New York Law Blog

Queens Foreclosure Cases Ride The Rocket Docket

queens foreclosure cases

queens foreclosure cases

Queens Foreclosure Cases Speed Up As Courts Implement Rocket Docket.

Queens judges have implemented a rocket docket for Queens foreclosure cases. It seems the end is near for Queens homeowners hoping to take advantage of the borough’s notorious long foreclosure litigation time.  Other New York counties are also taking Brooklyn’s lead in dealing with Queens foreclosure cases. Counties across the New York Metro area have also begun implementing similar rocket docket procedures. County governments expect foreclosure litigation times to dropped by 75% by the end of 2018.

The Empire State had an average foreclosure litigation time of 36-48 months in 2015. As a result of the rocket docket, the average foreclosure litigation time across New York is expected to hit 12 months. Supreme Court Judges want to cut it under six months.

Multiple factors on the federal and state level have attributed to this drastic cut.

The End of HAMP Speeds Up Queens Foreclosure Cases

queens foreclosure casesThe Home Affordable Modification Program was launched in 2009 in answer to the financial crisis.

Economists believed that foreclosures were losing proposition for everybody involved. Lenders would face long-term losses from a foreclosed mortgage instead of negotiating more favorable terms with the homeowner. Foreclosures also drag down the value of surrounding properties by creating a cascade of lower values across the housing market.

HAMP offered financial incentives to lenders to negotiate loan reductions with at-risk homeowners. The government would pay the mortgage lenders $1,000 for every loan they modified. They would also pay lenders an annual $1,000 for every borrower who stayed current over the next three years.

The program had limited success.

When the program ended January 1st, Finch Rating Agency stated, “Modification decision timelines will shorten, which may lead to a modest reduction in liquidation timelines.”

Read more at MFI-Miami


Brooklyn Foreclosure Cases Ride The Rocket Docket

brooklyn foreclosure cases

brooklyn foreclosure cases

Brooklyn Foreclosure Cases Speed Up As Courts Implement Rocket Docket

Brooklyn judges have implemented a rocket docket for Brooklyn foreclosure cases. It seems like the end is near for Brooklyn homeowners hoping to take advantage of the borough’s notorious long foreclosure litigation time. Other New York counties are taking Brooklyn’s lead in dealing with Brooklyn foreclosure cases. Counties across the New York Metro area have also begun implementing similar rocket docket procedures. As a result, county governments expect foreclosure litigation times to dropped by 75% by the end of 2018.

The Empire State had an average foreclosure litigation time of 36-48 months in 2015. As a result of implementing a rocket docket, the average foreclosure litigation time across New York is expected to hit 12 months. Supreme Court Judges want to cut it under six months.

Multiple factors on the federal and state level have attributed to this drastic cut.

The End of HAMP Speeds Up Brooklyn Foreclosure Cases

brooklyn foreclosure casesThe Home Affordable Modification Program was launched in 2009 in answer to the financial crisis.

Economists believed that foreclosures were losing proposition for everybody involved. Lenders would face long-term losses from a foreclosed mortgage instead of negotiating more favorable terms with the homeowner. Foreclosures also drag down the value of surrounding properties by creating a cascade of lower values across the housing market.

HAMP offered financial incentives to lenders to negotiate loan reductions with at-risk homeowners. The government would pay the mortgage lenders $1,000 for every loan they modified. They would also pay lenders an annual $1,000 for every borrower who stayed current over the next three years.

The program had limited success.

When the program ended January 1st, Finch Rating Agency stated, “Modification decision timelines will shorten, which may lead to a modest reduction in liquidation timelines.”

READ MORE AT MFI-Miami


The CFPB Lists The Most Hated Banks

CFPB

CFPB

The CFPB Lists The Most Complained About Banks For 2017

The CFPB may be going through changes with the GOP Congress and the Trump Administration trying to dismantle it from within.

However, consumers love the agency and have no problem filing complaints about their banks and lenders.

LendEDU put together a list of banks that received the most consumer complaints in 2017. The site is an online marketplace for student loan refinancing.

The ranking is based on the number of complaints per billions of dollars in deposits.

