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The Discovery Process in Foreclosure Lawsuits

The Discovery Process in Foreclosure LawsuitsThere are various strategies that can be utilized by attorneys for homeowners in foreclosure lawsuits. During the course of the foreclosure lawsuit after the summons and complaint are served on the homeowner and an answer is interposed when the case is released from the mandatory foreclosure conference part the parties can engage in discovery. The discovery portion of the case is a period of time where the parties to the litigation can obtain documents and other types of information from the other side. In most foreclosure lawsuits all of the documents and relevant information regarding the foreclosure case are in the hands of the lender. The homeowner can make demands on the financial institution to provide information and documents during the discovery process to develop defenses to the foreclosure lawsuit. The attorneys for the homeowner can accomplish this by serving extensive discovery demands on the financial institution’s attorneys. The purpose of these extensive demands is to help develop the homeowner’s defense to the foreclosure lawsuit.

Compliance to Discovery Demands

Unfortunately, most financial institution’s attorneys do not usually comply with the discovery demands. Sometimes they completely disregard the discovery demands and bring a summary judgment motion. They take this action because they will have difficulty into fully complying with the detailed discovery demands made by a qualified foreclosure defense lawyer. The failure of the financial institution to comply with the discovery demands can amount to another defense to the foreclosure lawsuit.

Motion to Compel Discovery

If the financial institution does not respond to discovery demands counsel for the defendant can make a motion to compel discovery. In most situations the financial institution’s attorneys do not completely ignore the discovery demands. Instead they comply with some of the requests and don’t reply to other aspects of the request. They make numerous detailed objections to the discovery demands. These objections basically are designed to avoid their having to respond to these discovery demands. In these case the attorneys for the homeowner can bring a motion but in this motion the homeowner’s attorney must show that the financial institution’s attorneys objections to the discovery demand lack merit.

The Bank Making Discovery Demands

The financial institution can make discovery demands upon the homeowner’s attorney too. However, the purpose of these discovery demands is usually not to obtain relevant information. The bank usually has all the information they need to proceed with their foreclosure case. The purpose of the discovery demand is to create difficult burden on the homeowner’s attorneys. The discovery demands can be very time consuming to respond to. While the financial institution’s attorneys are dealing with an institution that has billions of dollars in assets, homeowners have very limited assets to litigate against financial institutions. The serving of burdensome discovery demands by the financial institution is usually designed to set up a defense mechanism if the homeowner can’t completely respond to these demands when the homeowner claims that the financial institution is not in full compliance with the homeowner’s attorney’s discovery demands. It should be pointed out that trials on foreclosure cases are extremely rare. Approximately 98% of all foreclosure cases are resolved during the litigation motion process.

schlissel-headshotElliot S. Schlissel, Esq. is a foreclosure defense lawyer. He has been representing homeowners for more than 30 years. Elliot is the managing partner of Schlissel DeCorpo LLP, a widely known foreclosure defense law firm. They can be reached for a free consultation at 800-344-6431 or Elliot can be e-mailed at Elliot@sdnylaw.com.

Slowdown in Foreclosures on Long Island

In April of 2011, there were 540 foreclosure filings in Nassau and Suffolk counties on Long IslanSlowdown In Foreclosures On Long Islandd. This represented the lowest number of foreclosure lawsuits initiated during a month since December of 2008. It represented a drop of 21.5% from the level of foreclosure activity in March of 2011.

Foreclosures Moving Slowly Through the Courts

The courts in the State of New York have been inundated with foreclosure filings for the past few years. Governor Andrew Cuomo has recently stripped the budget of the court system of 174 million dollars. This has caused massive layoffs and cutbacks within the court system. At a time when there are huge back logs in foreclosure activities, there are less and less resources within the court system to deal with these foreclosures. It is estimated that it could take as long as three years to complete the foreclosure process for foreclosures initiated in the second half of 2011.

Lenders Reluctant to Foreclosure

Lenders have stated that it is an expensive procedure to litigate a long foreclosure matter. In the end, they can end up with a property that needs to be repaired and maintained. It can also take the lender a substantial period of time to sell the property.

Delays take place in the foreclosure process because lenders are allowing more time during the period between delinquency and foreclosure. They are waiting to see if loan modifications go through. They are waiting for short sales. There are judicial delays caused by the courts inability to process the huge amount of cases that are in foreclosure.

