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More Than A Third Of The Mortgages In The U.S. Are Underwater!

foreclosure defense attorneys on Long IslandTen million American families reside in homes worth less than the amount of the mortgages due on the homes. The large number of homes underwater in the United States still has a negative effect on the American economy. This is seven years after the great recession in the United States caused the collapse of the real estate market.

Although ten million Americans owe more on their property than their homes are worth, this is still an improvement from 2013.

Underwater Homes On Long Island

Long Island is fortunate that a smaller portion of the homeowners’ homes in Nassau and Suffolk Counties are underwater than the national average. Approximately 9% of the homeowners on Long Island, approximately 48,000 homes, are worth less than the amounts of their mortgages.

The actual figure of homes which are worth less than their mortgages on Long Island, is substantially higher. When taking into consideration the homeowners who have equity in their homes, it must be noted that for many of these homeowners, if they were to sell their homes, the proceeds from selling their homes would be too low to cover the costs and expenses involved in the sale of the home.

Fewer Homes Being Placed On The Market

The fact that homeowners can’t place their homes on the market and cover the expenses of paying the mortgage and the real estate transaction, is causing homeowners to keep their homes out of the marketplace. This has a negative impact on economic growth. A shortage of homes being listed in some areas has actually resulted in the homes which are on the market having inflated prices. This tends to prevent first time homeowners from coming into the marketplace due to their inability to meet the cost of these new homes.

Stan Humphries, the Chief Economist for Zillow, recently stated “the unfortunate reality is the housing markets look to be swimming with underwater borrowers for years to come.”

Hopefully the economy on Long Island and the rest of the United States will continue to improve which will raise the incomes of Americans and put more value into their homes.

foreclosure lawyer in New YorkElliot S. Schlissel is a foreclosure lawyer. He defends foreclosure lawsuits brought by financial institutions against homeowners and assists homeowners in obtaining mortgage modifications.

Tips to Avoid Foreclosure

Please click on the link below to watch today’s video blog:

http://youtu.be/VEakIsUsJfk

Elliot Schlissel is a foreclosure defense lawyer.  He has been helping homeowners stay in their homes for more than 20 years.  He can be reached for consultation at 516-561-6645, 718-350-2802 or by email to schlissel.law@att.net.

Mortgage Terms – Part II

foreclosure defense attorneysDifferences Between the Note and Mortgage

A note is signed by the person obligated to make the payments pursuant to the terms of the contract of the promissory note. The person who is obligated to make the payments is not necessarily the same person that owns the property. In some situations a guarantor or other individual who has better credit than the homeowner is required to be on the note. In some transactions where there are two people involved, whether it is a husband and wife or just two individuals are the owners of property, whose names are on the deed and one of those individuals has bad credit only the individual with good credit may be on the note.

A mortgage is a document that is signed by the individuals who own the property. In the large majority of situations, the homeowners execute both the note and the mortgage. However, this is not always the case. Where corporations are involved, the corporate entity that owns the property will usually sign the mortgage. However, the principals of the corporate entity will execute the note.

Mortgages are Recorded

A mortgage needs to be recorded in the county seat of the county where the property is located. The recording of the mortgage creates a record for all those individuals making inquiry as to whether the home is owned free and clear of financial impediments and to ascertain who the lender is.

assisting homeownersElliot S. Schlissel, Esq., is a foreclosure attorney representing individuals throughout the metropolitan New York area whose homes are threatened with foreclosure or in foreclosure. He strives to keep his clients in their homes by litigating the foreclosure proceedings asserting technical defenses and assisting his clients in obtaining mortgage modifications.

Foreclosure and Continuing to Live in the House for Years

Foreclosure And Continuing To Live In The House For YearsThousands of American families have stopped making their mortgage payments, their houses have gone into foreclosure and they’re living in their homes for years without making mortgage payments. Approximately four and a half million American homes are behind on their mortgage payments or have foreclosure actions pending against them. In two-thirds of these cases, the homeowners continue to live in their homes, with their families, without making any payments towards their mortgage. Many of these families have been living in their homes for more than a year and approximately one-third of the families have been living in their homes for more than two years, without making mortgage payments.

Foreclosures Move Slowly Through the Courts

In virtually all fifty states, the courts have been inundated with foreclosure proceedings. At a time of economic turmoil throughout the country, additional judges and resources have generally not been allocated to deal with the foreclosure crisis. This means that cases sit idle in the courts for long periods of time before the foreclosure actions are completed. It is estimated that it takes approximately a little more than a year and a half for the average foreclosure case in the United States to make it’s way through the courts. In the State of New York, in cases handled by my office, it generally takes three to five years for the cases to proceed through the courts.

