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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.

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.

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

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.

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