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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

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

Home prices are down! Interest rates are at an all time low!! But can you get a loan?

Home Prices Are DownMortgage rates have reached all time lows. Unfortunately, the mortgage crisis in American has made it extremely difficult for the average American to qualify for these low interest mortgages.

A number of years ago, during the housing boom, if you were breathing and you walked into a mortgage brokers office, you could walk out with a mortgage. Today, only the most highly qualified perspective homeowners can obtain mortgage financing. Recent data from the Federal Reserve System shows more than 25% of all Americans who apply for mortgage loans are being rejected.

Lawrence Yun, the chief economist for the National Association of Real Estate Brokers, recently stated “good borrowers with one or two blemishes on their credit are being denied credit.”

Statistics regarding credit scores concerning Fannie Mae and Freddie Mac financed loans show the average credit score to qualify for a loan has increased from 720 to 760. For Federal Housing Authority loans the average score has increased from 660 to 700.

Down Payments

Today it is necessary that a perspective mortgage borrower have between 15 and 20% of the total cost of the home to qualify for obtaining a mortgage. It should be noted during the boom year in the real estate market all a prospective borrower needed to buy a home was a down payment of Zero!

About the Author

Elliot Schlissel, Esq. is an attorney who assists clients in real estate related matters. He is a former president of the Commercial Lawyer’s Conference of New York. He currently represents numerous individuals throughout the Metropolitan New York area in a variety of foreclosure defense lawsuits and mortgage modification applications.

Buyers Are Still Wary Of Purchasing Homes In New York

The housing market on Long Island did not improve in the month of January 2012. According to Multiple Listing Service on Long Island the median sales price of a home in Nassau County  fell 6.1% between January 2011 and January 2012.  This brought the median home price down from $410,000 to $385,000.  During the same period of time homes in Suffolk County fell 5.2%.  With the median price going from $313,000 to $296,800.  The volume of homes that were sold also was reduced.

James Retz, a Vice President at Daniel Gale Sotheby’s International Realty in Cold Spring Harbor, stated with regard to the real estate market on Long Island it is “showing a lot of life, but there’s still a lot of caution.”

High Foreclosure Rates

The high foreclosure rates on Long Island continue to have a negative impact on the sales price of homes.  There are simply too many homes on the market in Long Island.  When you have a lack of equilibrium between the amount homes listed to be sold and the number of purchasers interested in buying homes the market will continue to go down.

Conclusion

It is still a difficult time to sell a house and buyers who are in the market today can obtain substantial bargains.

Real Estate Lawyers

The Real Estate Lawyers at the Law Offices of Schlissel DeCorpo can help you if your home is in foreclosure or if your home is heading toward foreclosure.  We can represent you at foreclosure court conferences.  We can submit foreclosure defenses in litigation brought by financial institutions against you.  A commonly utilized pleading involves defenses such as defective foreclosures, predatory lending, foreclosure fraud, and other real estate related defenses.  We can also help you with regard to a forensic audit with regard to your mortgage.  Call us and we will discuss your foreclosure options with you.
An additional option when faced with foreclosure is filing a Chapter 7 or Chapter 13 bankruptcy.

Our attorneys are available to discuss foreclosures related to bankruptcy with you.  Feel free to call us.

Summer Home Buying Season, the Worst in Five Decades

home1Spring of each year starts the home buying season. The months of April through the end of August signals the time that most home buyers come into the market. This is usually a time of heightened activity in the real estate market for the sale of single family homes. This was not true, however, in the year 2011. From the period of April through the end of August of 2011, fewer homes were sold in the United States during any six month period in the last fifty years. Home sales from the Spring and Summer were the weakest since 1963. This is an indication of how poor the real estate market and the economy in the United States is doing.

Low Mortgage Rates

Mortgage rates reached their lowest levels since records were kept during the Summer months. However, even with record low mortgage rates and home prices continuing to go down, would-be buyers are still not being enticed. Approximately one hundred and seventy thousand homes were sold from March through August of this year. This is even less than was sold in the same period in 2010, which, up until that time, was the worst in a half a decade. Normally, approximately four hundred thousand homes would sell during this period of time.

Home Prices Falling

The medium price for the sale of existing homes fell to approximately $168,000. This was decreased in 5% from the prior year. New home prices averaged about $209,000, which was almost 8% less than the prior year. Low priced foreclosure sales and short sales have been driving the market down. This causes real estate brokers to press sellers to lower their prices on their homes to compete with these foreclosures and short sale homes. It is estimated that homes in foreclosure and short sales sell for 20% less than their market value. This has the impact of lowering home prices throughout the areas where the short sales and foreclosures are located.

