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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.

The Public’s Outlook on Real Estate on Long Island

Outlook On Real Estate On Long IslandProspective homeowners on Long Island have shown more interest about real estate ownership this spring then they have shown in the past few years. A new poll showed that consumers felt the real estate market was moving in the correct direction.

Buyers’ Market

Prospective homeowners on Long Island take the position that they are in control of the market place. It is a “buyers’ market.” Although the sentiment is favorable, this has not translated into an increase in the number of homes that have been purchased on Long Island. Don Levy, the director of Ciena Research Institute, recently stated, “the current view toward buying is extremely positive on Long Island. Right now the seller is losing and the buyer is winning and that tension is more acute on Long Island than it is in any other area of the state we measure.”

Sellers are at a Disadvantage

Liz English is the president of the Long Island Board of Realtors. She is also an associate broker at Netter Real Estate, located in West Islip, Long Island. She recently stated that some may view sellers at a disadvantage, but she does not. “With interest rates where they are now the buyers are there” English said. She believes it is an opportunistic market for both buyers and sellers. Houses are being sold for reasonable rates and buyers can obtain low interest mortgages. She feels this is a “win-win” situation for all involved.

English stated that she sees a trend concerning increases in the amount of purchases of homes on Long Island. She hopes this will continue into the near future.

Foreclosure Defense Attorneys

Filing a bankruptcy is one avenue to take to stop foreclosures from moving forward. Individuals can file Chapter 7 and Chapter 13 bankruptcies. These bankruptcies are usually filed by individuals and not by corporations. After filing bankruptcy you can re-establish credit and, in some circumstances, eliminate second mortgages.

Individuals and families whose homes are in foreclosure can also fight the foreclosures in the New York State courts. Foreclosure defense in the New York State courts can involve litigating issues concerning predatory lending, defective mortgages and defective foreclosure lawsuits. There are mandatory foreclosure court conferences in the state courts of New York. The Judges at these conferences try to motivate banks to work out mortgage modifications with individuals whose homes are in foreclosure. The courts can put pressure on the banks concerning mortgage modification programs that fail to meet the consumers needs. Feel free to call our office for a free consultation. At our initial meeting, we will provide you with an explanation of all of your foreclosure options. If you are reading this article, you are on our foreclosure defense blog.

Countrywide Financial’s Chief Executive Avoiding Criminal Prosecution

Executive Avoiding Criminal ProsecutionCriminal charges against Angelo R. Monzilo, the former chief executive of Countrywide Financial, have been dropped. Federal prosecutors in Los Angeles, California, had been investigating Angelo R. Monzilo with regard to various irregularities by Countrywide Financial. Countrywide Financial, at one time, was the largest mortgage lender in the United States.

After Two Years of Investigations, the Case is Closed Against Mr. Monzilo

Initially, regulators were looking into the 140 million dollar sale of Countrywide stock by Mr. Monzilo while the company was teetering on bankruptcy. The decision by prosecutors not to pursue Mr. Monzilo took place after he agreed to be banned from serving as an officer or director of a publicly-held company.

Countrywide Mortgage Practices

As a result of the practices used by Countrywide Mortgage, billions of dollars were lost by investors. Millions of homeowners have had their homes taken from them in foreclosure. The individuals who have caused this mortgage crisis go largely unpunished. Many of them have profited to the tune of millions of dollars as a result of their misdeeds.

Mr. Monzilo, while at Countrywide Financial, was one of the highest paid chief executives in the United States. From the years 2000 to 2008, he earned $521 million. Who says crime doesn’t pay!

Queens, Nassau and Long Island Foreclosure Defense Lawyers

We handle foreclosure defense cases. We represent individuals when banks seek to take their homes from them and put their families on the street. We file mortgage applications on behalf of our clients. When foreclosure proceedings start, we represent our clients and attend foreclosure court conferences. We litigate defective mortgages, bad faith issues, predatory lending and defective foreclosure procedures. We litigate real estate-related issues concerning foreclosure and mortgage modifications. We also will file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. If you need an attorney to stop foreclosure call us at 1-800-344-6431, 516-561- 6645 and 718-350-2802.

Bank Acts in Bad Faith Regarding Mortgage Foreclosure

Posted by Elliot. S. Schlissel, Esq.

Justice Spinner, sitting in the Supreme Court in Suffolk County, recently had before him the case of U.S. Bank National Association v. Mathon. In this case, the bank had offered homeowners a three-month trial modification to their mortgage. The homeowners accepted the agreement and made the payments. The bank advised the homeowners, in writing, that a final modification would be forwarded to them in the very near future. The homeowners waited, and waited, and waited. They waited for an entire year. After a year had passed, they received notification from U.S. Bank National Association that their mortgage modification request had been turned down.

During the course of the one-year waiting period, the homeowners made ten additional mortgage payments. These payments were made on a timely basis and they were all accepted by the bank without protest. Thereafter, the bank made an application to the court to obtain a judgment in the foreclosure proceeding and sell the homeowners’ property. The homeowners brought an application by Order to Show Cause which motivated the bank to withdraw their request for a judgment of foreclosure and sale.

Hearing Held by Judge Spinner

Judge Spinner ordered a hearing regarding what had happened on this mortgage. The focus of the hearing was to look into whether the bank had acted in good faith or whether they acted in bad faith. If the bank acted in bad faith, the court was going to consider sanctions and other remedial measures against the financial institution. The court noted in its decision that the conduct of the bank in this matter was “rife with bad faith”. They had accepted twelve payments on a three-month trial modification. There had made the homeowner wait a year to find out that even making the twelve payments in good faith, they were getting turned down for their mortgage modification. There were both written and verbal assurances by the bank that the homeowners would receive a permanent loan modification.

Long Island and New York City Foreclosure Defense Lawyers

We defend homeowners whose homes are in foreclosure. We assist homeowners in obtaining mortgage modifications. We litigate bad faith procedures by financial institutions. We attend foreclosure conferences in court. We are familiar with the problems concerning mortgage modification programs that, instead of helping the homeowner, simply don’t work. We deal with predatory lending situations and defective foreclosure lawsuits. We are the New York Foreclosure Defense Law Firm that has presented innovative defenses for our clients. If your house is in foreclosure or you have financial problems related to your mortgage, call us at 1-800-344-6431, 516-561-6645 or 718-350-2802. We can help you save your home! Call us now!

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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