association of Realtors, it showed that in seventy-eight markets throughout the United States, representing most major metropolitan areas, housing prices have started to stabilize. Stabilization of the housing market is good news. However, stabilization is indicative of the slowing of the downward valuation of homes and not their increasing in value.

Buyers’ Market

We still have a buyers’ market for single family homes. Sellers are reluctant to commit to buying homes when home values are decreasing. Perspective home purchasers are always looking for bargains. Will housing prices continue to go down or will they rebound? No one can be absolutely sure as to when the housing market will hit its absolute bottom.

Is this a Good Time for Selling?

Are you interested in selling your home? Many prospective home sellers have kept their homes off the market with the hope that there would be a rebound in the housing market in the United States. The stabilization of the real estate market should not be considered a rebound. However, there is no guarantee homes will be worth more in the near future.

Location, Location, Location

There are three rules concerning the valuation of real estate. Those three rules are known as “location, location, location”. The valuation of real estate is a local issue. The market value of homes and commercial real estate changes from state to state, city to city, suburb to suburb and locale to locale. It could even be different from one block to the next in the same neighborhood. It behooves you if you are a purchaser to use due diligence and to become familiar with the area in which you seek to purchase a home.

The Improving Economy

Although the real estate market has been stabilizing, we are still in a recession. Will the rising stock market bring back the real estate market with it? I am hopeful, but I am also concerned that the problems in the real estate market in the United States are so severe that it may take several more years to sort this out.

Foreclosure Defense Lawyers in Long Island and New York

Our office assists our clients with mortgage modification applications. We are knowledgeable about the mortgage modification programs and why they fail. We maintain a foreclosure blog to update the public concerning various issues involving homes and real estate. We aggressively litigate foreclosure proceedings. We litigate defective mortgage lawsuits, predatory lending and we attend court conferences for our clients when necessary. We advise our clients with regard whether they should file a bankruptcy to deal with being behind on their mortgage and as to whether a Chapter 7 or Chapter 13 bankruptcy would be appropriate. In the event you are behind on your mortgage or experiencing foreclosure problems, we can help you. Call us at 1-800-344-6431, 516-561-6645 or 718- 350-2802.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: bankruptcy, buyers' market, Chapter 13, Chpter 7, foreclosure defense, foreclosure proceedings, lawyers, Long Island, mortgage modification applications, National Association of Realtors, New York, real estate market

Mortgage Modifications and Bad Faith

March 2, 2011 by Elliot S. Schlissel

Bad faith in mortgage modifications is exhibited by financial institutions in several ways. Under pressure from President Obama, banks agreed to set up mortgage modification programs. The federal government gave the banks billions of dollars in “TARP” money. Thereafter the banks agreed to help homeowners obtain mortgage modifications. Instead of helping the homeowners, the banks set up under-funded, poorly conceived and poorly managed modification programs. The failure of the banks to fulfill their obligations under the mortgage modifications programs can be considered bad faith.

Another example of bad faith by financial institutions is when they grant a homeowner a trial mortgage modification for three months. Thereafter, the homeowner pays, on time, the modified amount for three months. When the banks don’t notify the homeowner to stop paying, the homeowner continues to pay the modified mortgage amount for as long as a year. Thereafter, the bank either tells the homeowner that they have been rejected for a permanent loan modification or that they are approved for a permanent mortgage modification, but on much more onerous terms.

Yet another bad practice by the banks is, after the homeowner has made numerous on time payments under a temporary mortgage modification program, they tell the homeowner they don’t qualify for the permanent program. In these situations, the banks are operating under bad faith!

Foreclosure Defense and Mortgage Modifications

Should you be sued in a foreclosure proceeding, we will appear in court for you. We will attend foreclosure conferences. We will make the courts aware that the mortgage modifications stall because they are poorly administrated. We litigate issues involving defective foreclosure lawsuits, defective mortgages and predatory lending issues as part as our overall foreclosure defense of our clients. Our office has been handling real estate related litigation for more than 45 years.

By meeting with our attorneys, we will analyze your financial situation and provide you with a road map as to how to deal with these difficulties. Should filing a Chapter 7 or a Chapter 13 bankruptcy be appropriate, we will also represent you regarding these proceedings. Feel free to call us at your earliest convenience should you have any questions at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: bad faith, Brooklyn foreclosure defense attorney, defective mortgages, foreclosure defense, mortgage modifications, realestate litigation, TARP

Higher Mortgage Rates and Stricter Mortgage Procedures likely for 2011

March 1, 2011 by Elliot S. Schlissel

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 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.