Is the single family home becoming a depreciating asset? Is the American dream over? I don’t think so. However, we may be headed for an additional five years of flat real estate prices before we see a significant rebound

Bankruptcy can act as an escape valve to prevent the loss of a home, stop foreclosure, eliminate a second mortgage and stop debt collection harassment. Your credit can be re-established after filing either a Chapter 7 or a Chapter 13 bankruptcy One bankruptcy myth is that you will never receive credit again after filing bankruptcy. This is simply untrue.

Bankruptcy Lawyers

Should you have questions or issues concerning your financial situation or are considering filing for bankruptcy, feel free to call the Law Offices of Schlissel DeCorpo. We’ve been helping our clients for more than 30 years deal with foreclosure defense and bankruptcy matters. We can be reached at 1-80–344-6431, 516-561-6645 or 718-350- 2802.

Falling Home Prices Wreaking Havoc on the Economy

Falling Home Prices WreakingEconomists in the United States are taking the position that falling home prices are a significant problem preventing the economic recovery in the United States. The devaluation of homes in the United States has cost Americans billions of dollars. The declining wealth of American homeowners has had a further negative impact on their confidence that the financial situation will improve in the future.

Richard Curtin, Professor of Economics at the University of Michigan, recently stated “people don’t expect their home to regain value, and that’s really lead to a change in consumer attitudes about the economy that we’ve just never seen before.”

Americans have a confidence problem in their future of their country. They no longer believe that the economy will necessarily improve and financial circumstances will get better. The average income of many American families has declined. The unemployment rate is still over 9%. The expectations for economic growth among Americans have fallen to one of the lowest levels in history.

The Decline of the Real Estate Market

Recent studies by economists have shown the decline in the real estate market affecting all aspects of consumer spending. It is estimated that Americans reduce their spending by $20-$70 a year for every $1,000 decline in the equity in their home. During times of appreciation in real estate, there was a “wealth effect.” The wealth effect made consumers feel that they had liquidity and, therefore, they spent more money. Often more than they actually had. The down side of the wealth effect is, as home values have declined, consumer confidence has declined and there has been a negative reduction in the wealth effect. In other words, consumers feel they’re getting poorer when their houses go down in value and are less inclined to spend money.

Economy Will Eventually Recover

The prevailing view among the economists is that even though things do not look good right now, the economy will eventually get better and Americans will start spending again. Hopefully, appreciating real estate prices will spearhead the economic recovery.

Foreclosure Lawyers

The foreclosure lawyers at the Law Offices of Schlissel DeCorpo can help you if you have a foreclosure problem. Our foreclosure defense lawyers litigate defective mortgages, defective foreclosure lawsuits, predatory lending and all other types of real estate related matters. We can explain the federal laws on foreclosure and how they affect you. We attend foreclosure court conferences for our clients.

In the appropriate situation, we will discuss foreclosure related bankruptcy issues, such as filing a Chapter 7 and a Chapter 13 bankruptcy with you. In bankruptcy situations, there is an automatic stay that goes into effect, ordered by the court, that stops foreclosure from moving forward. In some bankruptcy situations, we can eliminate second mortgages. At the end of the bankruptcy, we can assist you inre- establishing your credit. Feel free to set up a free consultation with us. We will discuss your foreclosure options with you.

Government Turning a Quarter Million Foreclosed Homes Into Rentals

Homes Into RentalsThe President is considering turning a quarter of a million homes taken over by government controlled agencies into rentals. Putting these homes on the market for sale will only further depress the real estate market. The Federal Housing Finance Agency would like to put 250,000 homes that are owned by Fannie Mae, Freddie Mac and the Federal Housing Administration on the market to be rented. These homes have been obtained by government agencies pursuant to foreclosure proceedings. Edward DeMarco, who is currently the acting director of the Federal Housing Agency, has stated that “renting these homes instead of selling them in foreclosure may reduce credit losses and help stabilize neighborhoods and home value.” It is estimated that homes placed on the market for sale in foreclosure sell for 20% less than their actual value.

Foreclosure Crisis Creates Demand In Rental Market

Since the housing crisis started, approximately three million former homeowners are now renting. This has reduced the inventory of homes available to be rented. Families that lose their homes in foreclosure have no choice but to rent. Their credit is ruined by the foreclosure proceedings, they generally have no money for a down payment and their only option is to rent. There are those who claim America is becoming a society of renters. The American dream of owning a single family home may become a broken dream. This dream emanated from the conclusion that owning a home would not only provide you with a stable place to live, but will allow you to develop equity. However, during a time of economic turmoil the value of single family homes has been going down. A home, instead of being a worthwhile investment in real estate for the past few years, has been a horrible investment. Single family homes have been declining in value for the last five years. It is estimated that it may be an additional five to ten years before single family homes start increasing in value. In a market where the value of real estate is going down, renting seems to be the logical choice. Why buy a home today that will be worth less in the future?

