New York foreclosure attorneys

Fighting Foreclosure Lawsuits

December 20, 2015 by Elliot S. Schlissel

foreclosure lawyer for homeowners If you are behind on your mortgage payments, do not despair. Foreclosure lawsuits can be fought in the courts in New York. If you receive a letter from your financial institution indicating your home is going into foreclosure or you are served with a Summons and Complaint, your best defense is to go on the offense.

Legal action can be taken to protect your home. The first thing which needs to be done is to have the situation properly evaluated. Should you apply for a mortgage modification? Can you qualify for a forbearance agreement? Should you litigate the foreclosure? Has the bank been involved in predatory lending, violations of Truth in Lending Laws, violation of New York State or Federal banking laws? Have they served you with the 90 day notice? Have they acted properly during the course of negotiations for mortgage modifications? There are numerous issues which need to be analyzed and dealt with as part of a foreclosure defense strategy.

Bankruptcy

Is bankruptcy the right solution for you? Should you file for bankruptcy now or wait until later stages of the foreclosure proceeding? Is a Chapter 7 bankruptcy the appropriate bankruptcy to file or should you file a Chapter 13 which involves a payment plan? Again, this depends on the circumstances involved in each case. Each family’s circumstances and needs are different.

Victim of Predatory Lending?

Predatory lending generally deals with unfair business practices or unethical business practices which lenders sometimes engage in. If the prospective mortgage holder was deceived or agreed to an unfair or abusive mortgage term, it may involve predatory lending. Due to the nature of predatory lending, most homeowners who have been subject to predatory lending end up having their homes foreclosed upon, and if appropriate action isn’t taken, lose their homes.

Predatory lending practices can be exposed as part of a foreclosure defense during the course of a foreclosure lawsuit. When served with a Summons and Complaint the homeowner can allege in his Answer the defense of predatory lending.

Conclusion

Should you find yourself behind on your mortgage, facing a foreclosure lawsuit or in the middle of a foreclosure lawsuit, the best way to protect your interests and keep your family in your home is to hire an experienced, dedicated foreclosure defense attorney.

Filed Under: Foreclosure, Foreclosure Defense Tagged With: bankruptcy, defective foreclosure lawsuits, foreclosure defense lawyers, foreclosure proceedings, New York foreclosure attorneys

The Rise of Non-Bank Mortgage Servicing Companies – Part II

October 15, 2015 by Elliot S. Schlissel

Servicing $10 Trillion Dollars of Mortgage Loans

Non-bank institutions which service mortgages have grown at an incredible rate in the past few years. The largest fifty non-bank mortgage servicing companies handled almost $10 trillion dollars in mortgage loans in 2014. Non-bank servicing organizations accounted for almost 30% of these loans last year. In 2010, they accounted for only 7% of these loans. Ocwen serviced nearly $400 billion dollars in loans in 2014, and NationStar Mortgage serviced more than $377 billion dollars in loans. This is 500% more than they serviced in 2010.

Large Employee Turnover

These non-bank institutions have large turnovers of their employees. It makes it extremely difficult for homeowners to reach the same individual at these institutions to deal with their problem. This can create a gut wrenching situation for the homeowners who are trying to straighten out administrative problems caused by the servicing agencies.

Non-bank servicing companies are much harder to work with than traditional financial institutions. They are not as well equipped or well versed in issues concerning loss mitigation.

In 2014, the Consumer Finance Protection Bureau imposed new mortgage servicing requirements on both banks and non-bank servicing mortgage companies. Under these new rules, all mortgage servicing companies are supposed to create a “single point of contact”. This single point of contact is designed to help homeowners with troubled loans.

Approximately a year ago, the New York Department of Financial Services blocked a transfer of almost $3 billion dollars in mortgage servicing contracts from Wells Fargo Bank to Ocwen. In December 2014, Ocwen reached a $150 million dollar settlement with the New York Department of Financial Services concerning abuses and conflicts of interest. Hopefully in 2015, this New York agency will be able to regulate these non-bank servicing institutions and/or motivate them to provide higher quality levels of service to the tens of thousands of beleaguered mortgage holders who are forced to deal with them.

Elliot S. Schlissel is a foreclosure attorney. He helps homeowners with homes which have gone into or are going into foreclosure. He is the author of more than 400 articles on his blog concerning foreclosure defense.

