Foreclosure Defense and Loan Modification Increase

On December 5, 2011, in Foreclosure, by John A. Weber IV, ESQ.

Foreclosure Defense and Loan Modifications

Recently we have experienced an increase in the number of our clients receiving loan modifications.  These modifications are both HAMP and In-House, temporary and permanent.  The cause is unknown but for our clients, it doesn’t matter why.  They are just grateful that it is happening.  As the foreclosure world is still in shock with the announcement of the impending closing of Steven J. Baum, P.C., the increase in loan modifications is a good sign for distressed homeowners.  There was never as good a time to defend against foreclosure litigation.  Hopefully the new year will bring more of the same.  These modifications are not good for everybody however.  Each modification should be reviewed with an attorney to decide if the terms of the modification are right for your situation.  If you are currently in foreclosure or in danger of falling into foreclosure, and you have any questions, please call the Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620 to speak with a Foreclosure Attorney!

Steven J. Baum to close

On November 21, 2011, in Foreclosure, Real Estate, by John A. Weber IV, ESQ.

Steven J. Baum to Close

It may have seemed inevitable to those directly involved in the foreclosure field, but it is still a surprise to hear.  According to a Buffalo Business First, the mega-firm of Steven J. Baum, P.C. is to close it’s doors:

“The embattled Steven J. Baum P.C. law firm is the closing its doors after a series of missteps that included mortgage industry giants Freddie Mac and Fannie Mae cutting off business with the Amherst-based firm.”

Read the full article here.

If you are facing foreclosure and are seeking assistance, please call us at (516) 858-2620!

 

Facing foreclosure, should I consider bankruptcy?

On January 14, 2011, in Bankruptcy, Foreclosure, by Robbie L. Vaughn, Esq.

Yes.

Why?

Because the longer you wait to file bankruptcy, the more difficult it may be to save your home.

But the bank might modify my mortgage.

Sure, but what if the bank doesn’t modify your mortgage. While you wait for a potential loan modification – your mortgage arrears and the interest are piling up. This could potentially prevent you from putting forth a confirmable chapter 13 plan.

NY bankruptcy law just got better.

On 1/21/11 new bankruptcy exemptions go into effect (see our earlier posts Changes to NY Bankruptcy Exemptions and Federal Bankruptcy Exemptions & NY).

You should at least consult with a knowledgeable bankruptcy attorney to find out how filing bankruptcy can save your home (see our earlier posts Filing Bankruptcy to Save Your Home From Foreclosure and How Can I Use My Ch.7 Bankruptcy to Avoid Foreclosure).

We understand that bankruptcy is not for everyone. That is why we also offer foreclosure defense, debt negotiation, etc. We are simply stating that bankruptcy is an option that should be considered. At The Law Firm of Vaughn & Weber, PLLC, we don’t push our clients to file bankruptcy. We give you all of your options and assist you in deciding which course of action is best for you.

This is not legal advice!

The Law Firm of Vaughn & Weber, PLLC routinely represents homeowners facing foreclosure. We examine each homeowner’s specific situation to determine their best course of action.

We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy and foreclosure matters. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., Ste. 208, Mineola, NY 11501.

Call (516) 858-2620 to arrange a FREE  consultation with a bankruptcy and foreclosure attorney!

 

Please visit our Foreclosure category to learn more about foreclosure issues.

Please visit our Bankruptcy category to learn more about filing for bankruptcy.

Foreclosure Settlement Conference

On August 28, 2010, in Foreclosure, by Robbie L. Vaughn, Esq.

Foreclosure Settlement Conference

Purpose of the Foreclosure Settlement Conference

According to New York law (RPAPL 3408), the purpose of the foreclosure settlement conference includes, but is not limited to, “…determining whether the parties can reach a mutually agreeable resolution to help the defendant avoid losing his or her home, and evaluating the potential for a resolution in which payment schedules or amounts may be modified or other workout options may be agreed to, and for whatever other purposes the court deems appropriate.”

At the foreclosure settlement conference:

  • Both the plaintiff and defendant are required to negotiate in good faith to reach a mutually agreeable resolution, including a loan modification, if possible.
  • The defendant will be required to provide the lender or it’s servicer with financial documentation.
  • The plaintiff will be required to review the documentation to determine if the parties can reach a resolution to avoid foreclosure.
  • On each conference date, there will likely be several dates, each party must report the status of negotiations to the Judge and explain any issues that have arisen.
  • If a settlement agreement or loan modification is achieved, the plaintiff must file a notice of discontinuance and vacatur of the lis pendens within one hundred fifty (150) days after the agreement is fully executed.

IMPORTANT: The scheduling of a foreclosure settlement conference does not relieve you of your obligation to respond to the plaintiff’s summons and complaint in a timely manner (see our earlier post “Foreclosure Summons and Complaint“).

The Law Firm of Vaughn, Weber & Prakope, PLLC routinely represents homeowners facing foreclosure at settlement conferences.  Typically, we obtain and/or attend foreclosure settlement conferences as part of our defense to the foreclosure action brought against our client.  However, we will represent homeowners at just the foreclosure settlement conference.

As always, the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you.  Contact us at (516) 858-2620 to arrange a consultation with a foreclosure defense lawyer.

Please visit our Foreclosure category to learn more about foreclosure issues.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. This website is Attorney Advertising. It does not form an attorney-client relationship. We are a debt relief agency and a law firm that helps people file for bankruptcy relief under the U.S. Bankruptcy Code – Title 11. Prior results do not guarantee a similar outcome. Proudly assisting residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, Manhattan