I think the Obama Administration is on the right track. I believe instead of foreclosing on homes and selling them at auction, the homes should be rented to prevent the continuing oversupply of homes to the real estate market. This will give the real estate market a greater opportunity to reach equilibrium between buyers and sellers. Down the road, when the real estate market recovers, the government can offer these homes to be sold to their renters or to other worthy individuals or families.

Foreclosure Defense Lawyers

Before your house falls into foreclosure, it is suggested you apply for a mortgage modification. If your mortgage modification program does not meet your needs, unfortunately your home may end up being foreclosed upon. Should you receive a Summons and Complaint in foreclosure, our law office can help you. We will attend foreclosure court conferences on your behalf and speak to the Judge about motivating your financial institution to give you a mortgage modification. We’ll also submit a formal written answer on your behalf. Defenses such as defective mortgages, predatory lending, defective foreclosure lawsuits and other real estate related legal defenses can be interposed on your behalf. Our law firm will use its extensive experience in handling these types of cases, to keep you in your home.

We will also discuss with you foreclosure related bankruptcy options. Filing a Chapter 7 or Chapter 13 bankruptcy may be the best route for you in dealing with your foreclosure situation. Why should you file bankruptcy and the types of bankruptcies available to you would be discussed upon your initial free consultation. Should you file bankruptcy you can sometimes eliminate second mortgages. Bankruptcy will stop foreclosure proceedings from moving forward and stop all debt collection activity against you. Call us for a free consultation.

We will discuss all of your foreclosure and bankruptcy options with you. Our phone numbers are 1-800-344-6431, 516-561-6645 or 718-350-2802. You’ve just visited the Elliot Schlissel, Esq. foreclosure blog.

NY Foreclosure Law Firm Fined Two Million Dollars

NY Foreclosure Law Firm Fined Two Million DollarsSteven J. Baum, P.C. of Amherst, New York, has been fined two million dollars for inappropriate foreclosure legal practices. Steven J. Baum, P.C. is the largest foreclosure law firm in the state of New York. Steven J. Baum, P.C. has agreed, in addition to paying the two million dollar fine, to re-vamp its practices with regard to the handling of pleadings, affidavits and mortgage assignments in New York State and Federal Courts.

The Law Firm has agreed to implement a variety of internal controls regarding its processing and handling of foreclosure proceedings. They have agreed to review original promissory notes received from their clients or custodians of the notes prior to filing new foreclosure lawsuits. These actions will bring the firm in compliance with the order issued by Chief Judge Jonathan Lipman regarding attorneys representing lending institutions.

Mortgage Foreclosure Proceedings

US Attorney Preet Bharara, from the Southern District of New York, stated, with regard to the settlement, “in mortgage foreclosure proceedings, there are no excuses for sloppy practices that could lead to someone mistakenly losing their home.” She stated further that “homeowners facing foreclosure cannot afford to have faulty paperwork or inadequate evidence submitted and today’s agreement will help minimize that risk.”

Baum Law Firm Released from Civil Liability

The Baum Law Firm, upon payment of the two million dollar fine and the imposition of new internal procedures, will be released from potential civil liability under the Financial Institutions Reform, Recovery and Enforcement Act of 1989. The Baum Law Firm acknowledges that it occasionally made inadvertent errors in its legal filings in state and federal courts, which it attributes to human error in light of the high volume of mortgages and foreclosures it handled throughout the State of New York in the wake of the national subprime mortgage crisis.”

It should be noted that this is a settlement. It is not a finding of wrongdoing by the Baum Foreclosure Law Firm. The Baum Law Firm has also agreed to have experienced attorneys supervising all aspects of the preparation of documents and reviewing of documents before they are filed with the courts. In addition, they are implementing a one to two-year training program for their attorneys to bring them in compliance with the rules regarding foreclosure proceedings in the state of New York.

Hopefully, this law firm will live up to its responsibilities in dealing with foreclosure proceedings. Taking a family’s home and putting them on the street is a sad end to the American dream. These proceedings should be handled in a manner that protects the homeowner’s rights and sees to it that homes aren’t wrongly foreclosed upon.