Filed Under: Foreclosure, Foreclosure Defense Tagged With: defective foreclosure lawsuits, defective mortgages, foreclosure, foreclosure attorney, mortgage servicing companies, New York foreclosure attorneys

Monetary Damages In a Countersuit Against the Bank

April 4, 2015 by Elliot S. Schlissel

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

http://youtu.be/ja5dxpyWpxg

Elliot S. Schlissel is a foreclosure attorney. He and his associates have been helping homeowners stay in their homes for more than 45 years. He also helps his clients obtain mortgage modifications. Elliot can be reached for consultation at 516-561-6645, 718-350-2802 or by email to schlissel.law@att.net.

Filed Under: Foreclosure, Foreclosure Defense, Mortgage Modification Tagged With: Counterclaims, defective foreclosure lawsuits, foreclosure, foreclosure defense lawyers, foreclosure proceedings, Monetary damages, New York foreclosure attorneys

No Money Down Mortgages

December 12, 2014 by Elliot S. Schlissel

In 2008, there was a financial crisis in the United States. The economy wasn’t doing well, banks went out of business. Hundreds of thousands of Americans couldn’t meet their mortgage payments and their homes went into foreclosure. In 2014, six years later, we are still dealing with the aftermath of the issues created by giving mortgages to individuals who couldn’t afford to make the payments.

The no money down mortgage, to a minor extent, still exists in the United States. The no money down mortgage, which to a considerable extent, was responsible for the housing bubble that existed in the United States in 2008, does still exist in 2014. Although this type of mortgage is still available in the marketplace, it is hard to find.

What is a no money down mortgage? This is a mortgage where 100% of the purchase price of a house is financed. A no money down mortgage can allow people with virtually no assets to buy a house. However, these types of mortgages usually come with higher fees, and high interest rates.

Veterans’ Administration Mortgages

The Veterans’ Administration still has mortgage programs which allow veterans to purchase homes without putting money down. These programs, however, have funding fees of two or three percent. The fee is required to be paid in advance. This payment in advance actually creates a down payment of sorts.

There is also a program by the United States Department of Agriculture which offers no money down mortgage in rural areas. It should be noted that some suburban areas around large cities are still considered to be rural areas by the United States Department of Agriculture.

Credit Unions

While banks are for profit institutions, credit unions are not for profit institutions. An example of a credit union which offers a no money down mortgage is the Navy Federal Credit Union. The no money down mortgage given by the Navy Credit Union has a 1.71% funding fee. This funding fee must be paid at the time the mortgage is given.

What Mortgage is Right for You?

If you are in the market to buy a home, you should meet with a mortgage consultant. You should discuss your financial circumstances and make inquiry as to what type of mortgage is best for you and your family. This discussion should take into consideration your long term ability to make the mortgage payments to avoid having your home going into foreclosure.

Elliot S. Schlissel is a foreclosure attorney. He represents individuals and families throughout the Metropolitan New York area whose homes have gone into foreclosure. Elliot and his staff of lawyers take the appropriate legal action to keep families in their homes and avoid losing their homes in foreclosure proceedings.

Filed Under: Foreclosure Tagged With: foreclosure attorney, foreclosure defense lawyers, foreclosure proceedings, mortgage, New York foreclosure attorneys

Bank Sanctioned for Foreclosure Activity

November 14, 2014 by Elliot S. Schlissel

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

http://youtu.be/aWFhexR5IEo

Elliot S. Schlissel is a foreclosure lawyer representing homeowners throughout the Metropolitan New York area. He regularly sues banks to set aside mortgages and help keep his clients in their homes. He and his associates can be reached at 516-561-6645, 718-350-2802 or by email to schlissel.law@att.net.

Filed Under: Foreclosure Tagged With: defective foreclosure lawsuits, foreclosure defense attorneys, New York foreclosure attorney, New York foreclosure attorneys

Foreclosure and Continuing to Live in the House for Years

November 7, 2011 by Elliot S. Schlissel

Thousands 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.

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.

Filed Under: Bankruptcy, Current Events, Foreclosure, Foreclosure Defense, Mortgage Modification, Uncategorized Tagged With: Evictions After Foreclosure, Evictions Foreclosure, foreclosure, foreclosure attorney, foreclosure defense, foreclosure defense for homeowners, foreclosure defense homeowners, foreclosure proceedings, mortgage modification, mortgage payments, Nassau County foreclosure attorney, New York foreclosure attorney, New York foreclosure attorneys, NY foreclosure defense attorneys

Home Builders Assessment of Real Estate Industry is Full of Gloom

September 23, 2011 by Elliot S. Schlissel

The real estate industry in the United States is doing poorly. Home builders are pessimistic with regard to the housing market in the United States. The National Association of Home Builders has recently put out an announcement that the sentiment among home builders in August of 2011 is extremely negative.

