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When should I initiate a mortgage foreclosure defense?

The right time to begin a mortgage foreclosure defense is before the bank is even thinking about foreclosure. The best defense is to anticipate when you will need a foreclosure. I say when the borrower needs a foreclosure. This is something the borrower isn't thinking about. The borrower is trying to avoid a foreclosure; but, in fact, many borrowers should seek a foreclosure and plan ahead. I'm Carl Person, a New York lawyer and a fighter to keep people in their homes.

tags: mortgage foreclosure defending loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What rights do I have against foreclosure in New York?

A mortgage foreclosure proceeding involves rights on the part of the borrower and that is to defend the action with whatever defenses that borrower may have. An unusual defense that I see now, and I don't know if it will work, but it should at least be tried, and that is that the bank, contrary to the expectations of the borrower, quite often has sold the mortgage to a pool and has broken it up so that there is nobody in charge, there's no one that owns the mortgage, and therefore when the borrower runs into trouble they can't call a local bank as in "It's A Wonderful Life" and say I'm in trouble will you give me a break. That is contrary to the expectations of the borrower. I'm Carl Person, a New York lawyer and a fighter to keep people in their homes.

tags: mortgage foreclosure your rights loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What is a mortgage foreclosure defense?

A mortgage foreclosure defense is a way by which a home owner, that owes money to the bank, can keep the home. Number one, a foreclosure action, at least in New York, takes about 14 months. So in a 14 month period, the borrower is able to stall, hold off and forcing the bank to reach a modification agreement hopefully. So these defenses, however, have to be bonafide. For example, a defense that the mortgage broker and the bank were engaged in fraud and were charging a higher interest rate to the borrower than the borrower should have been paying. Often leading up to hundreds of thousands of dollars a year of extra charges. We can defend and do something about that and stop the foreclosure and that's the kind of thing I am urging people do. I'm Carl Person. I'm a New York lawyer and my job is to help people stay in their homes.

tags: mortgage foreclosure defense NY loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What is my 2nd line of defense against mortgage foreclosure?

The second line of defense in a mortgage foreclosure situation is to retain an attorney to file an answer, and do so within 20 days after the summons and complaint have been served. This is critical. It is easy to defend a foreclosure action if you do the defense in a timely basis. It is exceedingly costly and difficult if you have allowed the defense to go by the boards. Don't do it. Defend the action, hire the attorney, pay the money, and you will be sitting a lot better than if you let it go until later and then try to resurrect your situation. I am Carl Person, a New York lawyer and a fighter to keep people in their homes.

tags: foreclosure defense 2nd defense loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Do I qualify to mount a mortgage foreclosure defense?

If a person is sued in a foreclosure action, they're invited by the summons that they receive to put in a defense. A defense will include various reasons why the bank should not win. Various things they've done wrong and the banks we now know have done many things wrong. Previously, like a year ago, the court probably wouldn't look at half of this. But now the courts are looking at it and we are aware that the banks do wrong in many cases. Some of these wrongs translate into defenses and a lawyer can help the person that sued to maintain those defenses. I'm Carl Person, a New York lawyer and a fighter to keep people in their homes.

tags: mortgage defense foreclosure qualifications loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Bankruptcy or a mortgage foreclosure defense?

The issue arises whether people should just file for bankruptcy or deal with a foreclosure action. My feeling is that if you have two options, don't use both of them at one time. I think there's an orderly progression. I think, on one hand, fight the foreclosure and if that doesn't work, then deal with bankruptcy. But I view the foreclosure proceeding as the first thing to do and I urge people to plan ahead and kick off the foreclosure by stopping payment when you know that you won't be able to pay any longer. I'm Carl Person, a New York lawyer and a fighter to keep people in their homes.

tags: mortgage foreclosure bankruptcy loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What is your experience as a foreclosure defense attorney?

My name is Carl Pierson, and I am a Attorney in New York State. I am admitted to the Federal and State Courts in New York State, and I have various admissions elsewhere throughout the country. I'm a graduate of Harvard Law School, I graduated as the Magna Com Laudi at Long Island University, and I was the Student Council President there. My efforts for many years have been in law. I have more than forty years of litigation experience across the board in a variety of different types of matters. And I'm bringing all of that to bear on this new phenomenon, the crisis that we have in America of foreclosures. I'm trying to deal with them in the best way for the benefit of the people that are losing their homes. Because they don't have to lose their homes, there are protections. For example, New York State is not by accident the state which has the longest period of time for a foreclosure to take place. It was done deliberately in order to prevent people from being thrust out of their homes merely because the bankers are tired of having them live in their homes. So we set up obstacles, and that creates a 14 month period, roughly, for a person to be still in his home even when though he can't pay the mortgage. We've done that deliberately. In California, however, there is a non-judicial foreclosure. And they don't even go into court. When you lose your home in California, the bank puts a sign on your front lawn, they have a bus that takes people by your property, and then they sell your property. And that's a non-judicial foreclosure in Arizona, New Hampshire, California and other states. So New York is the longest state, and the best protected, the state that has the best protection for it's residents. I'm Carl Pierson, a New York lawyer, and a fighter, to keep people in their homes.

tags: mortgage foreclosure experience loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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When is it too late to mount a foreclosure defense?

