Long Island Defective Mortgage Attorneys
New York City Defective Mortgage Lawyers
Defective Mortgage Defense Lawyers serving Long Island, Queens, Kings, Richmond and Brooklyn, New York.
Homeowners often approach mortgage brokers to assist them in obtaining mortgages. It is the mortgage broker’s legal obligation to work with the prospective homeowner to design a mortgage for the homeowner that is realistic and appropriate.
Mortgage Brokers with Conflicts of Interest
There may have been a conflict of interest with regard to the mortgage broker. Instead of the mortgage broker working to do what was appropriate and correct for the prospective homeowner, he or she may have been solely interested in sending the homeowner down a route that provided the broker with the highest possible commission.
The mortgage broker also may have been technically working for a financial institution as an independent contractor and he or she didn’t disclose this information to the homeowner. In the event there was a conflict of interest the mortgage may be defective. The mortgage broker may also have falsified financial information for the purpose of having the homeowner secure a mortgage they couldn’t afford.
Homeowners Participation in Defective Mortgages
When the defective mortgage issues are presented to court, the financial institution will take the position that the homeowner participated in the submission of incorrect financial information during the loan application process. The financial institution will take this position with regard to the inflated appraisal on the property, as well as the falsified income information on the loan application. The lender will frequently present an argument that the information contained in the loan application was certified by the homeowner at the time of closing.
Road Map of Mortgage Loan Process Presented to the Court
Our response to these legal arguments will be to provide a road map for the court that educates the judge about the procedures concerning the loan application process. We will present to the court the sophistication of the real estate broker, underwriters, mortgage brokers, appraisers and then compare that to the fact that this may be only the first or second time in our client’s lives that they have applied for a mortgage.
Quick Execution of Documents at Closing
We will also present to the court the fact that at the time of closing numerous documents are presented to the prospective homeowner that they needed to sign. These documents are presented to the homeowner in a rapid fire manner when they did not have sufficient opportunity to leisurely read through these documents to discover whether they were truthful.
Mortgage Brokers, Account Executives, Underwriters, Appraisers and Lenders
All of the above players were involved in defective mortgage schemes. Without these individuals working together it would have been impossible for prospective homeowners to obtain mortgage loans that had monthly payments that represented 90 to 100% of their take-home pay. It is not probable for the homeowner to have purchased a house 3 to 5 years ago for let’s say $400,000.00 which at the time it was purchased was really worth $350,000.00 and is now worth $250,000.00 without the above players acting inappropriately!
New York Defective Mortgage Defense Lawyers
Contact us for a free consultation to discuss your case and our qualifications to represent you. Feel free to call toll free any time, day or night, at 1-800-344-6431, or in Queens, Kings, Richmond and the Bronx at 718-350-2802. You can also reach us in Nassau or Suffolk County at 516-561-6645. We welcome your inquires.
How Much Are Your Attorney Fees?
There is no charge for an initial consultation. We will be happy to arrange an appointment to evaluate your case and allow you to explore how an attorney–client relationship with our firm can benefit you. Your attorney will discuss fees before taking your case.
Our law firm strives to maintain reasonable rates. The length of time required to resolve your issue is the primary factor in fee determination. We keep a tight rein on your legal. The services you pay for are promptly and efficiently delivered. Our firm will work out payment plans and accepts credit card payments
Legal Services that Fulfill Your Needs
When you seek our legal advice and guidance, our attorneys carefully explain the law as it relates to your case, the legal remedies available to you and the best course of action to resolve your problem and meet your objective. We are always prepared to answer your questions, promptly return your calls and keep you updated on the status of your case.
Contact The Law Offices of Elliot S. Schlissel
If you have questions about the Law Offices of Elliot S. Schlissel or the legal services we provide, we invite you to call us at (800) 344-6431, (718) 350-2802 or (516) 561-6645. Our phones are answered 24/7. For our Spanish-speaking clients, se habla Español.
Defective Mortgage Defense
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