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Foreclosure Lawsuit Dismissed

foreclosure-lawsuit-dismissedThis case involved a mortgagor by the name of Ramirez. Ramirez brought a summary judgment motion seeking a dismissal of the residential foreclosure lawsuit against him. He also sought cancellation and discharge of the mortgage.

CitiMortgage, the mortgage holder, cross-moved for summary judgment. They sought to strike Ramirez’s answer and counterclaims. They also sought an Order of Reference to allow them to sell Ramirez’s home.

Statute of Limitations

Ramirez had defaulted in making payments on his note and mortgage. An initial foreclosure lawsuit was commenced in 2010. However, it was dismissed by the court as being abandoned. CitiMortgage took no action to appeal the motion dismissing the initial 2010 lawsuit.

The Second Foreclosure Lawsuit

In 2017 CitiMortgage filed a new foreclosure lawsuit against Ramirez. Ramirez argued this lawsuit should be dismissed because the 6 year statute of limitations to bring a foreclosure action had expired before the commencement of this lawsuit. CitiMortgage claimed they unequivocally revoked the acceleration of the mortgage.

The Judge’s Decision

Justice Vincent Versad sitting in Supreme Court part in Schenectady County ruled CitiMortgage had failed to meet a five prong test that would reset the statute of limitations clock on Ramirez’s mortgage. Judge Versad found Ramirez suffered substantial prejudice while relying on the acceleration of the mortgage. The Judge found he would be further prejudiced if CitiMortgage was permitted to benefit from its own neglect in timely pursuing its claim. Ramirez’s motion was granted, the foreclosure lawsuit was dismissed and the mortgage was discharged.

schlissel-headshotElliot S. Schillsel is the managing partner of Schlissel DeCorpo LLP. He has been representing clients with regard to foreclosure defense cases for more than 30 years. He can be reached for a free consultation at: 800-344-6431 or e-mailed at: Elliot@sdnylaw.com.

JP Morgan Chase Suspends Foreclosure Activities

foreclose-150x150JP Morgan Chase previously announced that it was seizing all further legal action on 56,000 pending foreclosure proceedings. The bank is taking this action due to the fact that its employees have improperly prepared legal documents related to foreclosure proceedings.

These suspensions took place in the 23 states where foreclosure lawsuits must be approved by a court.

New York is one of these states! Chase Manhattan has started an investigation examining their employees actions in foreclosure proceedings. Chase is the third financial institution to take this action. GMAC and Bank of America have already taken similar actions.

Chase has acknowledged that their employees who signed numerous documents related to foreclosure proceedings have signed so many documents that they are now referred to as “robo-signers”.

Lawyers in foreclosure proceedings representing homeowners have uncovered that individuals have signed as many as 10,000 affidavits a month. Query: Is it possible they actually read these affidavits? These affidavits indicate that the person who prepared them reviewed the mortgage file. There was not sufficient time to review the mortgage files.

The courts expect numerous foreclosure proceedings brought by Chase Manhattan to be contested by attorneys who represent the homeowners. Due do uncovering this new information, it is expected that courts will look more carefully at the documents in proceedings brought before them involving the foreclosures of these homes. The solution to this foreclosure crisis is for the banks to become more realistic, more accessible and more willing to provide the homeowners with mortgage modifications.

Our law office can help you with foreclosure defense, foreclosure conferences, mortgage modifications, Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Bank of America and Foreclosures

BankOfAmericaBank of America is the largest bank in the United States. They have recently taken action to stop moving forward with foreclosures throughout the United States. Allegations have arisen with regard to how the bank is handling the foreclosure process. Bank of America is among many large financial institutions which also include Chase Manhattan and GMAC that are reexamining how they handle foreclosures.

Document Problems

Bank of America, GMAC and JP Morgan Chase have uncovered problems with the documents they have utilized in processing foreclosure proceedings. Attorneys representing homeowners who homes have been foreclosed upon are developing new and innovative defense techniquess to deal with the document crisis created by the financial institutions.

Attorney Generals in California, Connecticut and Florida are investigating the materials submitted by various financial institutions in foreclosure proceedings. The Associated Press recently reported that a Bank of America official acknowledged that she signed up to 8,000 foreclosure documents per month without reading them. Consumer advocates claim that there are numerous problems with the foreclosure process.