Here are the top 10 banks with the highest level of complaints with the CFPB:

10. Bank of America 

Bank of America had 6.28 complaints per billion in deposits. The also bank improved five spots in its rank from last year. It received a total of 8,069 complaints with $1.28 trillion in deposits for 2017.

9. KeyCorp 

KeyCorp with 6.48 complaints per billion in deposits. Additionally, the bank fell nine spots in its rank from last year and received a total of 670 complaints with $103.45 billion in deposits.

8. Wells Fargo 

Scandal-plagued Wells Fargo in a surprising 8th place. The bank came in 8th with 6.48 complaints per billion in deposits. The bank also appears to have improved five spots in its rank from last year. It also only received a total of 8,465 complaints with $1.31 trillion in deposits. 

7. Comerica  

Midwest-based Comerica with 6.57 complaints per billion in deposits. The bank fell six spots in its rank from last year. The Midwest-based bank received a total of 380 complaints with $57.82 billion in deposits.

6. U.S. Bancorp 

U.S. Bancorp with 6.82 complaints per billion in deposits. The bank remained its same rank as last year, receiving a total of 2,338 complaints with $342.59 billion in deposits.

5. Citigroup 

Citigroup who owns Citibank and Citimortgage came in 5th with 6.85 complaints per billion in deposits. The bank improved three spots in its rank from last year, receiving a total of 6,600 complaints with $964.03 billion in deposits.

4. Fifth Third Bancorp 

Fifth Third Bancorp with 6.88 complaints per billion in deposits. The bank fell three spots in its rank from last year, receiving a total of 698 complaints with $101.45 billion in deposits.

3. Citizens Financial Group 

Citizens Financial Group with 6.91 complaints per billion in deposits. The bank fell five spots in its rank from last year, receiving a total of 782 complaints with $113.24 billion in deposits.

2. SunTrust Banks 

Suntrust Banks came in a surprising 2nd place with 7.12 complaints per billion in deposits. The bank fell five spots in its rank from last year, receiving a total of 1,159 complaints with $162.74 trillion in deposits.

1. TCF Financial Corp. 

Minneapolis based TCF was a big surprise. This medium-sized bank has a reputation for quality customer service. However, it remained the bank with the most complaints per billion in deposits, far outpacing all other banks with its 13.59 complaints. The bank received a total of 246 complaints for its $18.11 billion in deposits.

 


Foreclosure Tsunami Hits New York State

Foreclosure Tsunami

Foreclosure Tsunami

Foreclosure Tsunami Hits New York State As 2017 Foreclosures Are 200% Higher Than 2010

New York is facing a foreclosure tsunami. However, foreclosure across the United States are at an 11-year low. New York seems to buck the trend.

ATTOM Data Solutions released its Year-End 2017 U.S. Foreclosure Market Report. The report shows foreclosure filings and scheduled auctions were reported on 676,535 U.S. properties in 2017. This is down 27 percent from 2016 and down to the lowest level since 2005.

Those 676,535 properties with foreclosure filings in 2017 represented 0.51 percent of all U.S. housing units.

The report also includes new data for December 2017. December 2017 is the 27th consecutive month with a year-over-year decrease in foreclosure activity. ATTOM reports there were 64,651 U.S. properties with foreclosure.

A total of 318,165 U.S. properties were scheduled for public foreclosure auction in 2017. This is down 27 percent from 2016 and down from a peak of 1,600,593 in 2010.

Matthew Gardner, chief economist at Windermere Real Estate in Seattle says:

The data for the Seattle market tells a very big story. and that is we are not seeing a housing bubble forming.

Seattle saw scheduled foreclosure auctions in 2017 drop 47% to an 11-year low.

However, Seattle is suffering from serious affordability issues. Yet, this is not translating into defaults on loans.”

The District of Columbia and seven states posted a year-over-year increase in scheduled foreclosure auctions in 2017. This included New York (up 9 percent to the highest level since 2006). Oklahoma foreclosures are up 4 percent). Connecticut is up 7 percent and Maine up 2 percent.

Read more at MFI-Miami


Freddie Mac Fire Sale Announced For Next Month!

freddie mac fire sale

freddie mac fire sale

1st Freddie Mac Fire Sale Of 2018 Announced. $420 Million Of Non-Performing Loans Up For Auction

Freddie Mac has announced the first Freddie Mac fire sale of 2018.