Do Delays Help or Hurt The Real Estate Market

The question is do delays help or hurt the market place. There is a considerable body of thought that now holds that the faster we move the foreclosures through the legal system, the faster we can eliminate the pain. They compare this to pulling off a band-aid one hair at a time or ripping the band-aid off all at once. Unfortunately, ripping the band-aid off all at once destroys many peoples’ lives and forces them out of their homes with no place else to go!

Aggressive Foreclosure Defense Lawyers

We can fight your foreclosure. We litigate predatory lending issues, defective foreclosure lawsuits, and defective mortgages. We attend foreclosure court conferences for our clients. We draft mortgage modifications and deal with mortgage modification programs that fail to meet our clients needs. We litigate foreclosure related bankruptcies, whether they’re a Chapter 7 bankruptcy or Chapter 13 bankruptcy. We also assist our clients in re-establishing credit after filing a bankruptcy. We can help stop your foreclosure from moving forward! Call us and we will provide you with a free consultation. We will discuss all of your foreclosure options. Feel free to come back to our foreclosure blog on a regular basis to read about real estate and foreclosure related issues.

Buying a Home in Today’s Market

Buyer’s Market

There are many homes on the market today in every locality. Some homes are placed on the market by sellers, other homes come to the market by way of foreclosure by the financial institution. All of these homes have one thing in common, they’re competing against many other homes to be sold.

What Should a Seller Do

A seller should look for a bargain. In today’s market, if the perspective purchaser’s first offer does not insult the seller, they are offering too much money. There is no list price for a used home. The value of a home is based on supply and demand. There is an over supply of homes on the market right now. This is why it is a purchaser’s market. Do not be afraid to offer a substantially lower amount than the seller seeks to sell his or her home for. It is your money, be careful!

What To Do First

Obtain a credit report. If your credit is good, great! If your credit is not so hot, contact an attorney or credit counselor and rebuild your credit.

Speak to a real estate broker and/or a mortgage broker about the actual cost involved in the closing on the purchase of a home. Do you have 20% of the home’s value as a down payment? If not, look into whether you can obtain a mortgage with a lower down payment. Speak to other local banks or mortgage brokers.

FHA and VA Mortgages

FHA mortgages are Federal Housing Authority mortgages. VA mortgages are given out by the Veterans Administration to Americans who have served in the armed services of the United States. These are alternatives to obtaining a conventional mortgage from a financial institution. Investigate whether you qualify for these mortgages and whether their interest rates are lower then those of financial institutions giving out conventional mortgages.

Be Careful

Even if you obtain the deal of a lifetime, you may find that in a year or two, due to current market situations, your home is worth less than you paid for it. The purchase of a single family home is the largest investment most families make. It gives you a place to live and a place to raise your children. In most situations, it is a larger, more comfortable space than an apartment that you would rent. However, be advised it is an investment and investments can go both either up or down!

Foreclosure Defense on Long Island

We provide foreclosure defense for our clients. We litigate foreclosure lawsuits. We attend foreclosure court conferences on behalf of our clients. We deal with issues such as defective foreclosure lawsuits, predatory lending, bad faith by financial institutions, and defective mortgages. We’ve been handling real estate related matters for more than thirty years. We assist our clients in mortgage modifications and we deal with mortgage modifications that fail to meet our clients’ needs.

In appropriate situations, we file Chapter 7 or Chapter 13 bankruptcies on behalf of our clients. Both of these bankruptcies have the impact of immediately stopping foreclosure proceedings. We explain the types of bankruptcies that are available to our clients, as well as why they should file bankruptcy. We also maintain a foreclosure blog that deals with real estate, mortgage and foreclosure related issues. Call us for a free consultation.

Decimated Home Values

Decimated Home ValuesDuring the last three months of 2010, home values nationwide went down 2.6%. As home values have gone down, foreclosures have increased. The more homes foreclosed and brought onto the market, the greater the over-supply of inventory. In a supply and demand based market place, the greater the supply without a corresponding increase of demand will lead to a continual reduction in the value of homes in the United States.

Phoenix, Arizona: a Hot Spot of Foreclosures

It is estimated that as much as 70% of all of the homes in the Metropolitan Phoenix area are under water (worth less than the amount of mortgages attached to these homes). Las Vegas, Nevada, is also in a similar situation. Recent studies have shown it is less expensive in Las Vegas to buy than to rent a home.

Thirty Percent of the Homes in America are Underwater

Recent studies have shown that approximately one out of every four Americans has no equity in their home. This is an extremely sad state of affairs considering the ownership of a single family home in the past represented the greatest single asset for most American families.

Selling Homes For a Loss

The real estate website Zillow.com recently wrote that in December of 2010, more than 33.3% of all homes sold in the United States were sold at a loss!