Filed Under: Current Events, Foreclosure Defense, Mortgage Modification Tagged With: bankruptcy, Chapter 13, Chapter 7, consumer spending, Federal Reserve, foreclosure conferences, foreclosure defense, low rate mortgages, mortgage modification, New York foreclosure attorney, predatory lending

Bank Complaints Soar

February 28, 2011 by Elliot S. Schlissel

Complaints by consumers and homeowners against banks are rising to a stratospheric level. It has been suggested that new laws and regulations need to be put in place to reign in inappropriate bank practices.

The controller of the currency recently stated that he is receiving a record number of complaints against the more than 1500 banks subject to regulation. It is estimated that there were more than 80,000 complaints against banks in the year 2010.

The Federal Reserve and the Federal Deposit Insurance Company have recently issued specific regulations and guidelines to deal with the numerous complaints filed against banks.

Complaints About Mortgage Foreclosures

The majority of the complaints against banks have dealt with various problems encountered by homeowners in mortgage foreclosure proceedings. There were more than 36,000 complaints filed against banks in 2010 dealing with mortgage foreclosure issues. Banks are fighting numerous lawsuits throughout the country and are being investigated by all fifty state Attorney Generals concerning their practices involving foreclosure proceedings.

Prior to the financial melt down, most bank complaints dealt with credit card issues. The reason why banks are receiving so many complaints is that they have been involved in faulty practices. They have engaged in predatory lending. They have set up mortgage modification programs that simply do not work.

The American consumer deserves better. Consumers do not deserve to be left hanging for months and months at a time without getting any feedback on their mortgage modification applications. Consumers deserve to be updated regarding the status of their applications for mortgage modifications. They should not be forced to call week after week and continually get incorrect information or deal with nincompoops at the other end of the phone who have no knowledge of what is going on. If banks and financial institutions are serious about mortgage modifications they should help consumers instead of frustrating and angering them.

Helping Homeowners with Foreclosure Defense

Our law firm has been helping homeowners with foreclosure defense issues for more than 45 years. We understand the frustrations and anger homeowners feel regarding their mortgage modification applications not being attended to. We are foreclosure defense lawyers. We deal with predatory lending, bad faith issues, defective mortgages and all aspects of mortgage foreclosure proceedings. We represent our clients in court and we attend foreclosure court conferences. We effectively tie up our client’s foreclosure cases in court and put pressure on the financial institutions to provide them with reasonable, acceptable, affordable mortgage modifications. When the situation calls for it, we file either Chapter 13 or Chapter 7 Bankruptcies for our clients. We keep our clients in their homes. We stop foreclosures cold! Call us for a free consultation at 1-800-344-6431; 516-561-6645 or 718-350-2802.

Filed Under: Foreclosure Defense, Mortgage Modification Tagged With: bad faith, Federal Deposit Insurance Company, Federal Reserve, foreclosure defense, inappropriate bank practices, mortgage foreclosures, mortgage modifications, New York foreclosure attorneys, predatory lending

Home Modification Problems in California (Part 2): Lawyers Who Assist Homeowners in Mortgage Modifications Are Now out of Reach

February 25, 2011 by Elliot S. Schlissel

Problems with Bank Mortgage Practices

There have been recent revelations regarding numerous financial institutions that have been involved in deceptive mortgage practices, predatory lending practices, defective mortgages and bad faith litigation, as well as litigating cases where they did not have the appropriate paperwork. This makes the need for attorneys to represent homeowners very important. Homeowners in California are now defenseless in dealing with the law firms that represent financial institutions in foreclosures, as well as the “robo-signers” at the banks, who could care less about State and Federal laws that protect homeowners from improper bank practices. The actions taken by the legislature in California hurt homeowners and will destroy families.

When a homeowner in California gets notice that they are going to lose their home, they no longer have the ability to obtain a seasoned, experienced foreclosure defense lawyer to protect them and their families from being thrown out of their homes because of foreclosure lawsuits.

More then 300,000 foreclosure lawsuits were started in California alone during the 2010 calendar year. It is estimated that in 2011 the amount of foreclosures in California will surpass the 2010 number.

New York Foreclosure Defense

Fortunately, homeowners in New York do not have to deal with the restrictive statute that exists in California. Our law firm has been representing homeowners and consumers dealing with financial problems and mortgage foreclosures brought by banks for more than 45 years. We litigate foreclosure defense lawsuits. We file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients to stop foreclosure proceedings. When necessary, we attend, on our client’s behalf, foreclosure court conferences. We litigate defective mortgages, defective foreclosure lawsuits and predatory lending issues. We also bring to the court’s attention fraudulent activities that mortgage brokers, financial institutions and appraisers engaged in during the mortgage underwriting process.

