Chat Banner

Can We Help You?

Why are Mortgage Modifications Denied?

Have you applied for a mortgage modification? If you have, you may have experienced a long, arduous process. The processing agency or financial institution may request your paperwork on three, four, or as many as six different occasions. Some New Yorkers who have come to our law firm have suggested that the mortgage processing companies are hiring imbeciles.

Long Delays

Why does the process have long delays? The reason for the long delays is the banks have failed to hire sufficient employees to properly process mortgage applications. The banks also didn’t take into consideration the length and depth of the financial crisis facing this country. The high unemployment rate, the down sizing of jobs and the recessionary problems in the United States have caused thousands and thousands of Americans to apply for mortgage modifications. The banks simply did not take into consideration the volume of mortgage modification applications they would be receiving.

Mortgage Modification Denials

There are a variety of reasons why your mortgage modification may be denied. The single largest reason for denying mortgage modifications is the financial institutions claiming you didn’t provide them with all the necessary paperwork. This is the most frustrating denial, especially when you provided the paperwork to them on several occasions and they simply lost or misplaced it. A second reason for denying mortgage modifications is that you have too much debt. If the financial institution feels you already have more debt that you can handle, they will turn down your mortgage modification application.

Insufficient Income

Another reason why many mortgage modification applications are denied is the failure to have sufficient income to support your financial obligations.

Bankruptcy

You can discharge debt through filing bankruptcy proceedings. You can go through the bankruptcy process and thereafter file a mortgage modification application. At the end of the bankruptcy, you will have eliminated your debt and you therefore may be a superior candidate for a mortgage modification at that time.

Second Mortgages

There are situations where a family’s mortgage modification application on their first mortgage is approved. However, they may still have a non-performing second mortgage. In these situations, you may be able to discharge your second mortgage by filing bankruptcy. A Chapter 13 bankruptcy can eliminate your second mortgage.

Foreclosure Lawyers

We can fight your foreclosure. We litigate predatory lending issuesdefective foreclosure lawsuits, and defective mortgages. We attend foreclosure court conferences for our clients. We draft mortgage modifications and deal with mortgage modification programs that fail to meet our clients needs.

We also litigate foreclosure related bankruptcies, whether they’re a Chapter 7 bankruptcy or Chapter 13 bankruptcy. We also assist our clients in re-establishing credit after filing a bankruptcy. We can help stop your foreclosure from moving forward! Call us and we will provide you with a free consultation. We will discuss all of your foreclosure options.

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.

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.

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.

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

  • viewimg1
  • viewimg1
  • viewimg2
  • banner-changes

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.

Copyright © 2018 By The Law Offices of Schlissel DeCorpo. All Rights Reserved. Concept, Design and Hosting by GetLegal Web Development Team.