In 2011, the number of new homes built in the United States fell to its lowest level since records were maintained. Home builders cannot compete with the glut of foreclosed homes on the real estate market. It is less expensive to buy a home that was taken over by a bank in foreclosure than to build a new home. Homeowners who want to sell their existing homes and buy a new home cannot find buyers for their existing homes.

Although the sale of newly built homes is a very small portion of the real estate market, it has an significant impact in the economy in local areas. Three jobs are created for each new home being built for a period of one year. In addition, each new home built generates approximately $100,000 in real estate taxes.

Dave Crowe, an economist working with the National Association of Home Builders stated that the weakening of the U.S. economy, coupled with the high unemployment, is having a devastating effect on the marketplace for new home purchasers. The record low interest rates have not been enough to simulate the market place for the building of new homes.

Foreclosure Defense Lawyers

We can keep you and your family in your home. We provide foreclosure defense and bankruptcy legal representation for our clients. We attend foreclosure court conferencesfor our clients. We litigate foreclosure proceedings in the courts throughout the Metropolitan New York area. We are knowledgeable concerning real estate related defenses, in foreclosure proceedings and the federal laws that deal with foreclosure.

We can also assist our clients in foreclosure related bankruptcies. We file Chapter 7 andChapter 13 bankruptcies for our clients. At our initial consultation, we will discuss various types of foreclosure defenses and the types of bankruptcies that may be available to you. We can stop foreclosure and debt collection activities by filing bankruptcy on your behalf. There are also numerous bankruptcy myths, such as you will never receive credit again, that are untrue. We will be happy to meet with you and discuss issues involving foreclosure, bankruptcy, re-establishing credit and staying in your home. Call us for a free consultation. Thank you for visiting our foreclosure blog.

Filed Under: Bankruptcy, Current Events, Foreclosure, Foreclosure Defense, Mortgage Modification, Uncategorized Tagged With: Foreclosed Homes, foreclosure, foreclosure attorney, foreclosure bankruptcy, foreclosure defense, foreclosure related bankruptcies, high unemployment, home builders, housing market, housing market us, National Association of Home Builders, New York foreclosure attorneys, New York foreclosure defense lawyers, New York foreclosure lawyer, real estate industry, real estate market, unemployment, unemployment foreclosure

Prosecutors Discuss Settlement of Lawsuit Over Bank Mortgage Abuses

August 25, 2011 by Elliot S. Schlissel

Federal and State prosecutors are in the process of working out a settlement with the five largest loan companies in the United States over their mortgage abuses. The discussions are centered around a settlement of approximately 30 billion dollars. As part of the settlement, the financial institutions will have to provide detailed assurances that they will establish and comply with better banking practices in the future. Negotiators are meeting in August in Washington, D.C. to try to work out a settlement.

Is Prosecution More Appropriate Than Settlement?

There are many families and individuals who lost their homes due to the mortgage crisis which was created by bank abuses. Many of those affected feel that prosecution of individuals is the better route than settlement. The settlement will excuse all of the misconduct that financial institutions took part in. It is the government’s hope that the settlement will have an affirmative effect on the nation’s financial system and the economy. I believe this is wishful thinking!

The public interest requires a detailed investigation and the prosecution of those individuals involved with bank abuses and fraud. After the investigation and the convictions of those individuals, settlements involving significant civil penalties can be worked out. The settlement that the government is negotiating will sweep under the rug the widespread acts of fraud and abuse that the banks were engaged in, that has resulted in a foreclosure crisis in the United States and the downward spiral of our economy. Those individuals responsible for inappropriate activities should be appropriately dealt with.

Foreclosure Defense and Saving Homes

We can help save your home from being sold in foreclosure. The Law Offices of Schlissel DeCorpo have been representing individuals whose homes have been foreclosed upon for more than 45 years. 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 conferences for 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. 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.

