In the month of July, 2010, 800 homeowners in Nassau County had their homes foreclosed on (foreclosure is the start of a proceeding by a lender of financial institution to take the home back). In the same month, 170 homes were taken back by the lenders on Long Island. This is an increase of 86% from July of 2009.
Although the Obama administration currently has a program to help individuals who have had their homes foreclosed on, the average homeowner in New York has not experienced any benefit from this program. Most individuals who apply for mortgage modifications under the various existing programs get turned down. Those who are approved often receive a modification for only three months. The three month modification is simply not long enough to allow individuals to get back on their feet. Many aspects of the existing mortgage modification programs simply do not meet the needs of individuals who apply for modifications.
The foreclosure process in New York can be quite long and time consuming. Homeowners who find themselves facing a foreclosure lawsuit can retain counsel and tie up a case in court for years.
The mortgage modification process can be very aggravating for a homeowner. After diligently submitting all necessary documents, the homeowner sometimes finds him or her self in a never-never-land. Telephone calls to the mortgage processing company typically go unanswered or the individual who does answer is clueless as to the situation. After numerous phone calls and attempts to discuss the matter with a mortgage company representative, the result is obvious frustration. It quickly becomes apparent that the banks are not serious about the mortgage modification process.
A good way of dealing with the failure of a bank to properly process a modification application is to bring it to the court’s attention during the statutorily mandated settlement conferences.
Our office has represented individuals with financial difficulties involving issues of bankruptcy, mortgage modifications and foreclosure defense for many years. We understand the aggravation and torment an individual goes through when dealing with the prospect of losing their home. We are experienced in fighting to allow our clients to stay in their homes by putting pressure on banks and financial institutions.