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Mastering the Loan Application Process: Essential Documentation & Lender Criteria Unveiled
Navigating the loan application process can be one of the most daunting aspects of purchasing a home or investing in real estate. Understanding the documentation required and what lenders evaluate during the approval process is essential to smooth out potential bumps on the road to securing a loan. This guide aims to equip you with the knowledge you need to streamline your loan application and increase your chances of approval.
The Documentation Demystified
Before diving into
... moreNavigating the loan application process can be one of the most daunting aspects of purchasing a home or investing in real estate. Understanding the documentation required and what lenders evaluate during the approval process is essential to smooth out potential bumps on the road to securing a loan. This guide aims to equip you with the knowledge you need to streamline your loan application and increase your chances of approval.
The Documentation Demystified
Before diving into the specifics, it's important to note that the exact documentation required can vary by lender and loan type. However, some common documents you should be prepared to present include:
- Proof of Identity and Legal Status:Typically, a government-issued photo ID and Social Security number, possibly along with your birth certificate or passport.
- Proof of Income:Recent pay stubs, W-2 forms from the past two years, and/or tax returns if you're self-employed. This demonstrates your ability to repay the loan.
- Proof of Employment:Employers' contact information or a recent job offer letter can satisfy this requirement, reassuring lenders of your job stability.
- Credit History:Lenders will pull your credit report, but it's wise to review your credit history beforehand to correct any errors.
- Bank Statements and Assets:Recent bank statements and documentation of assets like investments or property show lenders you have reserves to cover down payments, closing costs, and future mortgage payments.
- Debt Information:Information on current debts helps lenders calculate your debt-to-income ratio, a crucial factor in determining your loan eligibility.
What Lenders Look For
Understanding the lender's perspective can significantly boost your preparedness for the loan application process. Lenders typically evaluate:
- Credit Score and History:A strong credit score and clean credit history can qualify you for lower interest rates and better loan terms.
- Debt-to-Income Ratio (DTI):A low DTI ratio indicates you're not overly burdened by debt and can afford to take on more.
- Employment History and Stability:Lenders prefer borrowers with steady, reliable income sources.
- Down Payment:The size of your down payment can affect your loan's terms and rates. A larger down payment often translates to more favorable conditions.
- The Property Itself:Finally, the property's value and condition also play a role in the approval process, as the home serves as collateral for the mortgage.
Conclusion
Approaching the loan application process with a thorough understanding of the required documentation and lender expectations can significantly enhance your chances of approval. By preparing your documents in advance and aligning your financial profile with lenders' criteria, you're positioning yourself as a favorable candidate for loan approval. Remember, every lender is different, so it's beneficial to shop around and find the best fit for your financial situation.
Embarking on your loan application journey with confidence and knowledge not only simplifies the process but also brings you one step closer to securing your dream home or investment property.
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Foreclosure, What Does It Mean? – Part 2
The Homeowner’s Response
... moreThe 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 your lender initiates the foreclosure lawsuit the Supreme Court in the county where the house is located will schedule a legally mandated foreclosure settlement conference. The purpose of this conference is to see if there’s a way to resolve the foreclosure lawsuit without the homeowners being forced from their home. At the foreclosure settlement conference, issues such as mortgage modifications, forbearance agreements, short sales and other issues will be discussed.
The Discovery Phase
If you put submit a written answer in the foreclosure lawsuit and you contest it, a period begins called the discovery phase of lawsuit. During this time, both you and your lender can request pertinent information and documents from the other side to prepare your respective arguments during motion practice or trial.
Motion For Summary Judgment
In most cases, the financial institution will file a motion for summary judgment. This is a motion by the bank’s lawyers, which asks the court to issue a judgment of foreclosure based solely on the evidence presented in writing. They will claim a trial is not necessary because the case is so one sided. For a homeowner to be successful in defeating the motion for summary judgment, the homeowner simply needs to show there is some issue that should be dealt with at trial. Any issue which is not 100% clearly in the bank’s favor will be the basis for the for the judge to deny the bank’s application for summary judgment motion.
Judgment of Foreclosure and Sale
If the judge rules on the summary judgment motion in favor of the bank, the Court will issue a final judgment of foreclosure and sale and an order to auction off your home. If there is an auction order given, a referee will be appointed, who will sell your home on the Supreme Court steps or in a courtroom in the Supreme Court on rainy days.
