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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.

2010, a Terrible Year for Home Sales

Posted on February 14th by Elliot S. Schlissel, Esq.

2010 was the worst year for home sales in the United States since 1997. The National Association of Realtors stated that home sales dropped by 4.8% to 4.91 million homes sold in the year 2010. This is the smallest amount of home sales in the United States since 1997.

Foreclosures and High Unemployment Depress the Real Estate Market

The high volume of foreclosures in the United States, coupled with record-high unemployment rates, have depressed the real estate market in the United States. Many potential home purchasers are waiting to buy homes because the prices will continue to decrease. Many economists feel it will take an additional five to six years for the real estate market in the United States to reach a level of equilibrium. It is estimated that 2011 will even be a worse year for home sales in the United States due to increasing foreclosure rates. This should cause the value of homes to continue to decrease in value in 2011. Due to the foreclosure crisis in the United States, there are simply too many homes on the market and not enough prospective purchasers. In addition, it has become much more difficult to obtain mortgages for prospective homeowners.

Banks are carefully underwriting new mortgages. They are looking into the loan-to-debt ratio. They are performing more due diligence, such as to see that the mortgage applications contain correct information. The fact that mortgage rates are extremely low has not been successful in raising the level of home sales in the United States.

The current rates on fixed home-mortgages in the United States are approximately 4.74% for thirty year mortgages and approximately 4.25% for fifteen year mortgages. In November of 2010, rates reached an all time low of 4.17% for a thirty year mortgage and 3.57% for a fifteen year mortgage. The medium home price in the United States in December of 2010 fell to $168,800.00. This was down 1% from December of 2009.

Foreclosure Defense

The Law Offices of Schlissel DeCorpo handles foreclosure defense for homeowners throughout the Metropolitan New York area. We prepare mortgage modification applications. We litigate foreclosure lawsuits and keep our clients in their homes. We attend court foreclosure conferences. We deal with defective foreclosure lawsuits, predatory lending and bad faith on behalf of financial institutions. Should you have a problem call us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Blame the Banks, Not the Homeowners, for the Mortgage Crisis (PART 3)

Posted by Elliot S. Schlissel, Esq.

Modifications Are Superior to Foreclosures

The granting of mortgage modifications to worthy homeowners is a much better policy for the banks, the homeowners and the economy in the United States. However, the banks don’t get this! If the banks were to modify mortgages, in most situations, they would end up making more money, the homeowners would have a place for their family to live, the foreclosure volume in the United States would go down and real estate prices would start to rebound.

Foreclosures Have a Negative Impact on the Real Estate Market

The huge volume in foreclosures is having a crushing impact on the real estate market in the United States. Who is to blame for this mess? The banks and other financial institutions!!! They created the mortgage bubble by improper mortgage lending practices and they made the foreclosure crisis worse by failing to set up reasonable appropriately financed and managed mortgage modification programs. The Federal government bailed out the banks when they had financial problems. The banks were supposed to help the homeowners who were in financial trouble. They have failed miserably in this endeavor!

Foreclosure Defense and Loan Modification Lawyers

If you are involved in the above referenced foreclosure mess or have problems with mortgage modifications, we can help you. The foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo have been assisting our clients for more than twenty years. We have dozens of foreclosure defense cases pending throughout the courts in the Metropolitan New York area. We attend foreclosure conferences for our clients. We help negotiate mortgage modifications. We are familiar with the mortgage modification programs that fail. We are adept at litigating defective foreclosure lawsuits, predatory lending and bad faith of financial institutions. Call us at 1-800-344-6431, 516-561-6645 or 718-350-2802. We can help you!

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 Action Dismissed, Bank Had No Standing to Sue

Posted by Elliot S. Schlissel, Esq.

Justice Madden, sitting in the Supreme Court of New York County, recently dismissed a foreclosure proceeding because the plaintiff financial institution had no standing to sue. The court held that they had no standing to sue because they could not document that the mortgage had been properly assigned to them. The case involved was LPP Mortgage Ltd. v. Sabine Properties, LLC.

LLP Mortgage claimed that Sabine had defaulted in making mortgage payments to them. They had accelerated the mortgage (called it due) and asked for a judgment for the entire mortgage balance.

Justice Madden noted that the complaint submitted by LLP Mortgage Ltd. did not specifically identify the original institution that granted the mortgage. It also didn’t state how the mortgage was assigned to LLP Mortgage Ltd.

The attorneys for Sabine alleged that the mortgage was originally given by Wall Street Mortgage Banks. They also claim that Mortgage Electronic Registration Systems was acting as a nominee and was not the mortgage holder filed with the Registrar of Deeds in the City of New York.

Sabine Properties contended that LLP Mortgage did not provide the courts with documentation that this mortgage had been assigned to them.The court ruled in favor of Sabine Properties. The court held that LLP Mortgage could not show the rightful owner of the note and mortgage. Sabine Properties could not show a continuing chain of title as to how the mortgage became their property. On this basis. the court dismissed the lawsuit because they had no standing to sue.

Foreclosure Defense Lawyers

Should you be facing a foreclosure situation regarding your home, it is important you have experienced legal counsel to defend you. For more than 20 years, the Law Offices of Schlissel DeCorpo has been representing individuals whose homes have been foreclosed upon. We litigate foreclosure cases. When necessary, we can file Chapter 7 and Chapter 13 bankruptcies to stop foreclosures from moving forward. We are adept at handling mortgage modifications as well as defending foreclosure lawsuits based on the banks using defective procedures , bad faith and assignments. We also deal with predatory lending cases. Call us should you need assistance at 1-800-344- 6431; 516-561-6645 or 718-350-2802.

Defense of Incompetency in Foreclosure Lawsuits

JP Morgan Chase sued Mr. & Mrs. Haedrich in a foreclosure proceeding in Nassau County, New York. Judge Phelan was the Supreme Court judge assigned to the case.

A guardian was appointed for the Haedrichs. The guardian moved to vacate judgments of foreclosure, as well as the mortgage and notes. The guardian alleged that Mr. & Mrs. Haedrich executed the mortgages and notes accompanying said mortgages in 1999, when they were incompetent. He claimed they suffered from a mentally debilitating condition, including dementia, which deprived them of their ability to make a reasoned intelligent decision concerning the execution of the note and mortgage.

Homeowners Competent to Enter Into Mortgage

The court held that the evidence presented did not sufficiently show that Mr. and Mrs. Haedrich were incompetent at the time of the execution of the mortgage and note. The court also held that the lender was not on notice and did not have any knowledge as to any aspect of their incapacity. The court held that the record did not present appropriate medical evidence showing the Haedrichs were rendered legally incompetent due to mental illness or for other reasons when they executed the necessary documents related to the note and mortgage at the real estate closing. The application by the guardian on behalf of the Haendrichs was dismissed.

About Our Firm

For more than thirty years, our law office has represented individuals in lawsuits involving creditors. We handle foreclosure defense proceedings throughout the New York Metropolitan area. We have a high degree of success in fighting off foreclosure lawsuits.

Should you or a loved one have questions or problems concerning a foreclosure lawsuit, please contact us at 1-800-344-6431 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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