Dealing with a Foreclosure
Law Offices of Schlissel DeCorpo, LLP
by Elliot Schlissel
2w ago
Life is not static. A families financial situations can change related to loss of employment, downsizing employment, financial tragedies, health issues, marital problems and many other issues. When a family falls behind on their mortgage payments it is important they do not ignore the issue. Immediate action should be taken to deal with the potential of a foreclosure and the loss the family’s most valuable asset, their home. Lenders Action A financial institution can take legal action when a homeowner falls 2 or 3 months behind in making their mortgage payments. The homeowner will usually rece ..read more
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Foreclosure, What Does It Mean? – Part 2
Law Offices of Schlissel DeCorpo, LLP
by Elliot Schlissel
5M ago
The Homeowner’s Response Upon being served with the summons and complaint, regarding notice of the foreclosure lawsuit, in the event you wish to keep your home and contest the foreclosure lawsuit, you need to file a verified answer. This is a response to the summons and complaint, and it will outline any defenses you have to the lawsuit. Be advised if you do not file an answer or you simply fail to respond the court will rule in the case that you have defaulted and the lawsuit will go faster and you’ll lose your home more quickly. Foreclosure Settlement Conference Usually within 60 days after ..read more
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Happy Thanksgiving
Law Offices of Schlissel DeCorpo, LLP
by Elliot Schlissel
5M ago
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Foreclosure, What Does It Mean? – Part 1
Law Offices of Schlissel DeCorpo, LLP
by Elliot S. Schlissel
5M ago
Foreclosure is the initiation of a lawsuit for the rights to ownership of the property. It seeks to remove from the owners from living in the property and having the property sold at auction to satisfy an unpaid mortgage on the property. The foreclosure process can be initiated by the financial institution’s attorneys as they have a vested interest home which has been used as collateral for the loans. Start Of The Foreclosure Process The foreclosure process begins after the homeowner’s default, which technically occurs when they have missed mortgage payments on their home mortgage loan. The nu ..read more
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Reverse Mortgages For Co-ops
Law Offices of Schlissel DeCorpo, LLP
by Elliot S. Schlissel
5M ago
On May 20, 2022 a new law went into effect in New York State which allows owners of co-ops to apply for reverse mortgages. Up until the time this statute went into effect, seniors who wanted to obtain a reverse mortgage on their co-op apartments, were unable to do so. The reason for this is that co-ops are not real property under the law in New York State. The owners of a co-op have a personal property interest in the shares of the cooperative apartment corporation. Co-Op Mortgages and How They Work In a regular mortgage the borrower receives a loan and immediately starts making scheduled mont ..read more
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Happy Halloween!
Law Offices of Schlissel DeCorpo, LLP
by Elliot Schlissel
5M ago
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The “Foreclosure Abuse Prevention Act” Levels Playing Field For Homeowners
Law Offices of Schlissel DeCorpo, LLP
by Elliot S. Schlissel
7M ago
On February 20, 2023 the new Foreclosure Abuse Prevention Act was signed by New York Governor Kathy Hochul. Here are some significant aspects of this new law; A motion to discontinue a foreclosure lawsuit will no longer be able to reset the six year statute of limitations to bring a new foreclosure lawsuit. Under this new statute, legal action by the holder of the note. (e.g., the bank) to discontinue the lawsuit does not extend the statute of limitations for bring a foreclosure lawsuit. The holder of the loan is time barred from foreclosing the mortgage after six years from the date the loan ..read more
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LEGAL PROCESS IN STATE AND FEDERAL COURTS INVOLVING FORECLOSURE
Law Offices of Schlissel DeCorpo, LLP
by Elliot S. Schlissel
11M ago
Legal action can be taken by homeowners in either state courts or federal courts to save their homes. Unfortunately, these procedures are sophisticated. Most general practice lawyers are not familiar with the complicated process of fighting foreclosure lawsuits. Should you find yourself facing a foreclosure situation, do yourself a favor and hire an experienced foreclosure attorney. WHAT CAN OF FORECLOSURE ATTORNEY DO TO HELP ME? An experienced foreclose defense lawyer will be in a position to examine all of the documents connected with the obtaining of the mortgage on for your home. He or she ..read more
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CAN I FIGHT A FORECLOSURE?
Law Offices of Schlissel DeCorpo, LLP
by Elliot S. Schlissel
11M ago
Mortgage loans generally are made for a period of 15 or 30 years. When homeowners take out the loan, they usually have good jobs, are healthy and have no problems making the payments. But during the term of the mortgage, sometimes homeowners run into financial difficulties. Their financial situations change. They experience all types of anxiety regarding losing their home. THE FINANCIAL INSTITUTIONS ATTORNEY Financial institutions have in house lawyers. They have outside counsel who bring lawsuits against homeowners that helps the financial institutions maintain their profitability. Foreclosur ..read more
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LAWYERS AND FORECLOSURE DEFENSE
Law Offices of Schlissel DeCorpo, LLP
by Elliot S. Schlissel
1y ago
Before you represent yourself or hire an attorney, carefully look into who are the best foreclosure defense lawyers. Attorneys are expensive. To become a lawyer in the state of New York, you need a four year undergraduate degree. Thereafter apply to law school, be accepted and attend three more years of education in the law in an approved law school. Then, after graduating from law school, the individual must take the bar exam, pass it, go through an ethics process and then be admitted to the bar. The process between applying to college, graduating, going through law school and get admitted to ..read more
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