Can I Stop A Foreclosure From Moving Forward?
Yes! There are numerous defenses, affirmative defenses, counterclaims and other legal actions which can be taken to stop foreclosures from moving forward and tie up the case in court from three to seven years. The banks have experienced law firms representing them. The best way to you protect your investment in your home and your ability to continue to live in your home with your family is to hire an experienced foreclosure attorney.
The law office of Schlissel DeCorpo have been defending homeowners regarding mortgage issues for more than three decades. They can be reached at 516-561-6645, 718-350-2802, 631-319-8262 and 914-998-0080 or emailed at Elliot@sdnylaw.com.
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... moreWant to send snowy mooncakes to your friends but have no time? Lianxin Zhenyue has two popular durian snowskin mooncakes, which are Malaysia Musang King durian snowskin mooncake and black thorn durian snowskin mooncake. The pitted fruit is manually removed, and the pure durian pulp is preserved, showing a flowing effect! The point is that even if you only buy one box, it can be delivered directly to your door, and you don’t need to pick it up in person, which is quite convenient!
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... moreThat's great, I like it so much, come on!flexi paintings hours, you’re your very own boss and you may pick the projects that you work on. the ones are just a number of the perks of being a freelancer. freelance paintings became as soon as considered something you did on the facet to make extra money or expand a brand new skill. today, it’s truely a quick-developing career desire with millennials who want to turn their passion right into a full-time, profitable profession. being a freelancer may additionally sound like a dream process to the ones caught in the rut of a regular day job, but it is critical to take a step again and recollect what it sincerely means to be a freelancer before changing the safety of your month-to-month pay take a look at to a variable income.
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An Important Notice for homeowners with VA loans who are dealing with the threat of foreclosure
The Department of Veterans Affairs just announced that it is asking mortgage servicers not foreclose on veterans and service members who are delinquent on their VA home loans until May 31, 2024. The VA’s action comes in response to an NPR investigation that discovered thousands of veterans who utilized a COVID forbearance program offered by the agency were at risk of losing their homes even though they had done nothing wrong.
The Partial Claim Payment program (PCP), set up by Congress in the midst
... moreThe Department of Veterans Affairs just announced that it is asking mortgage servicers not foreclose on veterans and service members who are delinquent on their VA home loans until May 31, 2024. The VA’s action comes in response to an NPR investigation that discovered thousands of veterans who utilized a COVID forbearance program offered by the agency were at risk of losing their homes even though they had done nothing wrong.
The Partial Claim Payment program (PCP), set up by Congress in the midst of the pandemic, allowed borrowers to skip making mortgage payments for six or 12 months and offered those who used it an affordable way to resume making payments and deal with arrearages. For reasons that are unknown at this point, the VA allowed the program to expire in October of 2022. As a result of the unexplained lapse, more than 6,000 people are now in foreclosure and another 34,000 are delinquent.
In a letter dated November 15, 2023, Ohio’s Sherrod Brown and six other senators implored Denis McDonough, the Secretary of Veterans Affairs, to pause foreclosures until the VA developed and implemented a replacement for PCP that will enable veterans and service members to keep their homes and enter into affordable loan medication agreements with lenders. The letter, combined with the disturbing findings in the NPR report motivated the Secretary to call a halt to existing and potential foreclosure actions for six months.
If you are a veteran or servicemember impacted by the end of the PCP program or are experiencing other problems related to a VA home loan, please contact DannLaw today by calling 216-342-9901 or completing our online contact form to arrange a no-cost consultation. It will be our honor and privilege to discuss your situation and assist you.
Thank you for your service, and remember, DannLaw is here to support the veterans and servicemembers who protect us and the USA.
lessBloom unveils new home equity prepaid Mastercard as novel way for seniors to fund retirement - Mortgage Rates & Mortgage Broker News in Canada
A first-of-its-kind product by Toronto-based Bloom Finance Company is offering an innovative solution for seniors struggling to fund their retirement in the face of rising costs.
According to a study conducted by the fintech provider and Angus Reid, 67% of Canadian homeowners over the age of 55 are concerned that their savings won’t sustain their quality of life through retirement, and 46% are considering taking on part-time work to close the gap.
Though Bloom already offers a reverse mortgage
... moreA first-of-its-kind product by Toronto-based Bloom Finance Company is offering an innovative solution for seniors struggling to fund their retirement in the face of rising costs.
