Foreclosure Notice Requirement
The National Mortgage Settlement’s Pre-Foreclosure Notice Requirement for servicers
Servicers must now provide the homeowner with a pre-foreclosure notice at least fourteen (14) days before referring the case to a foreclosure attorney.
*The notice must:
- Set forth facts supporting the Servicer’s or holder’s right to foreclose.
- Include an itemized summary setting forth account information (i.e. reinstatement amount/arrears, date of the last full payment, description of any late fees).
- Include a statement that upon written request the borrower may receive certain information (i.e. payment history, copy of the note, copies of any assignment of the mortgage, the name of the investor that holds the loan).
- Include a statement outlining the loss mitigation efforts the service has undertaken before foreclosure.
- State why the borrower was denied a loan modification or other loss mitigation.
- Include contact information to obtain more information from servicer.
- Include contact information for counseling agencies.
We have seen several of this notices and believe that they provide useful information to homeowners and their attorneys.
Long Island Foreclosure Defense Attorneys
Call the Law Firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620 today.
*The above is a partial list.
Modification of Custody Agreement
Understanding the common misconceptions.
There are many misconceptions regarding whether or not custodial agreements can be modified. The fact of the matter is that a custody agreement is not that much different than other agreements or issues that arise in Domestic Relations Law in New York. Courts do their best to encourage parties in custody disputes to reach their own agreement rather than rendering a ruling which dictates custody. In fact, courts will do their best to uphold custody agreements as long as circumstances allow.
Certain standards are necessary for modification.
It may be said that the courts will initially view a case with the presumption that the agreement should be upheld. This should not be interpreted to mean that the agreement will be upheld in every case. The best interests of the child, a change in circumstances, and overall well being of the children will always be considered by the court. In order to succeed in modifying a custody agreement, it would be wise to focus your arguments in these areas.
Long Island Divorce Attorney
If you are unhappy with a custody agreement and need legal assistance in attempting to modify it, call the Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620 to speak to a Family Law Attorney today!
Mortgage and Note in Foreclosure Actions
Mortgages are “secured transactions.” Secured Transactions are, essentially, collateralized loans. In secured transactions, borrowers give lenders an interest in some property (collateral) that will cover the amount borrowed if the borrower defaults. When someone buys a car, for instance, the car can be repossessed by the lender if the borrower stops making payments. The car will, theoretically, cover the remaining amount of the loan. The collateral (the car) “secures” the transaction because it practically guarantees that the lender will get, at least, an amount equal to the value of the collateral in return for the loan.
When someone mortgages a home, the home serves as collateral for the amount of the loan. The note is the contract in which a borrower agrees to repay a loan. The mortgage is the contract that makes the real property collateral for the loan. The mortgage gives a lender the right to take the home if a borrower stops paying the debt, as agreed to in the note.
Foreclosure plaintiffs (banks or other lenders) must prove that they own both the note, and the mortgage. Plaintiffs that can’t prove that they own these two instruments will not win a foreclosure case. If the plaintiff is not the original party to the loan – which could happen if one bank or lender sells the loan obligation to another – then the plaintiff must show how it came to own the loan.
One would expect banks and lenders to keep documents as important as notes and mortgages safe and secure. Surprisingly, this is not always the case. During the housing boom, mortgages and notes changed hands so frequently and quickly that it was not uncommon for one or the other to get lost in the shuffle. Earlier this month, an attorney representing a homeowner in Queens won a foreclosure case because the bank couldn’t prove that it owned the mortgage and note.
Not all homeowners will be so lucky. But chain of title issues are definitely worth investigating. Foreclosure defendants should consult with experienced foreclosure attorneys in order to explore all options and defenses.
Foreclosure Attorney in Mineola
If you have questions about this or other legal issues, call The Law firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620 today to schedule a free consultation.
Student Loan Benefits for Military Servicemembers
The Service Member Civil Relief Act offers many benefits for student loan borrowers in the military. Unfortunately, those benefits are difficult to identify, or to claim.
According to an official report, many of the benefits the Service Member Civil Relief Act grants to those in the military go unredeemed. In some cases, this is because lenders adopt difficult procedural barriers designed to disqualify servicemembers. In other instances, servicemembers remain in payment plans that end up costing them more than they would have to pay under available alternatives, simply because the servicemembers aren’t aware of their options.
The Consumer Financial Protection Bureau is partnering with the Defense Department to increase awareness of the benefits available to student loan borrowers in the military.
If you are having difficulty paying your student loan debts, The Law Firm of Vaughn, Weber & Prakope, PLLC may be able to help. Call 516-858-2620 today to schedule a free consultation.
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