Missing Mortgage Payments

assistance for homeownersIt is common for homeowners on occasion to fall a month or two behind in paying their mortgages. Banks will usually not take any action in these situations. However, if you should fall three or more months behind on your mortgage payments, the bank who holds your mortgage may refuse to accept your mortgage payments in the future unless you pay the total amount of the arrears you owe including late charges and penalties. This is called accelerating the mortgage.

Notices By Banks

Banks will usually provide you with a late notice when you don’t make your mortgage payments. They also may send a letter to you describing options you have with regard to mortgage modifications, deeds in lieu of foreclosure, and short sales.

Negotiations With Lenders

If you are behind on your mortgage, it is recommended you try to negotiate with your lender. Your lender may be willing to enter into a forbearance agreement with you. Forbearance agreements are sometimes given to homeowners when they become disabled or when they suffer a temporary loss of employment. The attorneys at the Law Offices of Schlissel DeCorpo have extensive experience in negotiating with lenders for alternative remedies to be utilized by banks instead of foreclosure proceedings.

If you have a continued inability to make your mortgage payments you may receive a notice of default correspondence from your financial institution. Eventually you will be sent a letter by your lender giving you 90 days notice prior to the start of a foreclosure lawsuit. If you haven’t hired an attorney by this time, it is strongly suggested you hire a foreclosure defense lawyer when you receive this correspondence. The purpose of this letter is to give you one last opportunity to bring your mortgage current by making all back payments before you get served with a foreclosure Summons and Complaint. The foreclosure lawsuit will not start for at least 90 days. This gives you several months to try to rectify the situation with your financial institution.

Foreclosure Lawsuits

After receiving the 90 day notice, the lender may not actually sue you in 90 days. The lender may take several more months to obtain the necessary documentation and paperwork before initiating the foreclosure proceeding.

Bankruptcies

In some situations, filing either a Chapter 7 bankruptcy or Chapter 13 bankruptcy can be helpful to deal with your financial difficulties which put you into foreclosure. The Chapter 7 bankruptcy will eliminate all of your debts including your mortgage obligation. In a Chapter 13 bankruptcy you can catch up on your arrears over a 5 year period while making your current mortgage payments. Unfortunately, if you couldn’t afford your mortgage payments to begin with the Chapter 13 bankruptcy won’t work for you.

Experienced Foreclosure Defense Lawyers

The attorneys at the Law Offices of Schlissel DeCorpo have helped numerous New Yorkers stay in their homes, fight foreclosures and obtain mortgage modifications. Should you fall behind on your mortgage, give us a call and we will set up a free consultation to set up a specific plan to protect you and your family from being forced from your home.foreclosure defense lawyer in New York

Lack of Standing Defense

Please click on the link below to watch today’s video blog:

http://youtu.be/Oybec1rH3kk

Elliot S. Schlissel is a foreclosure lawyer who has been representing homeowners for more than 45 years.  His goal is to keep homeowners in their homes.  He defends homeowners in foreclosure lawsuits and helps his clients in obtaining mortgage modifications.  He and his associates can be reached for consultation at 516-561-6645, 718-350-2802 or by email to schlissel.law@att.net.

The Foreclosure Settlement Conference – Part II

foreclosure defense attorney on Long IslandPressuring Banks to Grant Mortgage Modifications

The negotiations that take place in the foreclosure settlement conference courtrooms, put pressure on the lending institutions to grant mortgage modifications to homeowners. At the first conference meeting, the attorneys for each of the parties introduce themselves and the court referee or magistrate handling the conferences take into consideration each of the parties’ desires to work out non-foreclosure alternatives through negotiations.

After the first foreclosure court conference takes place, the matter is usually adjourned for several months to allow the homeowners to submit a new mortgage modification package. At the adjourned date, the referee looks into whether all the requirements of the mortgage modification submission have been met and/or whether the financial institution seeks more information. This will usually require a second adjournment for several months. These settlement court conference appearances add a significant amount of time to the foreclosure process. Cases can be in the foreclosure conference part for as long as four months to a year.

If the foreclosure conferences do not result in a mortgage modification or other resolution of the underlying issues in the foreclosure case, the court will refer the case out to a regular court part where the litigation will continue.

Conclusion

Foreclosure court conferences give a homeowner another chance to obtain a mortgage modification. It also slows the court procedures down and allows the families who are not going to get mortgage modifications to remain in their homes for longer periods of time.foreclosure defense attorney

How to Spot Bank Fraud

Please click on the link below to watch today’s video blog:

http://youtu.be/TJ37ObjF1iA

Elliot S. Schlissel is a foreclosure defense lawyer in the Metropolitan New York area.  He has been helping homeowners stay in the homes for more than 45 years.  Elliot and his associates help their clients obtain mortgage modifications.  Elliot can be reached for consultation at 516-561-6645, 718-350-2802 or by email to schlissel.law@att.net.