According to a study conducted by the fintech provider and Angus Reid, 67% of Canadian homeowners over the age of 55 are concerned that their savings won’t sustain their quality of life through retirement, and 46% are considering taking on part-time work to close the gap.
Though Bloom already offers a reverse mortgage product, founder and CEO Ben McCabe says lump-sum payments or refinancing options don’t always offer a sustainable solution for seniors struggling to manage everyday expenses.
That’s what inspired the company to introduce its Home Equity Prepaid Mastercard, which gives Canadians 55 and over the opportunity to access some of the equity in their home in monthly increments at mortgage interest rates.
“It’s a payment card that really allows customers to tap into their home,” he told CMT. “By spending on the card, a client will be very gradually and slowly building up a mortgage balance — in all likelihood alongside home price appreciation — and then that mortgage balance is due only when they pass away or they sell their home.”
How it works
By leaning on their home equity, Bloom’s new solution offers customers a way to access funds for everyday expenses. Unlike the other cards in their wallet, however, they won’t receive a bill monthly. Instead, the funds are added to their mortgage balance.
McCabe says the company works with clients to establish an authorization limit based on their home’s value, unique features, and the state of their mortgage. Like a reverse mortgage, a total authorization limit is determined, but rather than receiving a lump sum, customers get a prepaid card with a monthly spending limit.
“Say somebody had a $700,000 home, and we could authorize $240,000, we would suggest to the client that if we set a $2,000 limit on the card, that will last you for 10 years,” he says. “Whatever they spend on the card gets added to their [mortgage] balance, and that’s what interest would accrue against over time.”
McCabe adds that customers can use the prepaid card the same way they would any other Mastercard, but without the monthly bill. He explains that only the funds they use are added to their mortgage balance, and that the card is topped up monthly.
“A core thesis of Bloom is that the ability to access equity in their home in micro amounts is a bridge between whatever their income is, and whatever their income needs to be to deliver the type of retirement that they hope to live,” he says. “That’s why we introduced the card, and where we see the industry going long term.”
Eligibility and application process
Bloom currently offers its Home Equity Prepaid Mastercard, as well as its reverse mortgage product, to customers based in Ontario, Alberta and British Columbia. McCabe says the company is eyeing further expansion, with the goal of eventually becoming a national provider.
For the meantime, Canadian homeowners over the age of 55 with sufficient equity in those provinces can apply on the company’s website, at which point they will be assigned an account executive that will help them through the process.
“We need to be in first position, so if a client for example has some residual HELOC [home equity line of credit] debt or something, we can pay that out first and issue the card, but we need to be the first mortgage,” McCabe explains. “You have to have a sufficient amount of equity in the home for it to work — if somebody has an 80% mortgage against their house it’s not going to work — but most 55-plus Canadians have paid their mortgage balance down enough to work with.”
McCabe adds that customers aren’t necessarily limited to their monthly allotment, explaining that the company will also help them tap into additional equity for unexpected expenses.
“Clients can call us about accessing additional funds if required, whether it’s on the card or deposited to their bank account,” he says. “If the client needed $10,000 to fix some sort of appliances in their house or something like that, that could be made available, subject to a credit review.”
Bloom confirms that the application process for the prepaid Mastercard is treated the same as a reverse mortgage, meaning all standard fees apply.
This includes a $1,650 processing fee, an independent legal advice (ILA) certificate at roughly $300, and a $350 appraisal fee. Bloom covers the appraisal fee upfront and the client is only charged upon closing.
An “overwhelming” reception
After months of testing with a select group of customers, the Bloom Home Equity Prepaid Mastercard officially launched earlier this month and McCabe says the interest has been “overwhelming.”
He explains that Bloom launched in 2019 with the explicit goal of developing innovative FinTech solutions for Canada’s elderly population, and believes the company’s latest offering could eventually catch on worldwide.
“We’re not aware of any other products like this; we’re pretty sure it’s the first of its kind in the world,” he says. “The need for equity release solutions where the cost of living is accelerating and the challenges that seniors are facing is enormous, and far exceeds market penetration of equity release solutions today.”