We can keep you in your home! Call us for a free consultation at 1-800-344- 6431; 516-561-6645 or 718-350-2802.

Filed Under: Mortgage Modification Tagged With: Chapter 13, Chapter 7, deceptive motgage practices, foreclosure defense, lawyer, mortgage modification, New York

2010, a Terrible Year for Home Sales

February 14, 2011 by Elliot S. Schlissel

Posted on February 14th by Elliot S. Schlissel, Esq.

2010 was the worst year for home sales in the United States since 1997. The National Association of Realtors stated that home sales dropped by 4.8% to 4.91 million homes sold in the year 2010. This is the smallest amount of home sales in the United States since 1997.

Foreclosures and High Unemployment Depress the Real Estate Market

The high volume of foreclosures in the United States, coupled with record-high unemployment rates, have depressed the real estate market in the United States. Many potential home purchasers are waiting to buy homes because the prices will continue to decrease. Many economists feel it will take an additional five to six years for the real estate market in the United States to reach a level of equilibrium. It is estimated that 2011 will even be a worse year for home sales in the United States due to increasing foreclosure rates. This should cause the value of homes to continue to decrease in value in 2011. Due to the foreclosure crisis in the United States, there are simply too many homes on the market and not enough prospective purchasers. In addition, it has become much more difficult to obtain mortgages for prospective homeowners.

Banks are carefully underwriting new mortgages. They are looking into the loan-to-debt ratio. They are performing more due diligence, such as to see that the mortgage applications contain correct information. The fact that mortgage rates are extremely low has not been successful in raising the level of home sales in the United States.

The current rates on fixed home-mortgages in the United States are approximately 4.74% for thirty year mortgages and approximately 4.25% for fifteen year mortgages. In November of 2010, rates reached an all time low of 4.17% for a thirty year mortgage and 3.57% for a fifteen year mortgage. The medium home price in the United States in December of 2010 fell to $168,800.00. This was down 1% from December of 2009.

Foreclosure Defense

The Law Offices of Schlissel DeCorpo handles foreclosure defense for homeowners throughout the Metropolitan New York area. We prepare mortgage modification applications. We litigate foreclosure lawsuits and keep our clients in their homes. We attend court foreclosure conferences. We deal with defective foreclosure lawsuits, predatory lending and bad faith on behalf of financial institutions. Should you have a problem call us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Filed Under: Current Events, Foreclosure Defense Tagged With: foreclosure defense, mortgage modification, National Association of Realtors, New York City, New York foreclosure attorneys, unemployment

Bank of America Segregates Troubled Mortgage Loans From Performing Mortgage Loans

February 11, 2011 by Elliot S. Schlissel

Posted by Elliot S. Schlissel, Esq.

Bank of America has 1.3 million home mortgage loans in its portfolio that are in default. To deal with these defaulted home mortgage loans, Bank of America created a new entity. This entity is known as Legacy Asset Servicing. The defaulted loans, from this point forward, will be serviced by Legacy Asset Servicing. Many of these defaulted loans were acquired from Bank of America when it purchased Countrywide Financial in 2008.

Performing Mortgage Loans

Bank of America has approximately twelve-million additional home mortgages in its portfolio. These home mortgage loans are not in default. Bank of America will continue to service these loans directly.

Countrywide Financial and Improper Mortgage Policies

Countrywide Financial was involved in initiating numerous sub-prime mortgage loans. Since Bank of America’s acquisition of Countrywide, they have been forced to write off billions of dollars in sub-prime mortgage loans.

Bank of America has decided to remove the non-performing loans from its portfolio for a variety of reasons, including an investigation into foreclosure practices by financial institutions that is currently underway by all fifty state attorney generals’ offices.

Bank of America Changes its Foreclosure Practices

Last year, after Bank of America was criticized by state court judges in a number of states, it established a moratorium on foreclosures. The bank has since modified its foreclosure practices. Bank of America has also sharply increased the number of mortgage modifications that have been approved. In the last quarter of 2010, more than 80,000 mortgage modifications were approved by Bank of America. This is a step in the right direction.

Chase Retail Services, which is a consumer banking unit of JP Morgan Chase, has also indicated that it would separate its non-performing home-equity and mortgage loans from its performing home-equity and mortgage loans. In January of 2009, Citibank also separated its troubled home mortgage loans from mortgage loans that were up-to-date.