There was a period of home stagnation due to the disclosure of “Robo Signing”, which was the name given to faulty bank procedures that rushed into foreclosing homes without the proper paperwork by the banks, and the execution of legal documents by bank officials without reading and examining them as to the truthfulness of their contents. In the fall of 2010, thousands of foreclosures were put on hold for the banks to investigate these problems and correct these deficiencies. Many of the banks have now dealt with these issues and thousands of homes that had their foreclosure stopped are now being aggressively pursued by the financial institutions.

Foreclosed homes are expected to flood the real estate market during the first half of 2011. This will lead to further reductions in home values in localities that are subject to high foreclosure rates. It is expected to be a buyer’s real estate market for the next several years!

Defense of Foreclosure Lawsuits

Law Offices of Schlissel DeCorpo defends foreclosure lawsuits. We aggressively litigate these matters and we appear in court for foreclosure court conferences on behalf of our clients. We submit numerous counterclaims and affirmative defenses to delay and possibly defeat foreclosure lawsuits. We deal with failed mortgage modification programs , defective foreclosure lawsuits, predatory lending issues and financial institutions inability to produce the necessary documents regarding their claims. Our law office has been handling real estate matters for more than three decades. Feel free to review our foreclosure blog, which is updated several times a week. Contact us for a consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Home Modification Problems in California (Part 1): Lawyers who Assist Homeowners in Mortgage Modifications Are Now Out of Reach

Mortgage Modifications Are Now Out Of ReachThe Ridiculous Law in California

The State of California has more active foreclosure cases than any other state in the country. Homeowners in California who seek mortgage modifications have had difficulties for the past few years. Today, they have a new difficulty – they can no longer hire lawyers!

Lawyers throughout the State of California are now being forced to reject clients who come to them for the purpose of obtaining mortgage modification loans. This is because California has passed a unique, unusual and restrictive statute. The new law states that attorneys who work on mortgage modification loans can receive no payment until the loan is approved. Under the new statute, clients cannot even put retainer payments in attorney trust accounts.

This California statute is unlike any other statute in the country. The intent of the California statute is for “fly-by-night” loan modification businesses run by non lawyers to be eliminated from the marketplace. Unfortunately, there has been a fallout from this new statute. The unintended consequence of the new law is that honest, hard-working, well-known, well-established attorneys with excellent credentials can no longer represent individuals in dealing with financial institutions’ complicated and burdensome paperwork related to loan modifications.

avoidNew York Foreclosure Defense Lawyers

In the state of New York, there are no restrictions regarding the hiring of foreclosure defense attorneys. For more than 20 years, the Law Offices of Schlissel DeCorpo has been at the forefront of defending consumers and homeowners regarding litigation with financial institutions. We have developed an expertise in defending foreclosure lawsuits. Upon meeting with our attorneys, we will analyze the paperwork related to your case. We will discuss foreclosure defenses, mortgage modifications and the potential of using bankruptcy filings to assist you. We will provide you with a detailed explanation as to the foreclosure process, the mortgage modification process and how bankruptcies affect homeowners. If you are in trouble with your lender, or behind on your mortgage, call us. We can help you! Our phone numbers are 1-800-344-6431, 516-561-6645 and 718-350-2082.

Dealing With Foreclosure Lawsuits

If your house is in foreclosure there are a variety of  ways to deal  with foreclosure proceedings.  To  start  with, you should hire an attorney and fight the foreclosure proceeding.  The attorney will present to the court a legal defense to the foreclosure proceeding. During the course of litigation you should take the appropriate action to apply for a mortgage modification. Applying for a mortgage modification is not a defense to a foreclosure proceeding.  The large majority of people who apply for mortgage modifications are turned down!!! If you have not hired an attorney to fight the foreclosure proceedings, the  lawsuit will be considered to be unopposed. It will move forward faster through the legal system.  The purpose of the foreclosure proceeding is to sell your home at auction. This will result in you being thrown out of your home.

Elliot S. Schlissel, Esq. was formerly the president of the Commercial Lawyers Conference of  New York.  During that period of  time he represented financial institutions. The knowledge he received in representing financial institutions now is utilized in assisting homeowners who are being sued by financial institutions for foreclosure on their homes. The Law Offices of Schlissel DeCorpo has numerous foreclosure defense cases pending through out the New York metropolitan area.  We have a very high success rate in holding off creditors seeking to foreclose against homeowners.  Call us for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Also Visit – Nassau County Divorce Attorney

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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