This article was updated on March 15, 2024
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Foreclosure, What Does It Mean? – Part 1
DannLaw Client Update for May 2023…
Hello and Happy Spring. I’m reaching out today to provide our clients and friends with updates about several pending cases, new investigations and an exciting new addition to the DannLaw legal team. First I would like to introduce and welcome Jeff Crossman to DannLaw. Jeff, who recently joined DannLaw after serving in the Ohio House […]
The post DannLaw Client Update for May 2023… appeared
... moreHello and Happy Spring. I’m reaching out today to provide our clients and friends with updates about several pending cases, new investigations and an exciting new addition to the DannLaw legal team. First I would like to introduce and welcome Jeff Crossman to DannLaw. Jeff, who recently joined DannLaw after serving in the Ohio House […]
The post DannLaw Client Update for May 2023… appeared first on dannlaw.com.
lessRenters have harder time accumulating wealth than homeowners: RBC economist - Mortgage Rates & Mortgage Broker News in Canada
Renters face daunting barriers in their attempts to build wealth as they’re forced to devote an increasing share of their income to keeping a roof over their head, said an RBC report out Thursday.
The report by economist Carrie Freestone adds to a growing body of research painting a stark picture of the wealth divide between renters and homeowners.
Homeowners have seen their net worth grow from nine times household disposable income to 13 times since 2010, while for renters, net wealth grew
... moreRenters face daunting barriers in their attempts to build wealth as they’re forced to devote an increasing share of their income to keeping a roof over their head, said an RBC report out Thursday.
The report by economist Carrie Freestone adds to a growing body of research painting a stark picture of the wealth divide between renters and homeowners.
Homeowners have seen their net worth grow from nine times household disposable income to 13 times since 2010, while for renters, net wealth grew from three to 3.5 times over the same period.
And while in 1999, renters devoted about 25% of take-home pay to housing costs compared with 23% for homeowners, in 2022 renters spent 29% on housing compared with 21% for homeowners.
The gap has widened even though renters’ incomes have risen at the same pace as homeowners, said Freestone. Meanwhile, homeowners are also accumulating home equity with their housing payments.
Last year was even worse for renters, who went from higher savings rates during the pandemic to not having enough to cover the bills, according to RBC.
Renters collectively spent nearly nine per cent more than they earned in disposable income in 2023, while homeowners saved seven per cent of their take-home pay, the report said.
“The third quarter of 2023 was the turning point when both homeowners and renters saw declines in net wealth. But renters have undoubtedly been hit the hardest,” said Freestone.
The tightening squeeze makes it harder to save for a down payment, she added.
“Canadian renters are getting squeezed more than homeowners, making home ownership an even more distant dream. This threatens renters’ path to accumulating wealth — which could exacerbate inequality over the longer term.”
The report follows one from TD last October that also highlighted the stark divide in wealth accumulation between renters and homeowners.
The TD report led by Beata Caranci found the average net worth of homeowners born between 1955 and 1964 had reached more than $1.4 million, 6.3 times higher than the wealth of non-homeowners born during the same time.
The $1.2 million wealth gap between the two had grown from a gap of just under $500,000 in 2005.
“Wealth inequality is really a narrative that differentiates Canadians who are homeowners versus those who are not,” said Caranci in the report.
The divergent paths of baby boomers who were homeowners versus renters is likely to play out worse for young people today, she said.
“The current generation of young Canadians is likely to not just repeat, but accentuate the narrative of wealth inequality across housing lines with affordability now at its worst level in decades.”
She said that there are many long-standing policies that disproportionately benefit homeowners, including the capital gains exemption, partial GST rebate on new homeownership, the first-time homebuyers tax credit, renovation tax credits and others.
“The savings and investing landscape is so heavily skewed toward housing because the housing system itself is designed to perpetuate inequality between homeowners and non-owners, from zoning that prioritizes single-family homes to tax policies that subsidize ownership.”
This report by The Canadian Press was first published March 14, 2024.
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OSFI urges lenders to be vigilant amid "heightened risk" in the mortgage market - Mortgage Rates & Mortgage Broker News in Canada
In response to increased risks in the mortgage market, Canada’s banking regulator has issued a reminder to lenders about their risk management responsibilities.
The Office of the Superintendent of Financial Institutions (OSFI) this week released a regulatory notice reminding federally regulated lenders of their obligations pertaining to mortgage risk management and underwriting guidelines.
The measures range from being proactive with vulnerable accounts, including “early and proactive engagement
... moreIn response to increased risks in the mortgage market, Canada’s banking regulator has issued a reminder to lenders about their risk management responsibilities.