Should you find your home in foreclosure, please call our offices 1-800-344-6431 or contact us by email. Our law firm has represented individuals in debtor/creditor matters for more than 30 years. We are experts in handling foreclosure defense, foreclosure conferences, mortgage modifications, Chapter 7 bankruptcy and Chapter 13 bankruptcy.

The Use of Incorrect Documents in Foreclosures

Numerous financial institutions are finding that the documents they anticipated using in foreclosure proceedings are flawed! GMAC and JP Morgan Chase are among two large financial institutions that have acknowledged that mistakes were made with regards to the processing of mortgages. Both companies have suspended all foreclosure proceedings.Attorneys in many states are demanding legal action to investigate foreclosure proceedings brought by financial institutions. The treasury department is looking into these new disclosures.

Motions In A Foreclosure Proceeding

The financial institutions have acknowledged that the affidavits that they have been supplying to their attorneys in summary judgement motions may not be accurate. These motions are made to obtain quick judgements in foreclosure proceedings. If the financial institution is not successful on a summary judgement motion, then the case must go to trial.
Lawyers representing homeowners have repeatedly indicated that there has been carelessness and fraud in the foreclosure proceedings brought by lenders. Defense counsel are pressing lenders with regard to the actions they are taking related to foreclosure proceedings. As a result, foreclosure defense counsel are causing the foreclosure machinery to slow down.

Contact us regarding foreclosure defense, mortgage modifications, filing mortgage modifications, foreclosure conferences, Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Slow Home Sales

The economic crisis in real estate in the United States is impacted by the number of foreclosed homes that come on the market. Home values are undermined when many homes in an area are foreclosed upon and sold. Throughout the United States, home values have gone down. Many homes are “under water”, meaning that the homes are worth less than the mortgages on them. Homeowners in some communities have simply given up and have stopped paying their mortgages.
Our office has been involved in representing individuals sued by creditors for three decades. We have numerous cases throughout the New York metropolitan area pending where we are defending homeowners from foreclosure proceedings. Our office has an expertise in handling foreclosure defense. There may be legal defenses available to you to stop your home from being foreclosed upon.

Feel free to call the Law Offices of Schlissel DeCorpo at 1-800-344-6431 or contact us by email to discuss your personal situation concerning foreclosure defense, mortgage modifications, foreclosure conferences, bankruptcy and reestablishing credit.

Mortgage Mediation, Nevada Style

untitled.bmpSeveral years ago, Nevada was a state where home prices skyrocketed. Today, Nevada suffers from one of the highest foreclosure rates of any state in the country. RealtyTrac.com claims that one out of every eighty-four households in the state of Nevada has received a foreclosure notice. This is 4.5 times more than the national average.

To deal with the high foreclosure rate, Nevada has implemented a foreclosure mediation program. The purpose of the program is to get troubled borrowers and lenders to negotiate amicable resolutions concerning foreclosure issues. The program has been in effect since July of 2009. As of this date, almost 9,000 mediation requests have been received. Nevada is currently the only state that requires banks to enter into a mediation program.

Since the mediation process started, in excess of sixty-percent of all foreclosure cases have been resolved through mediation. Not all of the resolutions resulted in the homeowner keeping their home. In some cases, as a result of the mediation, the homeowner realized they have no possibility of affording their home and agreed to vacate the premises; however, a large majority of the cases were resolved with the financial institution and the homeowner working out a mortgage modification plan.

New York Foreclosure Defense

The law in New York does not require mediation for foreclosure lawsuits; however, New York Governor David Patterson signed into law a statute that requires mortgage companies, banks and other financial institutions to participate in settlement conferences.

The settlement conferences are required whether or not there are mortgage modifications that are pending. In most situations where there are mortgage modifications pending, the lawsuit is put in abeyance until such time as there has been a decision made with regard to the mortgage modification. In many respects, the settlement conferences have a mediation-type of impact due to the fact that the judge will explore alternatives to the case moving forward.

Our law office has been representing individuals with financial problems who face foreclosure and other types of lawsuits for more than thirty years. Should you have financial problems or find your house in foreclosure, feel free to call us. There are alternatives to foreclosure and we can assist you with regard to these alternatives. Contact our office as 1-800-344-6431, or by email.