Filed Under: Bankruptcy, Current Events, Foreclosure, Foreclosure Defense, Mortgage Modification, Uncategorized Tagged With: Bank Mortgage Abuses, better banking practices, five largest loan companies in the United States, foreclosure, foreclosure attorney, Foreclosure Defense and Saving Homes, foreclosure defense attorneys, foreclosure proceedings, loan companies lawsuits us, New York foreclosure attorneys

Foreclosure Rates Climbing on Long Island

August 23, 2011 by Elliot S. Schlissel

Foreclosure rates have been climbing on Long Island for the past few months. The increase in foreclosure rates is related to lenders moving more vigorously to foreclose on homes after stopping for several months to review their practices to make sure they are in compliance with state and local laws. After employees from financial institutions admitted that they had signed foreclosure documents without reading them, New York state courts began requiring lenders and lawyers to scrutinize and check the paperwork they receive from their clients. State court judges have been aggressive in seeing to it that the lenders have all of the appropriate paperwork before they move forward with foreclosure proceedings.

As banks have corrected what many thought to be abuses of the foreclosure process, they have now become more confident that they are acting appropriately with regard to their foreclosure proceedings. This has allowed them to speed up the foreclosure processing of documents internally within their organizations.

During the first half of the year, investigations by local and state officials of bank abuse caused banks to take a second look at their foreclosure process. However, banks seem to have dealt with their problems and are now moving forward aggressively to foreclose on homes on Long Island.

The increased foreclosure activity has a negative effect on the housing market. The more homes that come on to the already over crowded housing market through foreclosure sales have an impact of reducing home values in the area of the foreclosed home.

Long Island and New York City Foreclosure Defense

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.

Filed Under: Bankruptcy, Current Events, Foreclosure, Foreclosure Defense, Mortgage Modification, Uncategorized Tagged With: defective foreclosure lawsuits, defective mortgages, foreclosure, foreclosure defense, foreclosure options, foreclosure proceedings, Foreclosure Rates Climbing Long Island, Foreclosure Rates Climbing on Long Island, Long Island and New York City Foreclosure Defense, Long Island Foreclosure Defense Attorneys, New York foreclosure attorney, New York foreclosure attorneys, predatory lending issues

Improving Your Chances of Obtaining a Mortgage

July 21, 2011 by Elliot S. Schlissel

For a period of time in America, mortgages were being given out by financial providers without the appropriate due diligence requirements being met. This caused a mortgage crisis in the United States that we are still dealing with. There are currently new rules in place regarding obtaining mortgages. The rules are strict and the requirements are more difficult to meet.

Credit Scores

It takes a much higher credit score today to obtain a mortgage than it did five years ago. Prior to obtaining a mortgage, it is important that you investigate your credit score. If your credit score is not high enough to obtain a mortgage, procedures can be undertaken to increase your credit score.

Paying Down Debt

If you have significant debt from credit cards, car loans or other types of debt, it can have a negative impact on your credit score. By paying down your debt you improve your income to debt ratio, which in turn will raise your credit score.

Don’t Make Large Purchases

If you’re planning on buying a home, do not apply for additional credit cards and do not make large purchases on your existing credit cards prior to buying your home. Lenders will look into these activities and it will have a negative impact on their underwriting process.

Put More Money Down As a Down Payment

Lenders today are looking for 20% down payment before giving mortgage loans to prospective homeowners. If you could put down more than the 20%, it will increase your chance of getting a mortgage loan.

The mortgage process will require that you produce tax records, pay stubs, bank statements, credit reports and other financial documents. Maintain all of these documents in an organized fashion. This will ease the burden of filling out the mortgage loan applications.

Beware of the Twenty Eight Percent Standard

Banks today are following guidelines that total housing expenses should not exceed 28% of your monthly gross income. If you exceed the standard it will be difficult for you to obtain a mortgage.

Foreclosure Defense

Foreclosure is a nasty term. Foreclosure notices are depressing. There’s a tendency when your financial troubles are out of control to try to avoid these problems. This is a wrong way of dealing with this problem. Come to us, we can help you! 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 conferences for 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.

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.

Filed Under: Current Events, Foreclosure Defense Tagged With: credit scores, debt ratio, defective foreclosure lawsuits, down payment, eliminate second mortgages, foreclosure court conferences, foreclosure defense, foreclosure notices, foreclosure proceedings, mortgage crisis, mortgage loan, New York foreclosure attorneys, predatory lending, real estate

Fighting Foreclosure Lawsuits

The Rise of Non-Bank Mortgage Servicing Companies – Part II

Monetary Damages In a Countersuit Against the Bank

No Money Down Mortgages

Bank Sanctioned for Foreclosure Activity

Foreclosure and Continuing to Live in the House for Years

Prosecutors Discuss Settlement of Lawsuit Over Bank Mortgage Abuses

Foreclosure Rates Climbing on Long Island

Improving Your Chances of Obtaining a Mortgage

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