New York State Orders Mortgage Servicers To Offer COVID-19 Relief

New York State Orders Mortgage Servicers To Give 90-Day COVID-19 Mortgage Relief To New York Homeowners 

New York State

Governor Andrew Cuomo and New York State orders lenders and mortgage servicers to step up their mortgage relief efforts. The New York Department of Financial Services demanded servicers let certain residents skip their mortgage payments for 90 days.

Cuomo announced the statewide 90-day mortgage relief period on Thursday.

NYDFSis directing mortgage servicers to offer several options to the state’s residents:

  • Waiving mortgage payments based on financial hardship
  • No negative reporting to credit bureaus
  • Grace period for loan modification
  • No late payment fees or online payment fees
  • Postponing or suspending foreclosures

NYDFS also sent letters to the mortgage servicers that operate in the state:

An increasing number of individuals are experiencing a sizeable disruption in their everyday lives. The economic impact to consumers is considerable and the outbreak will continue to cause significant financial hardship for individuals and families, especially workers who cannot work remotely and do not have access to paid leave.

The letter also states borrowers who demonstrate they are not able to make timely payments due to COVID-19 will be eligible for numerous options.

This also includes:

  • Forbearing mortgage payments for 90 days from their due dates.
  • Refraining from reporting late payments to credit rating agencies for 90 days.
  • Offering mortgagors an additional 90-day grace period to complete trial loan modifications. NYDFS also does not want COVID-19 to affect their ability to obtain a permanent loan modification.
  • NYDFS also wants servicers to waive late payment fees and any online payment fees for a period of 90 days.
  • Postponing foreclosures and evictions for 90 days.

The NYDFS also directs servicers to proactively contact borrowers to communicate the new relief options.

The NYDFS initiative mirrors the relief efforts put forth by Fannie Mae and Freddie MacHUD and FHA have also initiated relief efforts.

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New York Coronavirus Update: Full Steam Ahead On Foreclosure Auctions!

New York Coronavirus Update: Cuomo And Albany Say, “Full Steam Ahead!” For Foreclosure Lawsuits And Auctions!

coronavirus

New York Coronavirus update! The coronavirus pandemic has shut down NYS and local governments except for essential personnel. The pandemic has also shut down schools. Office buildings and businesses are closed. As a result, people can’t go to work. 

Yet, the courts are open in a limited fashion across New York. Attorneys can still file documents and yes, they can still file foreclosure complaints. Albeit, electronically. The NYS court system is still moving ahead with foreclosure filings and foreclosure auctions. 

Several counties including the boroughs of New York City have enacted eviction moratoriums. However, the courts are still chugging along with foreclosure lawsuits and auctions. The NYS court system is allowing banks to ram foreclosures through in less than 6 months.

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New York Zombie Foreclosure Warning: Second Lien Holders Are Coming!

New York Zombie Foreclosure Warning: An Army Of Bottom Feeding Lawyers Are On The March To Shake You Down!

new york zombie foreclosure

MFI-Miami is issuing a New York Zombie Foreclosure Warning!

Armies of bottom-feeding lawyers armed with thousands of New York Zombie foreclosures coming! They are barging down the doors of courthouses across New York like Walmart shoppers on Black Friday hoping for free money for their clients.

This time around its not first lien holder seeking deficiency judgments. It’s the servicers for the second mortgage who have risen from the dead like a horde of zombie.

Homeowners who faced foreclosure in the wake of the 2008 financial crisis could be served at any time. It was assumed these lenders wrote off the debt or accepted short payoffs from the first lien holder.

Most foreclosure victims have moved on with their lives. They have also made their foreclosure a distant memory. They are now back to sipping their Pabst Blue Ribbons and enjoying the benefits of a robust economy.

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JPMorgan Chase Alert! Can JPM-Chase Validate Your Mortgage?

JPMorgan Chase Alert! It’s More Than Likely JPMorgan Chase Can’t Validate Your Mortgage Debt Or Prove Standing To Foreclose On Your Old WaMu Loan!

JPMorgan Chase Alert
Bank executives from JPMorgan Chase pray you don’t know about their WaMu dirty secrets.

MFI-Miami Has Issued A JPMorgan Chase Alert! JPMorgan Chase Inherited a Nightmare From WaMu

JPMorgan Chase acquired Washington Mutual’s mortgage assets in 2008. Little did they know that a decade later they would still be fighting costly foreclosure battles over them. These legal battles have become so costly for JPMorgan Chase they began selling the loans and the servicing rights at fire-sale prices.