New York Foreclosure Defense Lawyers

The New York City and Long Island foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo can help you if you have a foreclosure problem. Our foreclosure defense lawyers litigate defective mortgages, defective foreclosure lawsuits, predatory lending and all other types of real estate related matters. We can explain the federal laws on foreclosure and how they affect you. We attend foreclosure court conferences for our clients.

In the appropriate situation, we will discuss foreclosure related bankruptcy issues, such as filing a Chapter 7 and a Chapter 13 bankruptcy with you. In bankruptcy situations, there is an automatic stay that goes into effect, ordered by the court, that stops foreclosure from moving forward. In some bankruptcy situations, we can eliminate second mortgages. At the end of the bankruptcy, we can assist you inre- establishing your credit. Feel free to set up a free consultation with us. We will discuss your foreclosure options with you.

A Thousand Days to Foreclose a Home

There is an old expression that courts have two speeds, slow and backwards. In the State of New York, that is certainly true if you’re involved in foreclosureThousand Days to Foreclose a Home proceedings. It is estimated that it takes approximately a thousand days to bring a case from start to finish in both Nassau and Suffolk counties in New York. The delays in foreclosure proceedings are caused by the courts being overwhelmed by the unprecedented number of homes going into foreclosure. There are more than twenty thousand homes tied up in foreclosure proceedings in Nassau and Suffolk counties at the present time. The high level of foreclosures continues to depress the real estate markets on Long Island.

Foreclosure Court Conferences

New York State has a statute that requires a court conference on all new foreclosure proceedings. At the court conference, the Judges and attorneys look into possibility of avoiding foreclosure. Mortgage modifications and other solutions to the foreclosure proceedings pending before the courts are discussed with the homeowners’ attorneys and the attorneys for the financial institutions. These foreclosure court conferences often result in negotiations leading towards mortgage modifications and/or other solutions to these problems.

Cases in New York are subject to a significant amount of scrutiny by the courts. The purpose of this scrutiny is to see to it that innocent homeowners are not improperly removed from their homes.

Saving Your Home, Foreclosure Defense Attorneys

We can save your home from foreclosure. We attend foreclosure court conferences on your behalf. We can submit an answer to your foreclosure proceeding that can include defenses involving defective mortgages, defective foreclosure lawsuits, predatory lending and other real estate related defenses. We are knowledgeable about federal laws and foreclosure. We will provide you at the time of the initial consultation with all of your foreclosure options.

These options will include foreclosure related bankruptcies. The filing of either a Chapter 7 or Chapter 13 bankruptcy will stop foreclosures from moving forward. Filing a bankruptcy will also stop debt collectors and collection lawyers that may be harassing you. There are many bankruptcy myths that are untrue. Bankruptcy will not permanently destroy your credit. We will be able to help you re-establish credit after filing a bankruptcy.

Call us for a free consultation. We will discuss all foreclosure defenses and bankruptcy options with you at your initial free consultation. We appreciate your visiting our foreclosure blog.

Foreclosed Homes Being Filled by Criminals

Foreclosed Homes Being Filled by CriminalsJamaica, New York, has had a rash of foreclosed homes. Homes that are being foreclosed upon and have become vacant are now being filled with drug dealers, gang members and other criminals. These homes are “becoming a magnet for criminal activity.” This is according to Deputy Inspector Miltiadis Marmara, the Commanding Officer of the precinct in South Jamaica. Community members in Jamaica are concerned about criminals and vagrants moving into these empty homes. They have huge parties. They stand outside the homes smoking weed and using other drugs. When the police are called, they run away. After the police leave, they return.
There are more than 75 homes in the Jamaica area that are suffering from these types of problems.Jamaica, New York, is a middle class community. Hard working, blue collar workers have used their life savings to buy homes. In their free time, they fix them up.

Neighborhoods Affected By Foreclosure Crisis

The foreclosure crisis is destroying good neighborhoods in Jamaica. Hard working, middle class families are being forced to live next to empty homes that squatters have moved into. The squatters make noise and partake in a lot of drug abuse and criminal activity. This is another problem caused by the foreclosure crisis.

Who Is Stopping Foreclosures in New York

The foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo can stop foreclosure proceedings in their tracks. We file written Answers with the court and opposing counsel on behalf of our clients. We attend foreclosure court conferences wherein we try to convince judges to put pressure on the financial institutions to give our clients mortgage modifications. We litigate issues concerning defective mortgages, defective foreclosure lawsuits, predatory lending and all types of other real estate related matters. Our office has substantial knowledge concerning Federal laws and foreclosure.
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.

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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