The auction will consist of seasoned non-performing loans held in Freddie Mac’s mortgage investment portfolio. Shellpoint Mortgage Servicing is the servicer of the loans.

The Freddie Mac Fire Sale consists of four mortgage pools.

The sale contains three standard pool offerings and one extended timeline pool offering. The later auction targets participation by smaller investors including nonprofits and minority or female-owned businesses.

Freddie Mac announced bids for the standard pools are due from qualified bidders on March 13, 2018. The GSE also announced a deadline of March 27, 2018, for the EXPO pool.

Freddie Mac is also requiring bidders to complete a qualification package in order to bid.

The GSE also stated bids must be made on an all-or-none basis. Bidders can bid on any pool separately or for any combination of pools together. Freddie Mac will determine the winning bidder on the basis of the economics of the bids.

JPMorgan Securities and The Williams Capital Group served as advisors to Freddie Mac.

Freddie Mac’s focus for these sales is to reduce less-liquid assets from the company’s mortgage investments portfolio. Freddie Mac has also sold a total of $7 billion in non-performing loans and securitized $27 billion in re-performing loans.

Read more at MFI-Miami


Transsexual Fraudster Gets 37 Months In Federal Prison

transsexual fraudster

transsexual fraudster

Transsexual Fraudster Bobbi Constantine FKA Robert Bove Sentenced To 37 Months In Federal Prison For Wire Fraud

Transsexual fraudster Bobbi Constantine was sentenced to 37 months in federal prison. She also received an additional 3 years of supervised release. Constantine FKA Robert Bove pleaded guilty in November 2017 to wire fraud.

Constantine then known as Robert Bove obtained mortgages and automobile lease financing from 2014 to 2016. She claimed she was the beneficiary of a trust named The Constantine Family Irrevocable Trust. Constantine claimed the trust contained more than $12 million from a fictional deceased aunt.

Federal Prosecutors say:

Its trustor, “Mary Ann Constantine” of Oviedo County, and trustee, Constantine (listed as Bove) have “nearly identical” handwriting. “Mary Ann Constantine” is also not in public records.

Constantine used fictitious trust documents containing a forged notary seal to dupe an attorney into writing a letter stating she received an annual income of more than $50,000 from the trust.

She also impersonated a fictitious administrative trustee for the trust. Constantine obtained lease financing for a new Toyota RAV4 and a new Jeep Renegade. She also obtained mortgages for a $200,000 home in Albany and a $131,000 condominium in Myrtle Beach, South Carolina.

The Crazy Scams Of A Transsexual Fraudster

The transsexual fraudster has been convicted nearly 20 times in two states for scams and frauds. Below are just some of the highlights of his 20-year career as a fraudster.

Orlando Mobile Home Scam

In July of 2007, Bove owned a company known as Firenze Property Solutions. Firenze bought a dilapidated trailer park in Orlando and promised to fix up the park. 

Two weeks later, Bove served the tenants with 24-hour eviction notices and demanded payment. Apparently, he needed cash to pay off the people he borrowed the money from to buy the park.

Bove was sentenced to 13 months in prison the following December for two convictions in an unrelated real-estate transaction. On his way out of court, Bove pulled a Frank Rosemberg and told Palamar residents, “DON’T BE LATE WITH THE RENT!”

Busted Fleeing To Canada

Canadian Border Patrol stopped Bove from crossing into Canada from Minnesota in 2008. Bove 

Bove told Canadian Border Patrol he had a “board meeting” in New York. He told them trekking through Canada would be the quickest way. The CBP figured out that he was going to his sentencing hearing in a New York check fraud case. They denied him entry into Canada.

Bove missed the sentencing hearing because of a supposed 11th-hour coronary bypass. He faxed the fake medical papers to Albany from a Sheraton hotel in Illinois. Federal marshals later arrested the defendant at a hotel in rural Missouri.

When Bove finally arrived in Albany he tried to convince Judge Thomas Breslin he went to Missouri after he became “disoriented” from medication. The judge sentenced Bove to additional time for breaching his plea deal.