Evictions After Foreclosure

Even if your home is foreclosed on and eventually sold years later at auction, you can still continue to stay in your home. At the end of a foreclosure sale, should someone buy your home, whether it be the bank or a third party, and they seek to remove you from your residence, they have to bring an eviction proceeding. Eviction proceedings are brought in landlord/tenant courts. These proceedings are separate and distinct from the foreclosure actions. There are additional calendar delays in these eviction proceedings. Most take anywhere from two to four months.

Foreclosure Defense Lawyer

The Law Offices of Schlissel DeCorpo handles foreclosure defense for homeowners. We litigate all aspects of foreclosure proceedings including, but not limited to, defective foreclosure lawsuits,defective mortgages, predatory lending issues, bad faith, and other real estate legal issues. We attend foreclosure court conferencesfor the clients we represent. We also assist our clients in the preparation of mortgage modification applications, as well as deal with mortgage modification programs that are unresponsive to our clients’ needs.

In certain situations, foreclosure related bankruptcies can be utilized to stop foreclosures from moving forward. Upon filing either a Chapter 7 or a Chapter 13 bankruptcy, the bankruptcy court issues an automatic stay that stops the foreclosure lawsuit from moving forward. It should be noted that bankruptcy proceedings are brought in the United States Bankruptcy Court, while foreclosure proceedings are brought in New York State Courts.

For our clients who file bankruptcy, we can sometimes eliminate second mortgages. We also can assist our clients in re-establishing their credit after filing bankruptcy. Should you have questions as to what type of bankruptcy would be appropriate for you or whether there is other alternatives related to foreclosure defense, feel free to contact us. At your initial free consultation, we will discuss all of your foreclosure options. You can reach us at 1-800-344-6431, 516-561-6645 or 718-350-2802. We look forward to seeing you again on our foreclosure blog.

Mortgage Modifications for Customers Whose Mortgages are Current

Banks are turning their backs on millions of Americans whose homes are in foreclosure. At the same time, several large banks are approaching borrowers whose mortgages are not in default and offering to reduce their debts or modify the terms of their mortgages.

JP Morgan Chase and Bank of America, two of the largest financial institutions in the United States, have been contacting borrowers whose mortgages are up to date, offering them special deals. The borrowers being contacted by these banks have pay option adjustable rate mortgages. These banks seek to eliminate as many of these mortgages from their books as possible.

The banks approach individuals whose homes are underwater, but who are current on their mortgage payments. While many borrowers who are in deep financial trouble need help, the banks are ignoring these situations. Instead, they’re making unsolicited contacts and, in theory, rewarding the customers who have done right by them.

Dan B. Fraham, a spokesman for Bank America, recently stated “by proactively contacting pay option ARM customers and discussing other products with better options for long term, affordable payments, we hope to prevent customers from reaching a point where they struggle to make their payments.”

In theory, the banks have decided to make deals regarding mortgage loans that gives borrowers the option of skipping the principal payments and some of the interest payments for a period of several years. Thereafter, the unpaid balance is added to the principal of the loan. The banks are concerned that if these underwater loans go, eventually the homeowners simply abandon them. This is a great deal for these homeowners who’ve kept their loans current. Unfortunately, this ignores approximately 33% of the outstanding mortgages that are either in default or underwater!

Long Island and New York City Foreclosure Defense

The Law Offices of Schlissel DeCorpo handles foreclosure defense for homeowners. We litigate all aspects of foreclosure proceedings including, but not limited to, defective foreclosure lawsuits,defective mortgages, predatory lending issues, bad faith, and other real estate legal issues. We attend foreclosure court conferencesfor the clients we represent. We also assist our clients in the preparation of mortgage modification applications, as well as deal with mortgage modification programs that are unresponsive to our clients’ needs.

In certain situations, foreclosure related bankruptcies can be utilized to stop foreclosures from moving forward. Upon filing either a Chapter 7 or a Chapter 13 bankruptcy, the bankruptcy court issues an automatic stay that stops the foreclosure lawsuit from moving forward. It should be noted that bankruptcy proceedings are brought in the United States Bankruptcy Court, while foreclosure proceedings are brought in New York State Courts.

For our clients who file bankruptcy, we can sometimes eliminate second mortgages. We also can assist our clients in re-establishing their credit after filing bankruptcy. Should you have questions as to what type of bankruptcy would be appropriate for you or whether there is other alternatives related to foreclosure defense, feel free to contact us. At your initial free consultation, we will discuss all of your foreclosure options. We look forward to seeing you again on our foreclosure blog.