When the property is sold as a result of a court order or when the property is sold in a non-judicial foreclosure, it's pretty much too late to initiate something. On the other hand, yesterday a matter came into me in which, even though the property is sold, we're going to try to undo the sale because the bank never served the owner of the property. And, as a result, the bank bought in and the bank still holds the property. And I think that we can undo the foreclosure because of the failure to serve the persons on the mortgage. I think we can undo it even after the sale has taken place. I'm Carl Person. I'm a New York lawyer. And my job is to help people stay in their homes.

tags: mortgage foreclosure too late loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What is my first line of defense against mortgage foreclosure?

When a person feels like there is going to be a crisis coming up because of sickness or loss of job, loss of income, and therefore they won't be able to continue paying their mortgage, they should think ahead of time, maybe even six months in advance, see an attorney and talk with the attorney and see whether it is not appropriate now to stop paying the mortgage and save that money- fourteen months worth of mortgage payments. Use that to defend the action and then to obtain from the bank a modification agreement once they are in foreclosure. I am Carl Person. I'm a New York lawyer, and my job is to help people stay in their homes.

tags: mortgage foreclosure 1st defense loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How can I afford an attorney to help with foreclosure defense?

When people want to keep their house, they think that paying the mortgage every month as long as they can and holding on to the house that way. That's a mistake. They give away their last cent to the bank and they have nothing left with which to defend themselves. So, thinking ahead when you are going to run into a foreclosure situation, precipitate it yourself by stopping payment. Use that money to higher a lawyer. You don't pay during the 14 months of the foreclosure proceeding and you make the bank come to the bargaining table and hopefully get an agreement. I am Carl Pearson, I am a New York Lawyer, and my job is to help people stay in their homes.

tags: mortgage foreclosure attorney fee loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How bad is the mortgage foreclosure problem in New York?

Today we have about 370 foreclosures ever week in the five boroughs, and near the end of the year we're going to have an increase in them. The banks right now are holding bank because of the uncertainty; we don't really know what the federal government plans to do. As I see it, it looks like a giveaway to the banks and not much for the homeowner. So that's something that the homeowners should recognize, that the statutes, so far, don't seem to be helping them. If the government gets its' money back, that means that the homeowner pays in full, and that isn't what they hoped that they're going to get. I'm Carl Pearson , I'm a New York lawyer, and my job is to help people stay in their homes.

tags: mortgage foreclosure New York loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How is a mortgage foreclosure defense like smart business?

When a borrower has a mortgage and knows there's going to be trouble ahead, the borrower should look ahead like anyone in business would that sees bad times coming and they should start adjusting their financial policy, which means in the case of a mortgage, consider whether you should stop paying earlier now, rather than paying until you have no money left. So smart business tactics would be stop paying, force a mortgage foreclosure proceeding and then defend. And then usually reach a negotiation and settlement that will allow the property to be brought back to a performing status. I'm Carl Person, I'm a New York lawyer, and my job is to help people stay in their homes.

tags: mortgage defense foreclosure smart loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How can a lawyer help me with my mortgage foreclosure defense?

When a person is sued in a mortgage foreclosure proceeding sometimes they say I have no money therefore I'm going to represent myself. It's a big mistake. A New York lawyer can do many things for you, for example there are perhaps 22 different defenses that could be brought to bear on your behalf. And, you don't know what they are, but an attorney can figure them out based upon the facts that you present. You need an attorney. I'm Carl Person, a New York lawyer, and a fighter to keep people in their homes.

tags: mortgage foreclosure attorney role loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What should I do if I received a foreclosure notice?

A foreclosure notice in New York is a summons and complaint in foreclosure. When a person is served with a summons and complain immediately record the date and the circumstances by which you were served, because you only have 20 days from the date of service to file an answer. Make sure you know when the answer is due and then call an attorney, choose an attorney to defend yourself by filing an answer, possibly with counter claims, to be able to assert the reasons why you're defending the foreclosure suit. I'm Carl Person a New York Lawyer and a fighter to keep people in their homes.

tags: mortgage foreclosure next step loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What's most difficult about being a foreclosure attorney?

