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Once the New York Supreme Court enters a judgment of foreclosure against you, you may think that you have no option but to start packing and lose ownership of your home. However, courts can make errors in foreclosure cases just like in any other type of civil case. If a judgment was based on wrongful interpretation or application of the law in your case, you have the opportunity to appeal the decision. Filing an appeal is a complex matter with specific procedural requirements and different standards of review than in...

[caption id="attachment_5803" align="alignleft" width="300"] Long Island Foreclosure[/caption] The crash of the housing bubble in the last decade caused a devastating effect on consumers throughout New York State. In 2016, homeowners in New York are defaulting on mortgages as the result of the loss of employment and income, a by-product of the financial meltdown following the collapse of the subprime markets. Foreclosure actions in New York are a significant part of the courts’ dockets and are costing the parties involved, as well as the state, both time, and money. Adding to the...

Your home mortgage is a secured loan and your house acts as the collateral for the debt. If you cannot pay back the money you owe, the lender could foreclose on the house. The lender would take the home and sell it, using the proceeds from the sale to pay back what you owe. In Long Island, foreclosure can lower your credit score dramatically, making it difficult or impossible for you to get a loan until your credit recovers. When your home is foreclosed on and the sale does not...

This article is an update as of September 28, 2013 of the status of obtaining a modification for Long Island homeowners. The update is based on newspaper articles discussing recent legal and policy changes regarding modifications and foreclosures and trends on Long Island compared to the rest of the country. It was researched by the Law Office of Ronald D. Weiss, P.C., a Long Island modification attorney located in Melville, New York. Homeowners living on Long Island, seeking a loan modification, are being helped by more favorable laws, cases and...

Post-Silverberg, MERS in New York MERS Background In today’s world of mortgages many banks and lending institutions subscribe to the convenience of Mortgage Electronic Registration Systems, Inc. (hereinafter MERS). MERS is a national database registry system for participating lending institutions, which avoids the many different local recording regulations and processes that have grown to be burdensome and costly for banks. MERS allows a lending institution to assign its powers to MERS, most commonly that of recording and assigning of residential mortgages, so that a lending institution need not worry about...

The foreclosure rate has been gradually declining in recent months, giving hope for those of us searching for signs that the Long National Nightmare triggered by the housing crash may be coming to an end. Another trend-tracking report has just been released, and the news is pretty good: National foreclosure filings in January 2013 descended to the lowest level since April 2007, while foreclosure starts reached a low not seen since June 2006. But what may not be immediately clear is that this decline is largely a local trend. ...

A noteworthy nationwide housing program has reached Nassau County—and it’s developing under the auspices of the federal government. It’s called the Neighborhood Stabilization Program, created by the U.S. Department of Housing and Urban Development for the purpose of repopulating neighborhoods hit hard by the foreclosure wave. This program allows first-time homeowners to purchase these foreclosed or abandoned properties, with help from a subsidy of as much as $40,000. Naturally, there are various strings and restrictions attached to the deal—for one thing, buyers must have an income not exceeding 120%...