Foreclosure Defense In New York

The Law Offices of Schlissel DeCorpo handles foreclosure defense cases throughout the Metropolitan New York area. We assist our clients in mortgage modifications. Should your home go into foreclosure, we attend foreclosure conferences, we litigate these matters and deal with defective foreclosure practices, predatory lending and bad faith proceedings by financial institutions. We also maintain this foreclosure blog to update the general public regarding a variety of issues concerning mortgage modifications, foreclosures, mortgage modification programs that fail to serve the needs of consumers, as well as other related articles. Should you need a consultation, fell free to contact us at 1-800-344-6431; 516-561-6645 or 718-350-2802. Our phones are answered 24/7.

Filed Under: Current Events, Foreclosure Defense Tagged With: Bank of America, Countrywide Financial, foreclosure defense, mortgage loans, mortgage modification, mortgage policies, predatory lending

In 2010, One Million Homes Foreclosed and Repossessed in the United States

February 9, 2011 by Elliot S. Schlissel

Posted by Elliot S. Schlissel, Esq.

2010 was the worst year in modern history with regard to homes being foreclosed on in the United States. One million American families were forced out of their homes. It is estimated that we will break this horrendous record in the year 2011 and more than a million families will be forced out of their homes due to foreclosures.

It is estimated that more than five million mortgage holders are more than two months behind in their mortgage. Unless more jobs are created by the Obama administration, it is expected that more Americans will lose their jobs in 2011. As foreclosures increase, the home values in the areas with high levels of foreclosures decrease.

2.9 million homeowners received foreclosure filing notices in 2010. This amounts to virtually one in every forty-five homeowners receiving a foreclosure notice. In December alone, more than a quarter of a million homeowners in the United States received a foreclosure notice. As incredible as this sounds, this is good news! This is the lowest amount of foreclosure notices in the past thirty months. The reduction in foreclosure notices was caused by banks reviewing their foreclosure processes after there were numerous instances where it was found that evictions and foreclosure documents were being inappropriately handled by financial institutions. There has also been lawsuits by the Attorney Generals in all fifty states that have put banks under greater scrutiny regarding their practices concerning foreclosing on homes.

Arizona was the leader in 2010 in foreclosures. One in every seventeen households in Arizona received a foreclosure notice. Florida came in second. One out of every eighteen homeowners in Florida received a foreclosure notice. Approximately fifty-percent of the foreclosure notices in the United States were in the five states of California, Illinois, Arizona, Michigan and Florida.

New York Foreclosure Problems

Suffolk County on Long Island had the highest foreclosure rate in New York State in the year 2010. Although the foreclosure rates in New York are lower than many other states, they are still extremely high by traditional standards. The foreclosure crisis in the state of New York is causing real estate values to be depressed.

Foreclosure Defense in NY

Our law firm represents New Yorkers in foreclosure defense proceedings. We litigate foreclosures on behalf of our clients in the five boroughs of the City of New York, Nassau and Suffolk Counties on Long Island, as well as Westchester County. We attend foreclosure conferences on behalf of our clients, we deal with bad faith predatory lending issues, mortgage modification problems, mortgage modification programs and defective foreclosure lawsuits. We are available 24/7 to assist our client. Feel free to call us should you need help to save your home! Our telephone numbers are 1-800-344-6431, 516-561- 6645 or 718-350-2802.

Filed Under: Current Events, Foreclosure Defense Tagged With: 2010, defective foreclosure lawsuits, foreclosure, foreclosure defense, Long Island, mortgage payments, New York foreclosure, predatory lending, Suffolk County

Problems With Foreclosure Affirmation Requirement

January 5, 2011 by Elliot S. Schlissel

“Posted by Elliot S. Schlissel, Esq.”

Anne Reynolds Copps is the chairperson of the real property law section of the New York State Bar Association. On behalf of members in her section, she has filed objections to the Office of Court Administration regarding new requirements for attorney affirmations for foreclosure proceedings. She claims that the new affirmation requirements violates the attorney/client confidentiality privilege. She also feels that it unfairly blames New York attorneys for inappropriate practices that exist in other parts of the country.

The Office of Court Administration has recently made some minor changes requiring that attorneys must submit affirmations under penalty of perjury with regard to the truthfulness of documents that they file.

The letter Ms. Copps submitted to the Office of Court Administration questioned the preamble to the original affirmation which said “Numerous and wide spread insufficiencies in foreclosure filings in various courts around the nation.” Ms. Copps demanded that said preamble be removed. She further stated “Mandating the inclusion of this preamble in the affirmation creates an unfair and prejudicial connection between any attorney who submits the documentation and the unidentified attorneys around the nations who have allegedly committed this specific wrongs.”

