Pre-screening Loan Mods in Brooklyn

I just attended a pre-screening conference this week for a nice couple who are trying to save their home. They encountered some hardships from a loss of income and a horrific amount of family deaths in the Haitian Earthquake. We went to court armed with our financial information and ready to discuss HAMP. We found out that the actual loan mod conference was not on the calendar. Only a pre-screening conference. It entailed saying hello to a nice court clerk who gave us a date to come back again in 4 months. That’s it – we were pre-screened. Astonishing. We’ll use the next few months to prepare and submit the necessary papers to the lender but really, this system could be so much better.

That Was Quick – Bank Of America Back In The Foreclosure Business

Bank of America is set to resume over 100,000 foreclosures only two weeks after announcing a temporary suspension to apparently check for errors in their records and paperwork. That was some quick checking.

Homeowner Sues GMAC

One homeowner has sued GMAC for fraud arising out of the alleged “robo-signing” and related errors.

John Stewart Explains The Foreclosure Situation And Bank Mistakes

If you don’t mind watching the intro commercial, here is John Stewart’s Daily Show take on the foreclosure situation and mistakes by mortgage banks – it starts at 3:24 on this video clip from Comedy Central from 10/7/10. It is worth the time to watch this. It is really well done.

Big Three Suspend Foreclosures – What Does It Mean For You?

The Wall Street Journal is reporting that the big three mortgage lenders have temporarily suspended mortgage foreclosures in some states while they review their files and check for mistakes and screw-ups that they believe have been made. This is nothing new to us – we see bank mistakes and mishandling of files every day. It is new that they would voluntarily suspend things though.

If you have a mortgage in New York that is in arrears or hard to pay, you may want to call or email us for a free telephone consult. If you are already in foreclosure, it may or may not be suspended and, even if it is, the suspension is only temporary and your arrears will continue to accumulate with interest and late charges. Sitting idle is not a good option. We often help clients review their foreclosure and mortgage papers to see if there has been any irregularity that might support a motion to vacate a judgment or sale and get the client their home or property back. We can discuss this by phone, often in the evening and we meet interested homeowners at our Midtown Office weekdays.