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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.

Housing Prices on Long Island Decrease

Housing Prices On Long Island DecreaseThe sale prices of homes on Long Island went down in the month of August. This is compared to the price that homes sold for one year ago. The medium sale price for a home in Nassau County was $420,000. This represents a reduction of 4.5 % from last year. The medium sale price for a home in Suffolk County in August of 2011 was $324,000. This was only $1,000 less than that home would have sold for in August of 2010.

A Stabilizing Market

Real estate experts have indicated that the market for single family homes on Long Island is stabilizing. This is another way of saying that the amount of decline in home values is slowly leveling off.

Rock Bottom Prices

Buyers today are looking for rock bottom prices before they will buy a home. Has the market bottomed out? One can never be sure as to what the real estate market is going to do. The major issues involved in the real estate market relate to national and local economic decisions. The unemployment rate has a significant impact on the real estate market. The consensus among families as to the future of their employment prospects impacts on the real estate market. Worries and fears about recessions impact the real estate market. Job security issues have a negative impact on the real estate market. Home values have been going down on Long Island for more than four years. When will the bleeding stop?

Foreclosure Defense and Bankruptcy 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. We look forward to seeing you again on our foreclosure blog.

Home Construction Rates Keep Falling

The home construction industry in the United States is in the doldrums. Builders are not applying for permits for new projects. Applications for building permits are at the lowest level in fifty years. Falling home prices, the huge glut of foreclosed homes in the market place and purchasers reluctance to buy a new home is destroying significant portions of the home building industry.

Jobs, Jobs, Jobs

Americans need jobs. The unemployment rate is too high! The housing industry will not recover unless more Americans are employed.

Tight Credit Markets

Both builders and prospective home purchasers need to obtain credit before they can build and buy homes. Right now small home building companies have been shut out of the credit market. Since they can’t obtain credit, they do not have the means to build homes. The few that are building homes are finding it very difficult to find perspective purchasers who’s credit scores and liquidity allows them to qualify for a new mortgage.

The housing industry in the United States is a mess. Things will continue to get worse unless financial institutions make it easier for homeowners to modify their mortgages.

Foreclosure Help in New York

If your home is in foreclosure we can help you. Our law office defends homeowners in foreclosure proceedings. We litigate defective mortgages, defective lawsuits, predatory lending issues related to foreclosures and other real estate problems. We are familiar with federal laws that deal with foreclosure. We assist our clients with mortgage modifications. After foreclosure lawsuits are started, we represent our clients at foreclosure court conferences.

Bankruptcy

In the appropriate situations we file foreclosure related bankruptcies for our clients. These bankruptcies can either be a Chapter 7 or Chapter 13 bankruptcy. These bankruptcies can be used to eliminate second mortgages, stop foreclosure proceedings and also stop all debt collection activity. At the end of the bankruptcy, we can help our clients in re-establishing their credit. Feel free to call for a free consultation or contact us online.

When is it a Good Time to Buy a Home? How About Now?

Home prices have been going down this year. The pundits state that the best time to buy a home is at the bottom of the market. So how can you tell whether the market has hit bottom? Some independent analysts recommend buying homes this spring. Phil DeMuta, an investment adviser and the co-author of a book on investing entitled The Little Book of Alternative Investments, claims it’s a great time to buy a house. He states housing prices are where they were in 2002 and you’ve got mortgage rates at 5% now on a thirty year mortgage. He further states, “if you can put down the 20% and qualify for a good mortgage, I’d say this is an excellent time to take that kind of position.”

Anthony Sanders, a professor of Real Estate Finance at George Mason University, takes the opposite approach. He is cautious about the outlook of the real estate industry. He suggested there may be a buying opportunity in the late summer of 2011.

Renting

There is currently a large number of homes in America in foreclosure. It is estimated that the number is currently close to two million. As these homes come back into the real estate market, they will have a further negative affect on home prices. Is renting the solution? Renting should be considered something to do on a temporary basis. The owning of a single family home by a family is the American dream. In theory, home ownership in a rising real estate market will provide the homeowners with a lovely place to live, as well as increasing equity in their investment.

Professor Anthony Sanders from George Mason University takes the position that continuing to rent due to the high home vacancy rate of 18% is the best route to take right now. He suggests that young couples wait to see how the whole market progresses this year before buying a home. He states the average person stays in their house only about six or seven years, so you have to have some belief the prices will be relatively constant over that period, so you don’t take the loss. Sanders feels “the housing market is sitting on a ledge and could go either way – – it could go up which is good or we could be in for a double dip.”

Market Bottoms

It is impossible to pick out the market bottom in advance. The real estate market has been in a disarray for the past few years. Housing prices have been going down for the past several months. I anticipate homes will be worth less at the end of 2011 in most metropolitan areas than at the start of this year. So my personal suggestion is wait and see how things shape up in the economy and the real estate market.

Foreclosure Lawyer

Our office represents individuals in foreclosure defense matters. We have more than twenty years experience in handling various real estate problems. We represent our clients regarding mortgage modifications and mortgage modifications that fail. We litigate defective mortgages, predatory lending, and other foreclosure related issues. We attend foreclosure court conferences on behalf of our clients. We advise our clients concerning foreclosure related bankruptcy matters including, but not limited to, filing Chapter 7 and Chapter 13 bankruptcies. In situations where we file bankruptcy on behalf of our clients, we stop foreclosure in its tracks and, on some occasions, we eliminate second mortgages. We also help our clients after filing bankruptcy in re-establishing credit. This foreclosure blog is designed to advise the general public, as well as our clients, concerning mortgage modification issues, foreclosure related issues and real estate matters in general. Feel free to call us for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Defenses to Foreclosure Proceedings

Until fairly recently, it has been difficult to submit defenses in foreclosure proceedings. However, new information that has recently surfaced and been made public with regard to banks and other financial institutions mishandling initial paperwork regarding the obtaining of mortgages, fraud on behalf of mortgage brokers and financial institutions, the loss of important documents regarding mortgages and the generally sloppy procedures utilized by financial institutions. The new information has opened up a new wave of defenses to foreclosure proceedings.

Challenge the Foreclosure Proceedings

Homeowners and their attorneys have taken a very aggressive stance in New York in challenging foreclosure proceedings. The following are a list of some of the common defenses used in foreclosure proceedings:

1. Unconscionability of the mortgage. Unconscionability basically indicates that the mortgage was simply unfair. The terms of the mortgage must be so unfair as to “shock the conscious” of the court. A homeowner’s inability to pay the mortgage does not, on its own, make it unconscionable.

2. The failure of the financial institution to follow the appropriate procedures in the foreclosure proceeding. New York State law lays out the obligations a financial institution has to its customers. The financial institution must prove all aspects of its case to the court. The loss of documents, the failure to maintain adequate records or the failure of an employee of the financial institution (who signs the affidavit regarding the case) to have sufficient knowledge of the case are defenses to foreclosure proceedings.

Action to be Taken by Homeowner

The best thing a homeowner should do if they receive notice of a pending foreclosure proceeding is to research what attorneys in their area handle foreclosure defense. The homeowner should then have an initial consultation with the attorney and discuss how the homeowner’s rights can be protected.

Foreclosure Conferences

In New York, after a foreclosure proceeding is initiated, there must be a foreclosure conference held with the court. In the event the homeowner has a pending mortgage modification application, the court will usually adjourn the case to see if the application is granted. If the homeowner’s attorney presents a very vigorous defense, pressure can be placed upon the financial institution to be more reasonable in the granting of the mortgage modification.

About Our Firm

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

Should you have questions or problems concerning a foreclosure lawsuit, feel free to call us at 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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