Making Timely Mortgage Payments

Making Timely Mortgage PaymentsMany homeowners are making late payments on their mortgages. The percentage of mortgage holders who make late mortgage payments is high compared to the normal delinquency rate on mortgages.Las Vegas and Nevada are the states with the two highest mortgage delinquency rates in the country. The delinquency rate in Florida is 14.3%, and the delinquency rate in Nevada is 15.9%. Although the delinquency rate concerning homeowners making timely payments on mortgages has gone down from last year, it is still very high in these two states. Arizona was the state with the next highest mortgage delinquency rate. Its delinquency rate is 9.14%. The lowest delinquency rates in the country are in North Dakota and South Dakota, with rates of 1.54% and 2.53, respectively.

Pre-Recession Delinquency Rates

The normal pre-recession delinquency rate in the United States is 2.5%. One of the reasons why delinquency rates and mortgages are so high is because the foreclosure process in most states takes a long time. There are currently almost four million homeowners that are behind in paying their mortgages in the United States. As more and more homes go into foreclosure, the time it takes for the foreclosures to work their way through the courts, to get the home on the market to be sold, continues to grow. New York State has a slow foreclosure system. Foreclosures in some counties in New York can take up to two years before the home is sold.

Unemployment and Mortgage Delinquency Rates

There is a direct correlation between unemployment rates in the United States and the number of homeowners who are behind on their mortgages. The value of homes continues to fall in the United States. This acts as a negative factor in motivating homeowners with no equity in their property to continue to make their mortgage payments.

For the housing crisis to be stabilized, more Americans need to be employed so they will have sufficient funds to make the payments on their mortgages.

Foreclosure

If your home is in foreclosure, we can help you! For more than two decades the Law Offices of Schlissel DeCorpo has been one of the premier law firms in the Metropolitan New York area helping homeowners keep their homes. We provide foreclosure defense legal services. We litigate defective mortgages, defective foreclosure lawsuits, predatory lending, bad faith by financial institutions and all types of real estate related proceedings. We assist our clients with mortgage modifications and we deal with mortgage modification programs that fail to meet our clients’ needs. We attend foreclosure court conferences for our clients and we try to motivate the lenders to enter into mortgage modifications, which reduce our clients’ mortgage payments.

Bankruptcy and Foreclosure

We explain foreclosure related bankruptcy proceedings to our clients. If the situation calls for it, we file either Chapter 7 or Chapter 13 bankruptcies for our clients. These bankruptcies stop foreclosures and, in some situations, eliminate second mortgages. We also assist our clients in re-establishing credit after they file bankruptcy. Feel free to call us for a free consultation. Thank you for visiting this foreclosure blog.

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.

Fannie Mae and Freddie Mac

Fannie Mae and Freddie Mac are the two federally-backed agencies that are responsible for the large majority of mortgages in the United States. Congress and the White House are now at odds as to how to deal with these financially ravished, federally-backed agencies.

Steps need to be taken to reform the mortgage business. There has to be greater consumer protection for prospective homeowners. Changes must be made regarding how the mortgage servicing industry deals with prospective homeowners. Mortgage companies must work with borrowers who unfortunately fall behind on their mortgage payments. Action must also be taken to deal with the bundling of loans for sale to investors. These loan bundling schemes were a significant part of the current mortgage crisis.

Democrats and Republicans Both Agree and Disagree

Democrats and Republicans both agree that Fannie Mae and Freddie Mac should not continue to exist. The problem is Democrats and Republicans can’t agree on what should replace them. Both the Democrats and Republicans want the private market place to assume the responsibility currently maintained by Freddie Mac and Fannie Mae. The actual setup of the new organizations is the subject of spirited debate between the two parties in Congress, as well as within the Obama Administration.

Fannie Mae And Freddie MacForeclosure Defense Lawyers in New York

If you have problems with a mortgage modification, we can help you. If you have difficulties dealing with mortgage modification programs that fail to approve your application, we are the lawyers for you. Should you be the subject of a foreclosure lawsuit, we are the lawyers for you. We litigate foreclosure proceedings. We provide foreclosure defense for our clients. We maintain a foreclosure blog to educate our clients and homeowners throughout the Metropolitan New York area with regard to their rights in foreclosure proceedings.

We litigate defective mortgages, predatory lending issues, defective foreclosure lawsuits, bad faith and other related real estate issues. We also assist our clients in filing Chapter 7 and Chapter 13 bankruptcies.