The Office of the Superintendent of Financial Institutions (OSFI) this week released a regulatory notice reminding federally regulated lenders of their obligations pertaining to mortgage risk management and underwriting guidelines.
The measures range from being proactive with vulnerable accounts, including “early and proactive engagement with vulnerable borrowers,” to credit loss provisioning and “sound” mortgage underwriting.
“None of the measures outlined in our latest regulatory notice are new,” a spokesperson from OSFI told CMT.
OSFI says the notice is meant to complement its Guideline B-20, while specifically drawing attention to and reinforcing the regulator’s expectations for lenders in the current economic and interest rate environment.
“The notice responds to the heightened risk environment related to existing mortgage accounts and lender portfolios,” OSFI said. “These risks include potential payment shocks and renewal and refinancing risks, particularly for borrowers with higher-risk mortgage products like variable-rate mortgages with fixed payments.”
OSFI confirmed that the notice isn’t in response to a particular lender or their mortgage risk management practices, but instead “reinforces to all lenders the importance of sound mortgage risk management practices through the full lifecycle of the loan.”
As a principles-based regulator, OSFI said it communicates its expectations and tries to avoid being “prescriptive” as much as possible. “…we assess risks to ensure alignment with our expectations and take corrective action when necessary.”
Risks include elevated household debt and high interest rates
OSFI says risks have increased due to a combination of elevated household indebtedness, high interest rates and continued elevated inflation.
As a result, many borrowers are already facing higher mortgage payments, with many more expected to face payment shock upon renewal or in their effort to return to their contracted amortization obligations.
“These risks can lead to more defaults and are particularly acute for borrowers with higher risk mortgage products, such as variable-rate mortgages with fixed payments,” OSFI says.
Canada’s mortgage market is facing a surge in renewals in the coming years, with research from RBC Economics estimating that that $900 billion worth of mortgages—almost 60% of all outstanding mortgages at chartered banks—are due to renew between 2024 and 2026.
Based on current interest rate forecasts over that horizon, a report from CIBC says borrowers will face an average payment shock of about 15% per year.
OSFI has previously communicated its concerns about rising risks in the market in its 2023-24 Annual Risk Outlook that was released last April. At that time, OSFI cited a housing market downturn as one of nine key risks it was monitoring.
“The steep increase in interest rates has eroded debt affordability [and] this is a growing concern from a prudential perspective,” it said.
In response, OSFI unveiled changes to its Capital Adequacy Requirement in December for lenders and insurers with negatively amortizing mortgages with loan-to-values (LTVs) above 65%. Those requirements came into effect early this year.
Concerns surrounding variable-rate mortgages
OSFI’s latest notice reiterates concerns over the risks associated with fixed-payment variable-rate mortgages.
Fixed-payment variable-rate mortgages keep monthly payments stable despite rate increases, leading to higher interest costs and reduced principal repayments. Banks like RBC, TD, BMO, and CIBC offer these mortgages.
Default risks are “particularly acute for borrowers with [these] higher-risk mortgage products,” the regulator said.
OSFI head Peter Routledge has gone as far as referring to them as a “dangerous product.”
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Mortgage industry veteran channels decades of experience into new lead conversion tool - Mortgage Rates & Mortgage Broker News in Canada
Russ Morrison spent 25 years as a mortgage broker honing his lead conversion strategy, and the last three and a half building a software program that can do the same for others.
Now his creation, Tactical Mortgage Solutions, is available to brokers across Canada. The digital tool helps brokers present clients with the full spectrum of borrowing options, offers a road map for all client interactions and strategy sessions, and organizes it all into a robust client management platform.
“This
... moreRuss Morrison spent 25 years as a mortgage broker honing his lead conversion strategy, and the last three and a half building a software program that can do the same for others.
Now his creation, Tactical Mortgage Solutions, is available to brokers across Canada. The digital tool helps brokers present clients with the full spectrum of borrowing options, offers a road map for all client interactions and strategy sessions, and organizes it all into a robust client management platform.
“This is a calculator, yes, but mostly it’s a process, and what it does is it increases the chance that a broker will be successful,” says Morrison, who is also the owner, founder, and senior mortgage broker of the Morrison Mortgage Team.
