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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.

Mortgage Modification Scams

There are companies advertising on the internet that they assist homeowners with mortgage modifications. Sometimes these companies are run by charlatans who are engaged in mortgage modification scams. These companies target the elderly, minority members, and individuals with bad credit.

Sometimes the mortgage scam companies request the mortgage holder to make their payments to them and not to their financial institution. They claim they will take care of the problem at their end. This is always a mistake. If you are going to pay your mortgage, pay it directly to your financial institution.

Another mortgage scam involves the submitting of an application to your mortgage company showing you have a higher income then you actually have. If you can’t afford the mortgage to begin with, you’ll not be able to make your mortgage payments. This will result in your home ending up in foreclosure. This is a route you should not start down.

Mortgage Modification ScamsInterest Only Mortgage Payments

Obtaining a mortgage that requires that you, for a period of time, only make interest payments is also not a wise choice. These type of loans sometimes have balloon payments. In a balloon payment situation, after a period of time you must make a lump sum payment or refinance. Under this type of scam the scammer will tell you that down the road things will be better and you’ll be able to refinance at a lower rate and obtain a better quality conventional mortgage. Don’t bet on it!

Mortgage Modification Attorneys

Under the appropriate circumstances, we assist clients in submitting mortgage modification applications. We also defend our clients in the event their homes go into foreclosure. We attend foreclosure court conferences on behalf of our clients. We litigate issues involving defective foreclosure lawsuits, bad faith on behalf of financial institutions, defective mortgages, predatory lending and other real estate related issues. We maintain a foreclosure blog which is updated regularly concerning various issues related to foreclosure, mortgage modification and real estate matters.

We review our client’s situations carefully and, when appropriate, we file either Chapter 7 or Chapter 13 bankruptcies on their behalf. Call us for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

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

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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