Judge Punishes Bank For Unfair Mortgage Agreement

Mortgage Agreement

Justice Spinner of Suffolk County New York has taken Immigrant Savings Bank to task for refusing to engage in good faith settlement conferences required by a 2008 amendment to the New York Banking Law.

Judge Spinner has ordered Immigrant Mortgage Company to pay a Huntington New York couple a $100,000 as compensation for the banks “deplorable” mortgage agreement and its bad faith foreclosure negotiations.

In his decision Judge Spinner stated “the court…determines that the imposition of exemplary damages upon (the plaintiff bank) is equitable, necessary, and appropriate in light of plaintiff’s shockingly inequitable, bad faith conduct, as well as to serve as an appropriate deterrent to any future outrageous, improper and wrongful activities”. His decision was in the case of Immigrant Mortgage Company v. Corcione, Q009/28917.

In addition Justice Spinner has also “forever barred” Immigrant from collecting interest on the $302,500 mortgage as well as any legal fees, cost “or any sums other then the principal balance”.

In their lawsuit defendants Jane Corcione and Anthony Corcione claimed that Immigrant refused to engage in good faith settlement conferences, as explicitly required by the 2008 amendment to the banking law.

The judge singled out in his decision a half a dozen of the mortgage agreements “deplorable” and “distressing” provisions. One of the provisions singled out by Judge Spinner was a clause which forever prohibited the Corcione’s from seeking protection under the United States Bankruptcy Code. In his decision Judge Spinner stated that if this clause was enforceable against the Corcione’s it would be able to preempt federal insolvency statutes. Judge Spinner’s decision stated that a pre-bankruptcy waiver should under no circumstances be enforced against consumer debtors. His decision found the waiver was unconscionable, unreasonable, over reaching and absolutely void as against public policy.

Judge Spinner criticized the mortgage agreements “general release” which discharged the bank from any potential liability in “any and all claims that are relating to, concerning, or underlying the loan, and brokering, closing, servicing, or administration of the loan.” Justice Spinner’s decision stated “the obvious and factually clear intent of this clause is to circumvent each and every state and federal law in the State of New York intended to regulate the mortgage banking industry.”

This decision by Justice Spinner is the third time he has sanctioned a mortgage lender for its conduct in a foreclosure proceeding. Justice Spinner is the presiding judge in Suffolk County Residential Mortgage Foreclosure Conference Part. Suffolk County has the most foreclosure cases pending in the State of New York.

Should you find yourself facing a foreclosure on your home contact the foreclosure defense attorneys at the Law Offices of Schlissel DeCorpo. We have more than 30 years experience in defending lawsuits by creditors. Call us at 1-800-344-6431 or send us an email.

Picture courtesy of desparateexes.com.

Congress Should Help Homeowners

house-underwater1The federal government has bailed Wall Street firms out to the tune of $700,000,000.00. This is a form of corporate welfare. The restructuring was done to prevent large Wall Street firms from going bankrupt. Instead of amending the Bankruptcy Law to help these Wall Street firms, the government simply gave them $700,000,000.00 in loans.

Recently, Jamie Dimon of JP Morgan Chase and Lloyd Blankfein received millions of dollars in salary packages. The government bails out Wall Street and the Wall Street tycoons get richer and richer. During this period of time, between 7.1 million and 7.9 million households according to mortgage bond trader, Amherst Securities, fell behind in their mortgage payments and are subject to losing their home.

It is estimated that as many as 25% of all the homes in the United States have mortgages on them that are greater than the value of their home. The term used to describe this situation is calling the home “under water”. President Obama had initially asked that when individuals do mortgage modifications with their banks that the banks restructure their mortgage so they only have to pay an amount equal to the value of their home. The banks have refused to do this. The mortgage modifications by banks in the United States modify the payments but do not reduce the amount that is owed.?

The Bankruptcy Law Needs to Be Changed

The United States Constitution reserves all rights to make laws concerning bankruptcies to the federal government. Congress passes all laws that deal with bankruptcy.

Congress needs to strengthen the bankruptcy court’s ability to restructure mortgage loans when individuals file bankruptcy. Congress has already bailed out Wall Street. Now they need to bail out the American homeowner. Unfortunately, the large financial institutions in this country oppose any modifications to the Bankruptcy Law to help out homeowners.