“The platform is unique and personalized to every subscriber; the dashboard consists of five strategies, which are all related to why consumers seek advice from mortgage brokers.,” he added.
Those strategy sessions include home purchase, home sale and purchase, home refinance, mortgage renewal/transfer, and rental property purchase. “Each one creates a strategic plan for Canadian consumers to make sure they’re making the right choice,” Morrison says.
Within each subheading is a series of session outlines to guide conversations with clients, provide key data based on their unique needs, and offer side-by-side comparisons of various financing options, along with other key information.
Brokers can now sign up for a free trial and Strategy Sessions are currently available to users in British Columbia, Alberta and Ontario. Morrison says the software will be updated to include tax and regulatory scenarios for all remaining provinces before the end of the quarter.
Growing through strategic partnerships
Tactical Mortgage Solutions has also established a licensing agreement with TMG The Mortgage Group — via its technology provider, Unison Software — which will soon provide a version of the software through its Hurricane platform.
“It creates a record of the discussions that you would have had through the various scenarios, so that you could get the client to a point that made financial sense to them with a plan before you started the application,” says Paul Taylor, the President and CEO of Unison Software, which owns and operates TMG’s Hurricane platform.
Taylor says that when Unison purchased Hurricane from TMG and leased it back to the broker network in 2022, the organization surveyed TMG’s members to explore the kinds of functionality they wanted to see in the future. The number one request, according to Taylor, was a scenario builder.
“When I started talking to Russ, it was pretty apparent that the product that he has managed all of that, and even did a few other things,” he says. “It was a tremendous time saver and just a really good tool to assist broker and client communications — and the life journey of the transaction — because it puts everybody on the same page right out of the gate.”
Tactical Mortgage Solutions will be fully integrated into the Hurricane platform as soon as it is ready to manage client scenarios from coast to coast, which Taylor anticipates is imminent.
At that point brokers in the TMG network will be able to utilize its functionality as part of the Hurricane platform, rather than a standalone tool.
Morrison adds that he’s hoping to partner with other broker networks in the future but emphasizes that anyone can access the tool on their own.
His hope is that Tactical Mortgage Solutions ultimately enables Canada’s broker community to better compete with the big banks.
“If we can align ourselves with our clients and create a deep and professional experience we can grow our market share; that’s my goal,” he said. “I love educating, I love coaching, and this is something I hope and feel strongly will help brokers be more successful, because it has worked for me.”
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The “Foreclosure Abuse Prevention Act” Levels Playing Field For Homeowners
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;
Changing Foreclosure Rules
Financial institutions and their attorneys have been getting away with starting foreclosure lawsuits, withdrawing the foreclosure lawsuits, and then starting them all over again and continually renewing the six year statute limitations. Now homeowners have a sword to fight foreclosure lawsuits which they didn’t have in the past!
The law office of Schlissel DeCorpo have been defending homeowners regarding mortgage issues for more than three decades. They can be reached at 516-561-6645, 718-350-2802, 631-319-8262 and 914-998-0080 or emailed at Elliot@sdnylaw.com.
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SHOULD YOU HIRE A FORECLOSURE DEFENSE LAWYER?
If you’re successful in modifying your mortgage on your own, you may not need a foreclosure defense lawyer. But if you’re unsuccessful obtaining a mortgage modification or if a process server shows up at your house and serves you with legal papers, it’s important you hire an experienced foreclosure defense lawyer as soon as possible.
INTERVIEW THE LAWYER
When you arrive at a foreclosure defense lawyer’s office, you should interview the attorney. You should find out his or her experience level. You should find out if they’ve published articles on foreclosure defense. You should speak to the attorney about how many cases they’ve handled and their success rate. You should look into whether they have appropriate staffing. Some attorneys’ offices are outgunned by the type of law firms hired by the financial institutions to bring foreclosure lawsuits. If you cannot afford to hire a private attorney, you may qualify for legal aid if available to help you defend you and your family in the foreclosure lawsuit.
The law office of Schlissel DeCorpo have been defending homeowners regarding mortgage issues for more than three decades. They can be reached at 516-561-6645, 718-350-2802, 631-319-8262 and 914-998-0080 or emailed at Elliot@sdnylaw.com.
