Chat Banner

Can We Help You?

Foreclosure Proceedings are Devastating Communities Throughout the Country

The value of homes throughout the country has gone down. Many Americans live in homes that worth less then the amount of their mortgages. The high unemployment rate and the downsizing of jobs by many employers have robbed homeowners of the ability to make their mortgage payments.

Foreclosure on Long Island

Nassau and Suffolk Counties on Long Island have some of the highest foreclosure rates in the State of New York. President Obama’s programs have not stopped foreclosure rates from rising.

It is estimated that it takes approximately 2 ½ years for lender to complete a foreclosure proceeding and take title to a home in New York State. Homeowners who are losing their homes lose motivation to maintain their property. This causes a blight on their neighborhood which has a negative effect on the surrounding homes in their community.

Loan Modifications

Lenders in the United States are doing a terrible job in processing loan modifications. The process is slow, painstaking and yes poorly managed by the financial institutions.

The housing problems in the United States are slowing down the economic recovery. More has to been done by financial institutions to modify mortgages and allow homeowners to stay in their homes.

Foreclosure Defense Lawyers In New York City and Long Island

Law Offices of Schlissel DeCorpo represents homeowners whose homes are in foreclosure. We assist the homeowners with mortgage modifications. We litigate issues involving defective foreclosure lawsuits, predatory lending, defective mortgages and real estate problems in general. Our attorneys are familiar with the federal laws involving foreclosure.

Sometimes the best way to deal with a foreclosure proceeding is to file foreclosure related bankruptcy. In these situations we file either Chapter 7 or Chapter 13 bankruptcies on behalf of our clients. These bankruptcies stop foreclosures, stop debt collections and allow our clients to obtain a fresh start. Feel free to call us for a consultation.

Bankruptcy Filings Are On The Rise

Bankruptcy filings on Long Island are on the rise. In March of 2011, more bankruptcies were filed on Long Island than any other time in the past two years.

Change In Bankruptcy Exemptions

There was a significant change in the bankruptcy exemptions in New York in January, 2011. Individuals now filing a Chapter 7 bankruptcy can exempt $150,000.00 in equity in their home. A couple filing a Chapter 7 bankruptcy can exempt $300,000.00 in equity in their home. This means a couple filing a Chapter 7 bankruptcy can discharge their debt and keep their home even if they have $300,000.00 in equity in their home. This is the
main reason why Chapter 7 bankruptcy filings have increased.

Let’s look at an example involving the bankruptcy exemptions. Let’s suppose you
have a home worth $500,000.00 and you and your wife have a mortgage of $250,000.00 on it. You also have $50,000.00 in credit card debt, you owe a doctor $10,000.00 and have a personal loan that you didn’t pay in the amount of $10,000.00. You can file a joint Chapter 7 bankruptcy with your wife, eliminate the $70,000.00 in personal debt, and keep your home. This is provided you are up to date on your mortgage at the time you file your bankruptcy and you continue making your mortgage payments on a timely basis. Filing a Chapter 7 bankruptcy if you’re in financial difficulty may be a good idea!

Long Island and Queens County Bankruptcy Lawyers

If you have questions about filing bankruptcy, contact the bankruptcy lawyers at the Law Offices of Schlissel DeCorpo. We represent individuals filing Chapter 7 and Chapter 13 bankruptcies. We will discuss with you prior to filing bankruptcy, why bankruptcy may be the best route to resolve your financial problems and also explain the various types of bankruptcies available to you. At the end of the bankruptcy we’ll help you re-establish your credit. It is important to know that under Chapter 13 bankruptcies the lien created by second mortgages can sometimes be eliminated. Bankruptcies can help you stop foreclosure proceedings from moving forward and eliminate debt collection hassles. Call us for a free consultation.

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

  • viewimg1
  • viewimg1
  • viewimg2
  • banner-changes

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.

Copyright © 2018 By The Law Offices of Schlissel DeCorpo. All Rights Reserved. Concept, Design and Hosting by GetLegal Web Development Team.