Read more at MFI-Miami


Former New York State Trooper Faces Foreclosure Over $25 HOA Fee

new york state trooper

new york state trooper

Former New York State Trooper David Silva’s $25 HOA Late Fee Has Turned Into A $47,554 Foreclosure

Former New York State Trooper David Silva didn’t believe he deserved the $25 late fee from his HOA. So he refused to pay.

Apparently, the trouble began when his condo switched property managers in June 2015.  Silva’s maintenance check for June 2015 of $282.00was allegedly never deposited.

Silva paid the maintenance bill when he found out that August it was overdue. However, the late fee and the ones that came after it, which he refused to pay had metastasized into $50,000. The amount includes additional late fees and attorney charges for a two-day trial.

Silva told the Palm Beach Post:

I am disappointed in the judge’s decision. I believe that this case looked at with another set of eyes, would have resulted in a different decision. It is a sad day in America when the American dream becomes the American nightmare.

HOA attorney Jeannette Bellon said could not document he issued the check. The association even waived one month’s late fee. However, Silva refused to pay anything because he argued the entire matter was due to a change in property managers. Silva claims he was not notified.

Read more at MFI-Miami


Bayview Loan Servicing Body Slammed By Homeowner

Bayview Loan Servicing

Bayview Loan Servicing

Homeowner Body Slams Bayview Loan Servicing And Their Lawyers In Dual Tracking Case

Maryland homeowner Sherry L. Weisheit handed Bayview Loan Servicing an embarrassing defeat in her foreclosure case.

She filed suit against Bayview Loan Servicing and their law firm Rosenberg and Associates for violating RESPA and FDCPA. Weisheit’s suit revolves around Bayview Loan Servicing’s failure to give her a loan modification.

Bayview denied the loan modification while proceeding with foreclosure.

However, Weisheit qualified for a HAMP modification. Bayview just didn’t want to give her one and used a debunked excuse typical of a mortgage servicer.

Bayview Loan Services Denies Weisheit A Loan Modification Based On Debunked Excuses

bayview loan

Rosenberg began foreclosure proceedings against Weisheit on April 26, 2016. Weisheit submitted a complete HAMP loan modification application to Bayview in less than 5 months. However, Weisheit did it more than thirty-seven days prior to any scheduled foreclosure sale.

RESPA states loan servicer must evaluate the application and suspend all foreclosure activity if a borrower submits a complete HAMP loan modification package more than 37 days prior to a scheduled foreclosure sale. To proceed with foreclosure while loss mitigation is pending is to engage in a prohibited practice known as “dual-tracking.”

Bayview denied Weisheit’s application by letter on November 15, 2016.

Read more at MFI-Miami

If you think you are a victim of Dual Tracking or feel you are being mistreated by Bayview Loan Servicing, give us a call at 888.574.7771


New York Foreclosure Settlement Conferences

New York Foreclosure Settlement Conferences

New York Foreclosure Settlement Conferences Can Save Your Home

NYS law requires mediation to assist borrowers to avoid foreclosure. New York Foreclosure Settlement Conferences allow borrowers a face-to-face meeting with their lender. Homeowners can also benefit even if they can’t afford to keep their homes.

What Are New York Foreclosure Settlement Conferences?

Typical New York foreclosure settlement conferences are a meeting between you and your lender. Additionally, the settlement conference provides an opportunity to work out a deal with your lender.

You and your lender try to negotiate a way for you to keep the home. You may also be able to negotiate a Cash-For-Keys deal or a Deed-In-Lieu of foreclosure. These two options are especially relevant if you have to give up the property. 

Potential outcomes of a settlement conference include:

  • loan modification, or
  • forbearance agreement, or
  • short sale, or
  • deed in lieu of foreclosure.

New York Foreclosure Law and New York Foreclosure Settlement Conferences

New York performs their Foreclosures judicially. Hence, this means the lender must foreclose through the state court system. Therefore, the lender initiates the foreclosure. They file a complaint against the homeowner and then the court then serves the summons on the borrower. 

In addition, New York law requires a settlement conference within 60 days of the filing of the proof of service. 

Homeowners are entitled to a court settlement conference during foreclosure. The property must also fit the following criteria:

  • residential, and
  • owner-occupied, and
  • a one to four unit family dwelling or condominium.

