Macco & Stern, L.L.P.
631-479-2869
Call Us for the Help You Deserve
Helping You Get the Debt Relief You Need

New Yorkers facing foreclosure denied modification opportunities

An unfortunate number of homes in New York are currently facing foreclosure. Foreclosures displace families and subject them to financial challenges as they are forced to leave their homes. The process of foreclosure begins when a mortgage falls into default and the mortgage lender initiates actions against the mortgage holder to take possession of the home.

In some cases, a foreclosure can be stopped if the mortgage lender and the mortgage holder are able to work together to find an acceptable solution to the mortgage holder's means of paying off the loan. Either through a new repayment plan or a mortgage modification, some individuals are able to keep their homes, avoid foreclosure, and make timely payments toward the ownership of their residences.

In one New York community, however, it seems that mortgage lenders are not giving mortgage holders a chance to take care of their loan issues before finishing off the foreclosure processes. In Queens, members of the city council have alleged that mortgage lenders stall when mortgage holders seek foreclosure assistance and that state and federal laws are being ignored.

For example, it seems that when some people facing foreclosure met with mortgage lenders, the lenders did not have the holders' proper paperwork ready for review and thus delaying the negotiation process. In some cases the lenders also sent representatives who could not authorize the holders' possible repayment plans and modification requests. According to the city council members, more than 70 percent of requests for mortgage modifications were denied for people within their community.

Offering mortgages is a regulated enterprise and banks and other lending institutions that offer mortgages must abide by the laws established at the state and federal levels. Individuals facing foreclosure have rights that must be respected, and individuals who are facing foreclosure may choose to utilize the services of foreclosure attorneys who can help them advocate for their rights during their mortgage negotiations.

Source: Queens Chronicle, "Council calls banks out on foreclosure tactics," Michael Gannon, Aug. 27, 2015

No Comments

Leave a comment
Comment Information

How can we help? Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy