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Mortgage Delinquencies Declined

Mortgage Delinquencies DeclinedDuring the past few months, there has been a reduction in the number of mortgages becoming delinquent. In the third quarter of 2010, the mortgage delinquency rate fell from 14.42% to 13.52%, according to the Mortgage Banker’s Association.

There are several explanations for a decline in mortgage delinquency rates. One explanation is that the economy is improving and this is having a positive effect on home owners ability to make mortgage payments.

Delinquencies and Foreclosures above Normal

The good news is that mortgage delinquency rates and the number of foreclosures is starting to go down. The bad news is that mortgage foreclosure rates and mortgage delinquencies are extremely high by historical standards.

It is thought that one of the reasons why foreclosure rates are starting to decline is that the new foreclosures in 2011 are not being caused by bad bank loans. Many of the foreclosures in 2009 and 2010 were caused by banking practices that provided mortgage loans to individuals who didn’t qualify. Most of the new foreclosures are related to prime loans. These loans are much harder for banks to modify than sub-prime loans. Prime loans are given out at low interest rates to start with.

The number of home owners obtaining mortgage modifications has also been decreasing. Twenty-four thousand homeowners throughout the United States obtained mortgage modifications in October of 2010. Hopefully, we will see a continuation of the reduction of mortgages that are delinquent and foreclosure rate will continue to decline.

Queens, Nassau and Suffolk County Mortgage Modification and Foreclosure Defense Lawyers

Our office can assist you with mortgage modifications. If you are sued in foreclosure, we will aggressively represent you and stop the foreclosure in its tracks.

We litigate bad faith bank practices, defective foreclosure lawsuits, predatory lending issues and fraudulent mortgages. We attend foreclosure conferences in court on behalf of our clients. We also deal with problems caused by mortgage modification programs that do not work. We will analyze your financial situation to see if filing Chapter 7 or Chapter 13 bankruptcy is the appropriate remedy for your difficulties.

Feel free to call us at 1-800-344-6431, 516-561-6645 or 718-350-2802 for a free consultation.

Home Modification Problems in California (Part 1): Lawyers who Assist Homeowners in Mortgage Modifications Are Now Out of Reach

Mortgage Modifications Are Now Out Of ReachThe Ridiculous Law in California

The State of California has more active foreclosure cases than any other state in the country. Homeowners in California who seek mortgage modifications have had difficulties for the past few years. Today, they have a new difficulty – they can no longer hire lawyers!

Lawyers throughout the State of California are now being forced to reject clients who come to them for the purpose of obtaining mortgage modification loans. This is because California has passed a unique, unusual and restrictive statute. The new law states that attorneys who work on mortgage modification loans can receive no payment until the loan is approved. Under the new statute, clients cannot even put retainer payments in attorney trust accounts.

This California statute is unlike any other statute in the country. The intent of the California statute is for “fly-by-night” loan modification businesses run by non lawyers to be eliminated from the marketplace. Unfortunately, there has been a fallout from this new statute. The unintended consequence of the new law is that honest, hard-working, well-known, well-established attorneys with excellent credentials can no longer represent individuals in dealing with financial institutions’ complicated and burdensome paperwork related to loan modifications.

avoidNew York Foreclosure Defense Lawyers

In the state of New York, there are no restrictions regarding the hiring of foreclosure defense attorneys. For more than 20 years, the Law Offices of Schlissel DeCorpo has been at the forefront of defending consumers and homeowners regarding litigation with financial institutions. We have developed an expertise in defending foreclosure lawsuits. Upon meeting with our attorneys, we will analyze the paperwork related to your case. We will discuss foreclosure defenses, mortgage modifications and the potential of using bankruptcy filings to assist you. We will provide you with a detailed explanation as to the foreclosure process, the mortgage modification process and how bankruptcies affect homeowners. If you are in trouble with your lender, or behind on your mortgage, call us. We can help you! Our phone numbers are 1-800-344-6431, 516-561-6645 and 718-350-2082.