Notice of Settlement Conference

The court will also send a notice to the parties advising them of:

  • the time and place of the settlement conference
  • the purpose of the conference, and
  • the documents that they should bring to the conference.

Required Documents for A New York Foreclosure Settlement Conference

The lender and the borrowers must provide certain documents at the settlement conference.

Documents the Borrowers Must Provide

The documents that the borrowers must provide include:

  • proof of current income (such as two most recent pay stubs), and
  • most recent tax return, and
  • most recent property tax statements.

Documents the Lender Must Provide

The documents that the lender must provide include:

  • the payment history, and
  • the mortgage, and 
  • the note, and
  • an itemization of the amounts needed to cure and pay off the loan.

The Settlement Conference

At the settlement conference, the court will:

  • discuss the rights and obligations of the parties, and 
  • determine whether the parties can reach a resolution to avoid foreclosure, and
  • evaluate workout/settlement options (such as payment schedules or loan modifications), and
  • design a plan to streamline subsequent court proceedings to reach a mutual settlement.

Furthermore, the lender and borrower are also required to negotiate in good faith. Hence, the goal of the settlement conference is to reach a deal. A deal that is almost always mutually beneficial to both parties. The court may also appoint an attorney to represent the borrower if they attend without one.

Brooklyn foreclosure settlement conferences don’t guarantee that you will avoid foreclosure. However, it doesn’t hurt to participate. Attending a settlement conference also gives the judge the impression you are trying to resolve the dispute.

Have your lawyer call us at 888-574-7771 


Strong New York Foreclosure Defenses 

new york foreclosure defenses

Foreclosure Laws In New York Allow For Stronger New York Foreclosure Defenses 

New York law allows for strong New York foreclosure defenses. Furthermore, state law ensures that the foreclosing party has the correct documents in place. New York law requires that the foreclosing party “produce the note” to prove that it owns the loan.

The law also states they must produce it at the beginning of the foreclosure. In addition, the law also takes steps to reduce the extremely long amount of time that it takes to foreclose in New York.

New laws have also been passed to speed up foreclosure cases. Foreclosure cases no longer take 36-48 months to complete. New York courts have foreclosures passing through the system in less than 6 months.

NYS Foreclosure Process Offers Strong Nassau County Foreclosure Defenses

New York is a judicial foreclosure state. This means the lender must file a lawsuit against the homeowner in state court. The lender initiates the foreclosure by filing a complaint with the court. The borrower is served with a complaint and summons. 

The lender has the Preponderance of Evidence. This means the lender must prove they have a right to bring the action.

New York Law: Banks Must Produce the Note

New York Governor Andrew M. Cuomo signed a new foreclosure bill into law in 2013. The new law requires banks to produce the note at the beginning of the foreclosure. Yet, many times foreclosure mills forget to do this. This one of the of the many strategies we use for New York foreclosure defenses.

Promissory Notes and Mortgages

You signed both a mortgage and a promissory note when you closed on your loan. The promissory note is what establishes your liability to pay your mortgage loan. The mortgage creates a lien on the property. Consequently, the holder of the original note is the only party that has the right to enforce the debt by foreclosing on the property.

The lender does not have legal standing to foreclose on your home if it does not hold the original note. 

Post-2013 Foreclosure Requirements Aid Nassau County Foreclosure Defenses

S.4530-A/A.5582-A) passed in 2013 requires that before any new foreclosure action on an owner-occupied residential property, the foreclosure attorney must file copies of the following documents with the court:

  • a copy of the note (or the attorney must file a lost note affidavit if the document has been lost or destroyed)
  • copy of the mortgage, and
  • any modification agreements, and
  • all mortgage assignments. 

New York Law: Reducing Foreclosure Timelines

New York had one of the longest foreclosure timelines in the country. The average foreclosure averaged around three years. One reason for this is that the foreclosure mill attorney held off on filing a mandatory affirmation after filing the lawsuit. Affirmation is the documents the attorney certifies that the plaintiff is the creditor and is entitled to enforce the rights under the loan documents. In many cases, this also prevented the case from moving forward.

The new law remedies this problem by requiring the foreclosure plaintiff’s attorney to file a “certificate of merit” at the beginning of the foreclosure. As a result, this also enables cases to move to the settlement conference process within 60 days of the filing of the affidavit of service.

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