Bank Sought To Foreclose On Decedent’s Home

Please click on the link below to view today’s video blog:

http://youtu.be/GLexagaYJ8Q

Elliot S. Schlissel is a foreclosure defense attorney.  He and his associates have been helping homeowners remain in their homes for more than 45 years.  Elliot assists his clients in obtaining mortgage modifications.  He can be reached for consultation at 516-561-6645, 718-350-2802 or by email to schlissel.law@att.net.

The New Relaxed Mortgage Requirements

mortgage modification attorneyFannie Mae and Freddie Mac are now underwriting mortgages which only require a 3% down payment. These new 3% down payment mortgages are only available for first time home purchasers. Is this a good idea? It is thought that home ownership is the foundation in building equity and wealth. It is anticipated these new relaxed mortgage regulations will make it easier for middle class Americans to purchase homes.

The 3% Down Payment Mortgage

The purpose of the 3% mortgages is to make it affordable for young people who don’t have significant funds for down payments, but who have reasonable income, to enjoy the benefits of home ownership. It is also thought the 3% mortgage program will have an affirmative impact on the housing market in the United States.

Mortgage Safeguards

There are a number of safeguards which have been built into this new 3% mortgage program. The current credit requirements to obtain a mortgage shall remain the same. Individuals applying for these mortgages will have to document their income. Only fixed rate mortgages will be available with 3% down payments and the program will only be available for primary residences. It will also be necessary for the prospective home purchasers to have private mortgage insurance.

Historical Perspective of 3% Mortgages

Studies have shown the default rate on 3% mortgages, when they were available in the past, was about the same as the default rate for individuals taking 5% down payment mortgages. To make sure the 3% mortgages don’t become a springboard for another housing bubble, individuals seeking to take out 3% mortgage loans will be required to take a buyer counseling program.

Conclusion

3% mortgages are designed to make the benefits of home ownership available for more middle class families. However, the 3% mortgage program may be the springboard for future default by homeowners who didn’t have the financial wherewithal to actually purchase their dream home. Hopefully this will not spur another foreclosure crisis in America.

foreclosure defense lawyer in New YorkElliot S. Schlissel is a foreclosure lawyer who has helped hundreds of New Yorkers continue to live in their homes.

Coming Soon: 3% Mortgage Down Payments

foreclosure defense for homeownersThe federal government has come up with a new plan to encourage individuals without significant funds to be able to buy homes. Under this new plan, prospective homeowners will be able to obtain mortgages with down payments as low as only 3% of the purchase price. There is a debate as to whether this is a good thing or a bad thing. These new 3% down payment mortgages are coming less than a decade after the tremendous housing collapse America recently experienced.

First Time Home Buyers

The purpose of the program is to help lure first time home buyers back into the housing market. Is a 3% down payment loan risky? If the individuals putting the 3% down and buying a home have set aside an emergency fund in the event they lose their job or become ill, it may be a good idea. However, this writer’s experience with individuals taking these type of loans is they do not have emergency funds. The 3% is usually all they have. Without an emergency fund, should the roof leak, the boiler go bad, or one of the family members lose their job, they will be unable to make the mortgage payments and the house will go into foreclosure.

A 20% Down Payment

Most conventional mortgages require a 20% down payment today. I also have problems with this level of down payment. Most young people coming into the housing market do not have the 20% down payment. A more reasonable down payment on a conventional mortgage would be 10%. Unfortunately, pursuant to a 2012 Center for Responsible Lending Study, it found even a 10% down payment would require the individuals purchasing a home with a 2010 median value of $158,000, would take 21 years for the average family to save this amount.

The American Dream

Owning a single family home is the American dream. An equilibrium must be found which will motivate and help young people to purchase homes while not putting them into a situation where they are overextended. Owning a home is one of the bed rocks young married couples have. This is the American dream and that dream must not be kept out of reach for young couples!

foreclosure defense lawyer in New YorkElliot Schlissel is a foreclosure attorney. He represents clients who unfortunately fall behind on their mortgages and face the possibility of losing their homes in foreclosure.

HAMP Mortgage Modifications

To watch today’s video blog, please click on the link below:

http://youtu.be/28MzOIkq3Ws

Elliot S. Schlissel is a foreclosure defense attorney.  He and his associates have been representing homeowners and keeping families in their homes for more than 45 years.  Elliot defends foreclosure litigation and helps his clients obtain mortgage modifications.  He can be reached for consultation at 516-561-6645, 718-350-2802 or by email to schlissel.law@att.net.