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LEGAL PROCESS IN STATE AND FEDERAL COURTS INVOLVING FORECLOSURE
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 can identify possible legal defenses or counter lawsuits which can be brought against the financial institution. A foreclosure defense lawyer can review your financial information and evaluate if there are mitigating circumstances which have caused your default. The mitigating circumstance can be brought to the attention of the financial institution to avoid your home from going into foreclosure. Your attorney could also be utilized to help you regarding a forbearance plan or a mortgage modification. There are a number of viable alternatives to losing one’s home in a foreclosure. Among them is having the attorney negotiate with your financial institution to work out a plan which meets your needs and saves your home.
LITIGATION
Should you end up in a foreclosure lawsuit, a qualified foreclosure defense lawyer can vigorously defend you and your family in court. Foreclosure defense attorneys who take an aggressive position with the financial institution can help in the negotiations with regard to obtaining a forbearance agreement, or a mortgage modification.
The law office of Schlissel DeCorpo have been defending homeowners regarding mortgage issues for more than three decades. They can be reached at 516-561-6645, 718-350-2802, 631-319-8262 and 914-998-0080 or emailed at Elliot@sdnylaw.com.
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CAN I FIGHT A FORECLOSURE?
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. Foreclosure lawsuits can be fought. New York now has a mandatory modification mediation requirement before a foreclosure lawsuit is initiated. This puts pressure on the financial institution to come up with a program which is affordable by the homeowner and stops the foreclosure litigation from moving forward.
NOTICE REQUIREMENTS
There are all types of notice requirements and provisions which must be given to homeowners by financial institutions and the assignees of their mortgages before a foreclosure lawsuit can be started. In cases where the financial institutions do not specifically comply with all the terms and conditions of the statutes and consumer protection laws the homeowners may challenge the foreclosure lawsuit successfully and have it dismissed.
FRAUDULENT ACTIONS
In cases where there are fraudulent actions or misleading documents related to the loan application process or the foreclosure lawsuit, homeowners can fight these lawsuits in court and have the foreclosure lawsuits dismissed. In addition, there are procedural defenses in the New York Civil Practice Law and Rules and the rules of Court a foreclosing financial institution must very specifically comply with or the foreclosure lawsuit can be dismissed.
The law office of Schlissel DeCorpo have been defending homeowners regarding mortgage issues for more than three decades. They can be reached at 516-561-6645, 718-350-2802, 631-319-8262 and 914-998-0080 or emailed at Elliot@sdnylaw.com.
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A Primer On The Foreclosure Process
PRE-FORECLOSURE
... morePRE-FORECLOSURE
When a home owner falls three months behind on their mortgage payments the property is considered to be in a pre-foreclosure status. This will cause the financial institution to send demand letters. The letters will talk about mortgage modifications, forbearance plans, and possible other means of avoiding foreclosure. If the homeowner takes no action, the financial institution will usually initiate the foreclosure process.
NOTICE OF THE DEFAULT
Before the financial institution actually serves the summons and complaint in foreclosure case, a 90 day notice will be given to the homeowner. This 90 day notice advises the homeowner unless arrangements are made with regard to dealing with their late mortgage payments, a foreclosure lawsuit will be initiated.
FORECLOSURE LITIGATION
The litigation process in New York usually moves slowly. It was made slower by Governor Andrew Cuomo and Governor Hochul shutting down the foreclosure process during the course of the COVID-19 pandemic for approximately two years. A qualified foreclosure defense attorney can often tie a foreclosure up in the courts in New York for three to five years or even much longer than that.
THE END GAME IN A FORECLOSURE
At the end of a foreclosure litigation a public foreclosure auction takes place on the courthouse steps. The home is sold at the auction to the highest bidder. The financial institution will bid the entire amount of their mortgage and then speculators can bid over that amount if they seek to buy the home.
AFTER THE FORECLOSURE
When the foreclosure lawsuit has ended and a new owner has taken title to the home the new homeowner must provide notice they are the new homeowner to the ones who have lost their home. The notice statute in New York State requires they provide the former homeowners a copy of the new deed. Thereafter, the former homeowners will have to make arrangements to move from the premises or face an eviction proceeding which can result in their being put out of their home by the Sheriff or in the city of New York by a Marshall.
The law office of Schlissel DeCorpo have been defending homeowners regarding mortgage issues for more than three decades. They can be reached at 516-561-6645, 718-350-2802, 631-319-8262 and 914-998-0080 or emailed at Elliot@sdnylaw.com.
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