Long Island Foreclosure Crisis

Long Island Foreclosure CrisisIn 2010, Long Island was a hot bed of foreclosure activity. As a result of the foreclosed homes on the market, there is now an inventory of approximately three years of homes that need to be sold. Simply stated, if no new homes came on to the market to be sold on Long Island for a period of three years, considering the current amount of real estate sales, it would take this period to eliminate the backlog of homes in foreclosure already on the market to be sold.The only place in the United States that has more foreclosed homes on the real estate market is Miami, Florida. In November of 2010 there were 893 new foreclosure cases started in Nassau and Suffolk Counties on Long Island.
The Home Affordable Modification Program (“HAMP”) that was created by the Federal Government to prevent home foreclosures will only assist 800,000 homeowners. When it’s taken into consideration that there are approximately four million foreclosure situations in the United States, less than one in four distressed homeowners will be receiving assistance.

Flawed Mortgage Foreclosure Programs

The current mortgage foreclosure programs rely on the financial institutions to agree to voluntarily reduce the homeowner’s monthly payments to an affordable level. The banks have not been cooperative in this endeavor. Instead of reducing the mortgage payment amount for homeowners, in more than 75% of the cases, the banks put the homes into foreclosure. When the banks take this action, they accelerate the mortgage, refuse to accept future mortgage payments, take the home back and put the house back into an overburdened real estate market.

New York Foreclosure Defense AttorneyNew York Foreclosure Defense Attorney

Our office defends foreclosure cases in New York. We currently have dozens of successful foreclosure cases pending in Nassau and Suffolk Counties on Long Island, as well as in Westchester, Brooklyn and Queens Counties.

Our office represents our clients regarding mortgage modifications. We are experienced with regard to the problems mortgage modification programs have. We maintain a foreclosure blog to help educate our clients regarding the numerous issues concerning the current foreclosure crisis. If our clients are sued, we represent them in the foreclosure litigation. We attend foreclosure conferences on their behalf. We litigate defective foreclosure lawsuits, predatory lending practices, and failed mortgages. If you have a mortgage modification or foreclosure problem, we are the attorneys for you!

In 2010, One Million Homes Foreclosed and Repossessed in the United States

Posted by Elliot S. Schlissel, Esq.

2010 was the worst year in modern history with regard to homes being foreclosed on in the United States. One million American families were forced out of their homes. It is estimated that we will break this horrendous record in the year 2011 and more than a million families will be forced out of their homes due to foreclosures.

It is estimated that more than five million mortgage holders are more than two months behind in their mortgage. Unless more jobs are created by the Obama administration, it is expected that more Americans will lose their jobs in 2011. As foreclosures increase, the home values in the areas with high levels of foreclosures decrease.

2.9 million homeowners received foreclosure filing notices in 2010. This amounts to virtually one in every forty-five homeowners receiving a foreclosure notice. In December alone, more than a quarter of a million homeowners in the United States received a foreclosure notice. As incredible as this sounds, this is good news! This is the lowest amount of foreclosure notices in the past thirty months. The reduction in foreclosure notices was caused by banks reviewing their foreclosure processes after there were numerous instances where it was found that evictions and foreclosure documents were being inappropriately handled by financial institutions. There has also been lawsuits by the Attorney Generals in all fifty states that have put banks under greater scrutiny regarding their practices concerning foreclosing on homes.

Arizona was the leader in 2010 in foreclosures. One in every seventeen households in Arizona received a foreclosure notice. Florida came in second. One out of every eighteen homeowners in Florida received a foreclosure notice. Approximately fifty-percent of the foreclosure notices in the United States were in the five states of California, Illinois, Arizona, Michigan and Florida.

New York Foreclosure Problems

Suffolk County on Long Island had the highest foreclosure rate in New York State in the year 2010. Although the foreclosure rates in New York are lower than many other states, they are still extremely high by traditional standards. The foreclosure crisis in the state of New York is causing real estate values to be depressed.

Foreclosure Defense in NY

Our law firm represents New Yorkers in foreclosure defense proceedings. We litigate foreclosures on behalf of our clients in the five boroughs of the City of New York, Nassau and Suffolk Counties on Long Island, as well as Westchester County. We attend foreclosure conferences on behalf of our clients, we deal with bad faith predatory lending issues, mortgage modification problems, mortgage modification programs and defective foreclosure lawsuits. We are available 24/7 to assist our client. Feel free to call us should you need help to save your home! Our telephone numbers are 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!

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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