Foreclosure Defense Facts: Keeping Your Home When Facing Foreclosure – Part III

foreclosure defense attorney on Long IslandYour Loan Modification Was Denied!

This is not the end of the world. To start with, even if your loan modification was approved, they may not have modified your loan to the point where you can afford to make the payments. If your loan modification is denied, you must litigate the foreclosure lawsuit. After submitting an Answer with affirmative defenses and countersuing the bank, you have an opportunity to make discovery demands upon the bank. You can request documents, financial records and other information from the bank with regard to the processes, procedures and what was involved in initiating the mortgage, having the financial documents moved from one bank to another, and bank policies and procedures. This will give you more information with regard to defending your lawsuit.

Banks can be sued within their foreclosure proceedings. This is called countersuing the bank. In the foreclosure lawsuit, the bank must present testimony and documentary evidence to support their claims. It is not uncommon for litigated foreclosure lawsuits to take three to five years to get through the court system.

Does Foreclosure Mean You Are Losing Your Home?

The answer to this is no! The foreclosure lawsuit is the start of a process by a financial institution to take back the home. If proper Answers with affirmative defenses and counterclaims are filed and discovery demands are made, the banks can be put on the defensive. No one is going to show up at your house and force you out into the street. The purpose of the foreclosure proceeding is for the bank to obtain a court order to sell your home. This is not an easy process. It takes a long time to get through the legal system. Using an experienced foreclosure defense lawyer can give you the security of knowing you will not be forced out of your home in the short run. Before a bank can take your home, they must get through your foreclosure defense law firm. I can tell you this is not an easy thing to do if you are represented by the right lawyer.assisting homeowners on Long Island

Your Home Was Sold in Foreclosure, So What Do You Do Now?

foreclosure defense lawyers on Long IslandUnfortunately, some homes will end up being sold in foreclosure. If your home is sold in foreclosure, your world will not come to an end! To start with, foreclosure home sales are generally advertised in local newspapers. Sales take place usually on the courthouse steps or inside a courtroom within the courthouse. Referees are appointed by judges to conduct these foreclosure sales. The sale usually goes to the highest bidder. However, if no bidder bids the amount owed on the mortgage, the bank will bid in that amount and the bank itself will take title to your home. Once the bank takes title to your home, you will be considered a tenant in the house. The good thing about this is tenants have rights!

Homeowners in Foreclosed Homes

Now that you are a tenant, it does not mean you will be forced to immediately move out of your home. The bank can bring a landlord tenant proceeding and try to evict you. However, landlord tenant proceedings tend to be long drawn out proceedings. Banks usually take a much softer approach. Your attorney can negotiate a lease where you can continue to stay in your home and pay the bank rent. If you seek to move, the bank may be willing to do what is called a “cash for keys deal”. In these deals the banks will usually pay your moving expenses and give you money for a down payment for an apartment. They will take this action to avoid the necessity of litigating landlord tenant proceedings.

Keeping Tenants In Their Homes

So your home was sold and you are now a tenant, the best way of dealing with your new situation is to have your attorney contact the bank and enter into negotiations with regard to your new status as a tenant. Banks are concerned about their image. They don’t like to put families on the street. They spend millions of dollars on advertising on radio and television trying to show they are your best friend, they are charming and wonderful and are prepared to give money to whoever comes into their branches. The last thing they want is to be thought of as that Simon Legree figure from literature.

Bankruptcy Issues Concerning The Sale of Your Home

Foreclosure cases are brought in the Supreme Court in the county in which your house is located in. Landlord tenant proceedings are either brought in a Landlord Tenant Court or in the District Court where your home is located. Bankruptcy proceedings are filed in United States Bankruptcy Court. The Bankruptcy Court is a Federal Court. It is a higher court. The bringing of a bankruptcy proceeding creates an automatic stay which prevents state court proceedings from moving forward. The automatic stay is the equivalent of a temporary injunction enjoining the state court from allowing either landlord tenant or foreclosure cases to move forward. The filing of a Chapter 7 bankruptcy can stop you from being evicted and can prevent the landlord tenant proceeding from moving forward.

Should you be in the unfortunate position where your house is sold in foreclosure, do not despair. There is still help available. You can contact our law office to discuss your situation. Our phones are monitored 24/7. We can be reached at 516-561-6645, 718-350-2802, or 1-800-344-6431.assistance for homeowners facing bankruptcy

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