California Takes a Tough Stand on Improper Mortgage Practices

Stand On Improper Mortgage PracticesThe Attorney Generals from all 50 states, as well as the Federal Government, have been in negotiations with large financial institutions over their improper and fraudulent mortgage practices. The Justice Department has been trying to work out a settlement with these institutions for almost a year. California is one of the states that has large numbers of homeowners who have had financial problems related to the collapse of the housing market in the United States.

Kamala D. Harris, the Attorney General for the state of California, has pulled out of negotiations with the 49 other states and the Justice Department. She claims that the proposals being circulated to settle with the large banks are inadequate for California homeowners. Although billions of dollars in penalties are being discussed, she feels this would still be inadequate to deal with the problems the large financial institutions have caused California residents.

New York Attorney General With Settlement Proposals

Eric T. Schneiderman, the Attorney General for the State of New York, has been removed from the committee negotiating with the large banks. He was removed from this committee because he was critical of the deals being circulated to settle with the banks. He has recently stated he hopes a resolution can be worked out. It is extremely unlikely that there will be an overall settlement unless California comes back to the negotiating table. “The banks aren’t going to be interested in settling unless it removes future liabilities”, were remarks made by Jeffrey Harte, a bank analyist who works with Sanderler O’Neil.

High Foreclosure Rates in California

Even if there is a settlement, the monies received as part of the settlement would be distributed among the 50 states. California, being one of the hardest hit states, would want a significant portion of the settlement funds. Mrs. Harris has pointed out that during the one year of discussions with the banks, more than five hundred thousand homes in the State of California have gone into foreclosure. California now has eight cities listed among the top ten highest foreclosure rates in the United States.

Foreclosure Legal Help

Are you facing foreclosure? Have you applied for a mortgage modification and been rejected? Have you been served with a summons and complaint in a foreclosure proceeding? If you answer is yes to any of the above questions, you need an experienced, dedicated foreclosure defense lawyer. The foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo have more than 20 years of experience in dealing with foreclosure related problems. We attend foreclosure court conferences on behalf of our clients. We litigate issues such as defective foreclosure lawsuits, predatory lending, defective mortgages and other significant real estate related defenses. We’ve developed an expertise concerning federal laws and foreclosure.

Bankruptcy Lawyers

We can also help you deal with foreclosure-related bankruptcy issues. Filing either a Chapter 7 or a Chapter 13 bankruptcy may be necessary to deal with the foreclosure on your home. If you file bankruptcy, you can eliminate second mortgages in some situations, stop foreclosure, stop other debt collections practices and at the end of the bankruptcy, action can be taken to re-establish your credit. Feel free to call us for a consulation. Our phone numbers are 1-800-344-6431, 516-561-6645 or 718-350- 2802. Thank you for visiting our foreclosure defense blog.

Cities With High Foreclosure Rates

Cities With High Foreclosure RatesLas Vegas, Nevada and Phoenix, Arizona are running neck and neck for the title of having the highest foreclosure rates in the United States of America. Although it has been widely written about these two cities enormous foreclosure rates, there are numerous other small cities in America that have similar problems.

Albuquerque, New Mexico

Albuquerque is a city of approximately 500,000 people. They have a foreclosure rate of one in every forty-six homes. During 2010, their foreclosure rate increased by over 60%. Albuquerque was one of the fastest growing metropolitan areas in the continental United States. It has a warm climate and, for many years, it had a very favorable job market. Albuquerque has been devastated in recent years due to the falling economy.

Albuquerque is suffering from a high unemployment rate. More than 13% of all of construction jobs were lost in Albuquerque during 2010, pursuant to the Associated General Contractors of America. High lay-offs in the construction industry contributed to Albuquerque having a high foreclosure rate.

Savanna, Georgia

Savanna is a beautiful city. It is known for its beautiful old south architecture. The city has a population of approximately 350,000 people. Unfortunately, one in every forty homes is in foreclosure. This amounts to a home being in foreclosure on every three blocks in the city of Savanna. In 2010, Savanna’s foreclosure rate increased by 37%. Some homes in Savanna are now selling for less then $50,000. The cost of the raw materials to build these homes would be more then double this amount!

Tulsa, Oklahoma

Tulsa has a population of about a million people. One out of every fifty homes in Tulsa is in foreclosure. This amounted to a 37% increase during the 2010 calendar year. Although the unemployment rate in Tulsa has been below the national average for the past few years, the foreclosure rate has been increasingly high. Job losses in Tulsa increased by 38% in 2010.

Myrtle Beach, South Carolina

Myrtle Beach, South Carolina, is dependent on vacation home buyers. It is a vacation destination for the majority of the families who spend time there. In 2009, the unemployment rate was over 12% for this city. The unemployment rate dipped to 11.8% in 2010.

During 2010, there was an increase of approximately 45% in the amount of homes going into foreclosure. This is a small increase compared with the increase of 446% for foreclosures in 2009. The huge foreclosure increases in 2009 and 2010 is indicative of the fact that Myrtle Beach is a tourism dependent community. When Americans have financial difficulties, they have less discretionary funds to spend on vacation homes and tourism.

Foreclosure rates throughout the United States are causing pain in many communities. This will delay the economic recovery in the United States.

Stop Foreclosure In Its Tracks

There are legal defenses to foreclosure lawsuits. We litigate foreclosure lawsuits. We assist our clients with mortgage modifications. We attend foreclosure court conferences on behalf of our clients. We litigate defective mortgages, predatory lending issues and defective foreclosure lawsuits. We advise our clients as to whether Chapter 7 or Chapter 13 bankruptcies are the appropriate means to deal with their financial situations.

Read our foreclosure blog. It will help you understand the nature of the foreclosure crisis in the United States and the fact that there are things that can be done to keep you and your family in your home. Feel free to call our foreclosure defense and real estate attorneys at 516-561-6645, 1-800-344-6431 and 718-350-2802 for a free consultation. Call us now, our phones are answered 24/7.

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