Congress needs to help the American homeowner and modify the Bankruptcy Laws to deal with the issue of restructuring mortgages that are under water. Congress has already bailed out the financial industry to the tune of $700,000,000.00, now they need to bail out the American homeowner!

Should you have questions concerning bankruptcy or mortgage modifications, feel free to contact the Law Offices of Schlissel DeCorpo to discuss these matters at 1-800-344-6431 or email us at schlissel.law@att.net.

Elliot S. Schlissel, Esq.

Picture courtesy of grassland properties.

Foreclosure Rates Going Up in 2010

outstandingforeclosureswebg1111Projections have been made that there will be as many as 3,000,000 foreclosures in the United States in 2010. This will surpass the foreclosure rate for 2009.

The United States Treasury Department has been in negotiations with many of the country’s largest financial institutions regarding their participation in a new second mortgage program designed to modify foreclosures. Unfortunately, negotiations have not been successful up to this point.

New loan modification programs are necessary to help individuals going into foreclosure this year. Foreclosures have a negative effect on the value of real estate in local communities. In 2009, mortgage modifications set a record. However, foreclosure still were at an all time high in 2009. Hopefully, the new mortgage modification programs being proposed to the Treasury Department will stem the tide of new foreclosures.

If you need help with loan modification, foreclosure, or bankruptcy help, you can always e-mail us or call us anytime at 800-344-6431.

Foreclosure Rates Going Up in 2010

outstandingforeclosureswebg1111Projections have been made that there will be as many as 3,000,000 foreclosures in the United States in 2010. This will surpass the foreclosure rate for 2009.

The United States Treasury Department has been in negotiations with many of the country’s largest financial institutions regarding their participation in a new second mortgage program designed to modify foreclosures. Unfortunately, negotiations have not been successful up to this point.

New loan modification programs are necessary to help individuals going into foreclosure this year. Foreclosures have a negative effect on the value of real estate in local communities. In 2009, mortgage modifications set a record. However, foreclosure still were at an all time high in 2009. Hopefully, the new mortgage modification programs being proposed to the Treasury Department will stem the tide of new foreclosures.

If you need help with loan modification, foreclosure, or bankruptcy help, you can always e-mail us or call us anytime at 800-344-6431.

Foreclosure Dismissed- Mortgage Cancelled Due to Bank’s Bad Behavior

foreclosure2Justice Jeffrey A. Spinner, sitting in a Supreme Court Part in Riverhead, New York (Suffolk County), has recently ordered that a $292,500 mortgage be deemed “cancelled, voided, avoided, nullified and set aside”. He took this action due to the fact that IndyMac Mortgage Services, a division of One West Bank FSB and its representor were engaged in “harsh, repucnic, shocking and repulsive” behavior.

Greg Horoski and his wife, Diana Wano-Horoski, bought a four bedroom, three bath home 1994. They paid $178,000 for their home. They refinanced their home in 2004 for $292,500.

They eventually fell behind on their mortgage. Mrs. Horoski was in failing health. She had undergone triple bi-pass heart surgery in 2006.

Every two or three months Mr. Horoski would contact his bank for the purpose of avoiding foreclosure. He would advise them that he could make payments in various amounts. He asked if they would accept these payments as a good faith measure and that they reinstate the loan. Greg and Diana Horoski appeared at every court appearance. Court conference were rescheduled on five separate occasions due to IndyMac Bank’s failure to cooperate.

Judge Spinner’s decision indicated that IndyMac Bank displayed an intransiness in its continuing failure and refusal to cooperate with the court. The Judge said a bank officer who appeared on September 22nd had a “Opprobrious demeanor and condescending attitude” . He would not accept any offer by the homeowners including an offer by their daughter to purchase the house.

The Judge further indicated on November 18, 2009 court conference the bank did not even know the specific balance due in owing of the house. The Judge felt due to the extremely inappropriate behavior of the bank, severe sanctions would have to be imposed to prevent the bank from engaging in further abuse. In the end, IndyMac Bank would not consider any loan modification arrangements. The bank has indicated they will appeal Judge Spinner’s decision.

Are you behind in your mortgage? Are you in foreclosure? Problems with your bank or mortgage company? The mortgage renegotiation and defense lawyers at the Law Offices of Schlissel DeCorpo may be able to help you with these problems. Contact us by e-mail or call anytime at 1-800 344-6431.

Picture courtesy of ncbm.org.

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