Law Offices of Schlissel DeCorpo, LLP
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This blog by Elliot S. Schlissel covers topics such as loan modification, mortgage fraud, foreclosure defense, predatory lending, long island real estate, tax foreclosure, and much more.
Law Offices of Schlissel DeCorpo, LLP
3d ago
Obtaining a loan modification is one of the potential routes to save a home from the foreclosure process. There was a time in New York, and in the United States, when there were a variety of Federal and State programs which helped homeowners who had fallen behind in their mortgage due to unforeseen financial circumstances or other issues which caused them to fall behind on their mortgage payments. However, except for programs that help veterans, there are very few options today regarding mortgage modifications other than dealing with the financial institution which currently holds the mortgage ..read more
Law Offices of Schlissel DeCorpo, LLP
1w ago
Law Offices of Schlissel DeCorpo, LLP
1w ago
The State of New York has a law which states in all foreclosure cases regarding residential homes that have less than 5 families in them and serves as the principal place of residence of the borrower a “settlement conference” is required to be held. At the settlement conference there will be court attorney referee or a judge which presides over the conference. The specific purpose of the conference is to determine whether the homeowner is qualified to obtain a modification of the mortgage, or is there another way the homeowners can save their home from being sold in a foreclosure sale.
At the ..read more
Law Offices of Schlissel DeCorpo, LLP
1M 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
Law Offices of Schlissel DeCorpo, LLP
6M 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
Law Offices of Schlissel DeCorpo, LLP
6M 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
Law Offices of Schlissel DeCorpo, LLP
6M 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