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Penalizing Banks for Foreclosure Irregularities

Wells Fargo and Company, the fourth largest bank by assets in the United States, Bank of America, the largest lender in the United States and Citigroup the third largest

8lender in the United States expect to be sanctioned by the United States government for bad foreclosure practices.

These banks are accused by federal regulators of abusing borrowers and illegally foreclosing on homes. A federal probe has been underway for many months. Federal investigators have found widespread deficiencies in the manner in which home loans are serviced, payments are collected, how loan modifications are processed and the foreclosure process itself on loans.

Banks to Be Penalized

Wells Fargo, Bank of America and Citibank have all been accused of improper and illegal foreclosure practices. There have been reports that federal regulators may demand as much as thirty billion dollars from some 14 mortgage companies regarding improper foreclosure and mortgage practices.

Bank of America is responsible for the most mortgage loans in the United States. It handles 2.1 trillion dollars in home mortgages. Bank of America besides being investigated by federal regulators has been subject to a variety of private lawsuits concerning their mortgage foreclosure practices. Bank of America had temporarily suspended all foreclosure proceedings in 2010 to conduct a review and investigation of its foreclosure and mortgage practices. Bank of America has recently re-instituted foreclosure proceedings. They claim they have dealt with all of their internal problems concerning the processing of mortgages and handling of foreclosure.

Long Island Foreclosure Defense Lawyers

If your home is in foreclosure or you need a mortgage modification we can help you. The Law Offices of Schlissel DeCorpo have been assisting consumers and homeowners with problems concerning debts to financial institutions for more than two (2) decades. We prepare mortgage modification documents. We can help deal with mortgage modification programs that fail to meet the consumers needs. If you are in foreclosure, we will attend foreclosure court conferences on your behalf.

We litigate defective foreclosure lawsuits, predatory lending issues, defective mortgages, bad faith on behalf of financial institutions, and other related real estate proceedings.

In situations where we feel a filing of a Chapter 7 bankruptcy or Chapter 13 bankruptcy is appropriate we file these proceedings with the United States Bankruptcy Court on behalf of our clients. We also assist our clients in reestablishing credit after filing for bankruptcy. We can help stop foreclosure in its tracks. Call us for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Solution to the Mortgage Crisis: Make Home Loan Modifications Mandatory

Make Home Loan Modifications MandatoryCongress should pass a law forcing financial institutions to make mandatory home modifications to deserving homeowners. Unfortunately, the banking industry has a lot of friends in Congress and it is very unlikely a bill of this nature would be passed by Congress.

Sub Prime Loans

Many of the loans given by financial institutions were called “sub-prime loans”. The sub-prime loans basically duped prospective homeowners into believing that they could afford to buy homes that were, without question, out of their financial reach. Many of the subprime loans had initially interest only payments that increased to include principal over time.

Since the homeowner could barely afford the mortgage-only payment when the mortgage amount increased to include interest or a balloon payment became due, they had no possibility of making these payments.

New Bankruptcy Law in New York

On January 22, 2010, a new bankruptcy statute went into effect in New York State. This allowed individuals filing bankruptcies to keep up to $150,000 of the equity in their home. For a home owned by a couple, up to $300,000 in equity in their home can be kept while the parties file bankruptcy and discharge their debts.

Home ownership and the fair value of real estate provides economic stability to millions of Americans. In the event the economy in the United States were to stabilize, the real estate market also must be stabilized. Homeowners should not be forced to watch the value of their greatest single asset, their home, falling in value each and every month.

Mortgage Modification Assistance

We can help you with mortgage modification issues. Should your home go into foreclosure, the Law Offices of Schlissel DeCorpo can see to it that the foreclosure is stopped in its tracks and you are not thrown of your home. We litigate foreclosure proceedings. We attend court conferences on behalf of our clients. We litigate bad faith loan practices by financial institutions, predatory lending practices, as well as defective foreclosure lawsuits issues. We also maintain this foreclosure blog to help educate the general public. Should you have mortgage modification or foreclosure issues, call us at 1-800-344-6431; 516-561-6645 or 718-350-2802. The Law Offices of Schlissel DeCorpo responds to emails and our phones are monitored 24/7.

General’s Getting Involved In Foreclosure Mess

At this point there have been articles in newspapers, internet sites, magazines and stories on the radio and television about the foreclosure mortgage mess in the United States.  Attorney General’s in all 50 states are now involved in investigations regarding bank practices that have led to the mortgage foreclosure issues that exist in the Unites States. Situations have been uncovered involving various financial institutions where individuals signed affidavits in foreclosure proceedings that they knew nothing about. They alleged in  sworn affidavits to be presented to courts that they were  familiar with and had reviewed the paperwork and files regarding homeowners houses being placed into foreclosure proceedings. The affidavits were lies.  In some cases the individuals signing these affidavits signed as many as 15,000 affidavits in a month. Is would be physically impossible to review that many files.

Loan Modifications

The Attorney General’s hope to use their investigation to force large financial institutions and banks to be more cooperative with regard to working with homeowners concerning loan modifications.

State Action And Not Federal Action

State Attorney General’s have been in the forefront of pressuring banks and other
financial institutions with  regard  to the  problems  involving sub prime lending. The Attorney  General’s in  the  states are  much closer to these proceedings then the federal prosecutors. The states have been  much more aggressive in dealing with  the  issues of predatory lending practices.

About Our Firm

For more than 30 years our law firm has assisted individuals with mortgage modifications, foreclosure defense and lawsuits involving creditors. We have expertise in defending homeowners in foreclosure lawsuits. We have litigated cases involving predatory lending practices. We are also familiar with the issues involving failed mortgage modification programs. Should you, a friend or family  member be involved  in a foreclosure.  You need a foreclosure defense attorney to represent you.  Our experience in representing  individuals in all aspects of foreclosure defense including but not limited to foreclosure defenses and litigating foreclosure issues makes us one of the foremost foreclosure defense law  firms in the metropolitan New York area. Feel  free to call us for a free consultation at 516-561-6645, 718-350-2802 or 1-800-344-6431. We are available 7 days a week.

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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