The courts are now insisting that attorneys report their communications with lender representatives and attest to the best of their knowledge and belief that the statements made in all applications related to foreclosure proceedings in the State of New York be true and correct.

In a related note, Steven P. Younger, the president of the New York State Bar Association, stated that the State Bar has not rendered an official position with regard to the new requirements attorneys must meet with regard to all applications in foreclosure proceedings.

Foreclosure Defense Lawyers

The new requirements in foreclosure proceedings relate to the widespread practices that have existed in the United States in foreclosure cases. When appropriate, we counter sue the financial institution related to defective foreclosure lawsuits and predatory lending issues. We defend our clients from all types of foreclosure proceedings. We also help our clients obtain mortgage modifications. We also advise our clients as to whether Chapter 7 or Chapter 13 bankruptcies would be the appropriate way to eliminate the foreclosure and save their home. Should you have questions regarding foreclosure defense or bankruptcy, feel free to contact us 24/7 at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Also Visit – Nassau County Divorce Attorney

Filed Under: Foreclosure Defense Tagged With: attorney client confidentiality, bankruptcy, Chapter 13, Chapter 7, foreclosure attorney, foreclosure defense, mortgage modifications, New York attorneys, New York State Bar Association, NYC lawyer

Defenses to Foreclosure Proceedings

December 31, 2010 by Elliot S. Schlissel

Until fairly recently, it has been difficult to submit defenses in foreclosure proceedings. However, new information that has recently surfaced and been made public with regard to banks and other financial institutions mishandling initial paperwork regarding the obtaining of mortgages, fraud on behalf of mortgage brokers and financial institutions, the loss of important documents regarding mortgages and the generally sloppy procedures utilized by financial institutions. The new information has opened up a new wave of defenses to foreclosure proceedings.

Challenge the Foreclosure Proceedings

Homeowners and their attorneys have taken a very aggressive stance in New York in challenging foreclosure proceedings. The following are a list of some of the common defenses used in foreclosure proceedings:

1. Unconscionability of the mortgage. Unconscionability basically indicates that the mortgage was simply unfair. The terms of the mortgage must be so unfair as to “shock the conscious” of the court. A homeowner’s inability to pay the mortgage does not, on its own, make it unconscionable.

2. The failure of the financial institution to follow the appropriate procedures in the foreclosure proceeding. New York State law lays out the obligations a financial institution has to its customers. The financial institution must prove all aspects of its case to the court. The loss of documents, the failure to maintain adequate records or the failure of an employee of the financial institution (who signs the affidavit regarding the case) to have sufficient knowledge of the case are defenses to foreclosure proceedings.

Action to be Taken by Homeowner

The best thing a homeowner should do if they receive notice of a pending foreclosure proceeding is to research what attorneys in their area handle foreclosure defense. The homeowner should then have an initial consultation with the attorney and discuss how the homeowner’s rights can be protected.

Foreclosure Conferences

In New York, after a foreclosure proceeding is initiated, there must be a foreclosure conference held with the court. In the event the homeowner has a pending mortgage modification application, the court will usually adjourn the case to see if the application is granted. If the homeowner’s attorney presents a very vigorous defense, pressure can be placed upon the financial institution to be more reasonable in the granting of the mortgage modification.

About Our Firm

For more than 45 years, our law office has represented individuals in lawsuits involving creditors. We handle foreclosure defense, mortgage modifications and bankruptcies throughout the New York metropolitan area. We have had a high degree of success in fighting off foreclosure lawsuits.

Should you have questions or problems concerning a foreclosure lawsuit, feel free to call us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Filed Under: Foreclosure Defense Tagged With: bankruptcy, foreclosure conference, foreclosure defense, foreclosure proceedings, mortgage modifications, mortgages, New York State Law, NY foreclosure defense attorneys

The Real Estate Market

Mortgage Modifications and Bad Faith

Higher Mortgage Rates and Stricter Mortgage Procedures likely for 2011

Bank Complaints Soar

Home Modification Problems in California (Part 2): Lawyers Who Assist Homeowners in Mortgage Modifications Are Now out of Reach

2010, a Terrible Year for Home Sales

Bank of America Segregates Troubled Mortgage Loans From Performing Mortgage Loans

In 2010, One Million Homes Foreclosed and Repossessed in the United States

Problems With Foreclosure Affirmation Requirement

Defenses to Foreclosure Proceedings

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