JPMorgan Chase became so desperate to dump these mortgages, they are selling them in the middle of foreclosure litigation. I have already had this happen in five of my foreclosure cases involving old Washington Mutual loans.

The Legal Games Of JPMorgan Chase Lawyers

JPMorgan Chase lawyers have also purposely postponed trial dates just so they could sell the loan at top dollar.

Chase and their lawyers know most of these mortgages are unenforceable and are garbage. They have their lawyers file the foreclosure anyway under the assumption that homeowners and their lawyers are idiots. After all, most attorneys doing foreclosure defense are idiots. Foreclosure mill attorneys are also betting they can intimidate the judge.

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Aggressively Stopping Queens Foreclosures! Call 917.426.5958

Aggressively Stopping Queens Foreclosures With An Aggressive Queens Foreclosure Defense 

Stopping Queens Foreclosures

MFI-Miami has created the most aggressive Queens foreclosure defense team for aggressively stopping Queens foreclosures! We are also the only foreclosure and mortgage experts with the strength to successfully challenge any lender in a Queens courtroom.

Our competitors show off one or two victories. Yet, they can’t beat our track record. How do we know this? Because we have the track record in Queens to prove it

MFI-Miami has become a lender’s worst nightmare. Why? MFI-Miami has successfully challenged some of the most arrogant foreclosure mill lawyers and lenders in Queens.

Steve Dibert has also helped keep lenders from discriminating against Hispanics and people of African and Caribbean descent. How? By stopping Queens foreclosures. In addition, he has helped keep combat veterans in their homes. 

Read more at MFI-Miami

Real Estate Vultures Circle New York Homeowners In Foreclosure

NYS Courts Are Fast-Tracking Foreclosures As Real Estate Vultures Stalk New York Homeowners 

real estate vultures

Real estate vultures are watching you on the internet. They are waiting for the perfect moment to strike so they start pecking at your financial carcass. In addition, you may not even know they stole your house out from under you until it is too late.  

They know you are in foreclosure and they are waiting for you to lose your house. They know that the courts in New York are fast-tracking foreclosures. Matter of fact, New York courts are moving faster than Florida did under the rocket docket.

The days of New York foreclosures taking 4-5 years are history. The courts have foreclosures down to less than 6 months. This is not good for homeowners wanting to fight their foreclosures. 

Homeowners need to be prepared to fight their lenders. As soon as homeowners get served foreclosure papers, they need to come out of the gate swinging. Lenders are also motivated to take your house by any means necessary and as quickly as possible due to market conditions.

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Residential Foreclosure Rates Drop 20 Percent In 3rd Quarter Across USA

Attom Data Solutions Says Residential Foreclosure Rates Dropped 20% On Average. 

residential foreclosure rates

A new report from Attom Data Solutions indicates residential home foreclosure rates dropped 20% in the third quarter. The report shows the New York metro area, South Florida and Los Angeles all showed double-digit declines.

Attom says 143,105 properties had foreclosure filings from July through September of this year. This is down from nearly 172,000 over the same period last year. The numbers include default notices, scheduled auctions or bank repossessions. The reports also indicate foreclosure rates are at the lowest level since the second quarter of 2005.

Foreclosure reports from month to month can be volatile. However, the data could indicate the market is not at the level of distress it was prior to the last recession. It could also mean that despite numerous indicators showing a slowdown in the housing market, borrowers have yet to default on their payments.

Read more at MFI-Miami

New York Zombie Foreclosures! Fannie Mae Is Coming To Get You!

Fannie Mae Is Conjuring New York Zombie Foreclosures!

new york zombie foreclosures

New York zombie foreclosures are rising from their long-forgotten graves.

Surprisingly, it’s not servicers or New York lawyers leading the conjuring of these long-dead foreclosures. It’s taxpayer bailed out Fannie Maeand Freddie Mac doing it.

New York homeowners discovered they are now facing ramifications for defaulting on their Fannie Mae and Freddie Mac mortgages.

Fannie Mae and Freddie Mac are also pursuing deficiencies judgments on defaults going back to 2009.

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Queens Foreclosure Settlement Conferences

Queens Foreclosure Settlement Conferences Can Save Your Home

New York law requires mediation to assist borrowers to avoid foreclosure. Queens 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 Queens Foreclosure Settlement Conferences?

Queens Foreclosure Defense

Typical Queens 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.

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Queens Foreclosure Cases Ride The Rocket Docket

Queens Foreclosure Cases Speed Up As Courts Implement Rocket Docket. 

queens foreclosure cases

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 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. 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. 

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