We meet with our clients, we review all of the financial documents related to their mortgage and loan modification and we set up a plan to help keep them in their homes. Feel free to call us at 1-800-344-6431, 516-561-6645 or 718-350-2802. We can help you!!

Mortgage Delinquencies Declined

Mortgage Delinquencies DeclinedDuring the past few months, there has been a reduction in the number of mortgages becoming delinquent. In the third quarter of 2010, the mortgage delinquency rate fell from 14.42% to 13.52%, according to the Mortgage Banker’s Association.

There are several explanations for a decline in mortgage delinquency rates. One explanation is that the economy is improving and this is having a positive effect on home owners ability to make mortgage payments.

Delinquencies and Foreclosures above Normal

The good news is that mortgage delinquency rates and the number of foreclosures is starting to go down. The bad news is that mortgage foreclosure rates and mortgage delinquencies are extremely high by historical standards.

It is thought that one of the reasons why foreclosure rates are starting to decline is that the new foreclosures in 2011 are not being caused by bad bank loans. Many of the foreclosures in 2009 and 2010 were caused by banking practices that provided mortgage loans to individuals who didn’t qualify. Most of the new foreclosures are related to prime loans. These loans are much harder for banks to modify than sub-prime loans. Prime loans are given out at low interest rates to start with.

The number of home owners obtaining mortgage modifications has also been decreasing. Twenty-four thousand homeowners throughout the United States obtained mortgage modifications in October of 2010. Hopefully, we will see a continuation of the reduction of mortgages that are delinquent and foreclosure rate will continue to decline.

Queens, Nassau and Suffolk County Mortgage Modification and Foreclosure Defense Lawyers

Our office can assist you with mortgage modifications. If you are sued in foreclosure, we will aggressively represent you and stop the foreclosure in its tracks.

We litigate bad faith bank practices, defective foreclosure lawsuits, predatory lending issues and fraudulent mortgages. We attend foreclosure conferences in court on behalf of our clients. We also deal with problems caused by mortgage modification programs that do not work. We will analyze your financial situation to see if filing Chapter 7 or Chapter 13 bankruptcy is the appropriate remedy for your difficulties.

Feel free to call us at 1-800-344-6431, 516-561-6645 or 718-350-2802 for a free consultation.

In 2010, One Million Homes Foreclosed and Repossessed in the United States

Posted by Elliot S. Schlissel, Esq.

2010 was the worst year in modern history with regard to homes being foreclosed on in the United States. One million American families were forced out of their homes. It is estimated that we will break this horrendous record in the year 2011 and more than a million families will be forced out of their homes due to foreclosures.

It is estimated that more than five million mortgage holders are more than two months behind in their mortgage. Unless more jobs are created by the Obama administration, it is expected that more Americans will lose their jobs in 2011. As foreclosures increase, the home values in the areas with high levels of foreclosures decrease.

2.9 million homeowners received foreclosure filing notices in 2010. This amounts to virtually one in every forty-five homeowners receiving a foreclosure notice. In December alone, more than a quarter of a million homeowners in the United States received a foreclosure notice. As incredible as this sounds, this is good news! This is the lowest amount of foreclosure notices in the past thirty months. The reduction in foreclosure notices was caused by banks reviewing their foreclosure processes after there were numerous instances where it was found that evictions and foreclosure documents were being inappropriately handled by financial institutions. There has also been lawsuits by the Attorney Generals in all fifty states that have put banks under greater scrutiny regarding their practices concerning foreclosing on homes.

Arizona was the leader in 2010 in foreclosures. One in every seventeen households in Arizona received a foreclosure notice. Florida came in second. One out of every eighteen homeowners in Florida received a foreclosure notice. Approximately fifty-percent of the foreclosure notices in the United States were in the five states of California, Illinois, Arizona, Michigan and Florida.

New York Foreclosure Problems

Suffolk County on Long Island had the highest foreclosure rate in New York State in the year 2010. Although the foreclosure rates in New York are lower than many other states, they are still extremely high by traditional standards. The foreclosure crisis in the state of New York is causing real estate values to be depressed.

Foreclosure Defense in NY

Our law firm represents New Yorkers in foreclosure defense proceedings. We litigate foreclosures on behalf of our clients in the five boroughs of the City of New York, Nassau and Suffolk Counties on Long Island, as well as Westchester County. We attend foreclosure conferences on behalf of our clients, we deal with bad faith predatory lending issues, mortgage modification problems, mortgage modification programs and defective foreclosure lawsuits. We are available 24/7 to assist our client. Feel free to call us should you need help to save your home! Our telephone numbers are 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

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