The difficult thing about my practice is that I represent people in distress, and distress is an economic situation. They have less money. They have less faith. They have...they're scared they are going to lose everything they have, and they come to me and they want me to help them. I can't help everyone that is in that dire circumstance. The best thing they can do is come to a lawyer--me or some other lawyer when they first have a foreclosure action against them. Then we can help them inexpensively and do a much better job than when they come belatedly. Or, they should get in there early and advise them to stop paying their mortgage so that they don't waste their money, and that they can precipitate a foreclosure and a modification more readily by doing it quickly, by stopping payment. That is what people need to know, and they don't know this. Instead, they talk with the bank, and the foreclosure is taking place. The foreclosure is going to happen. The faceless person at the bank does not call up the law firm and stop the foreclosure. They think it happens that way. I don't see it happening that way at all. So, the foreclosure is racing along, and then it's in default. And then they come to me saying that, "Oh my God, I'm gonna lose the property." What these people need to know in advance is that they don't have to lose a property that way, and it is not expensive to defend a foreclosure action if you do it timely. I'm Karl Pierson, a New York lawyer and a fighter to keep people in their homes.

tags: mortgage foreclosure lawyer role loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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When is it smart to initiate your own mortgage foreclosure?

A person should initiate his or her own mortgage foreclosure when the person sees that they can't pay the mortgage for six months from now. Stop paying now and that is the initiation of mortgage foreclosure proceedings. And by the way, as a condition for modification, many banks require you to be in default. Don't pay up your mortgage and then think you're going to get a modification agreement. I'm Carl Pearson, I'm a New York lawyer, and my job is to help people stay in their homes.

tags: mortgage foreclosure self initiated loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Can I defend my own mortgage foreclosure?

The question often arises whether somebody should defend a mortgage foreclosure action himself or herself, particularly when they don't have money. I say to these people this: stop paying your mortgage when you know you're going to start having trouble in the future. You're going to have enough money then to hire a lawyer. Don't do it yourself! Because it's so tricky, even for a lawyer, that you don't want to be - run the risk of losing your property. Hire a lawyer and do it quickly. I'm Carl Person, I'm a New York lawyer, and my job is to help people stay in their homes.

tags: mortgage foreclosure self-defense loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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When is it okay not to pay a mortgage in New York?

It is okay not to pay a mortgage in New York when you don't have any money. What else are you going to do? You're not going to steal from a gas station to pay your mortgage nor should you steal from your retirement or from your credit cards. If you can't make the payment, stop paying and then invite a foreclosure action, defend the foreclosure action and then reach a modification agreement to end the lawsuit. I'm Carl Person, I'm a New York lawyer and my job is to help people stay in their homes.

tags: mortgage payments ok to not pay loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Are loans modifications common in New York?

In New York, a loan modification is the desire of both sides when you have a forclosure. If you have a forclosure action both sides would really like to see modification if the modification is acceptable, and that will make the property pay for itself once again where the bank will get a monthly payment and the borrower will remain in possession. That's the desire that's the hope for all of these procedings. I'm Carl Person, a New York lawyer, and a fighter to keep people in their homes.

tags: loan modification common in NY? mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How long do I have to respond to a foreclosure notice in NY?

When a person is sued for foreclosure, they receive a summons and complaint, and a person has 20 days in which to answer by filing an answer in court. So, you have a 20 day period after the service of a summons and complaint. There are some exceptions that make it a little bit longer, but don't rely on exceptions. Think of 20 days. And that's not 20 business days, it's 20 days. I'm Carl Person. I'm a New York lawyer and my job is to help people stay in their homes.

tags: mortgage foreclosure response loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Should I stop paying my mortgage if I'm near foreclosure?

If you're running out of money and the question is should you stop paying your mortgage, the answer is see an attorney, describe what's happening, and the attorney should consider whether you should stop paying it and precipitate a foreclosure so that you can save the money that you do have for the next fourteen months and be able to pay an attorney to defend yourself, so that yes a person could do this and should at least see an attorney to decide whether or not it's appropriate. I'm Carl Person, a New York lawyer and a fighter to keep people in their homes.

tags: mortgage foreclosure good defense loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Will a loan modification negotiation stop my mortgage foreclosure?

A loan modification process - that is negotiating a loan modification between the borrower and the bank - you would think would stop the foreclosure proceeding, but it generally does not. That foreclosure proceeding is racing along. And the people at the bank are not calling up the law firm every day advising them on the thousand different foreclosures of what’s going on. The law firm that was told to get a foreclosure is proceeding with a foreclosure, where as the homeowner believes that in talking with the bank and negotiating, there is no foreclosure. That is contrary to what’s happening. They’re going to lose the property. I’m Carl Peron, a New York lawyer and a fighter, to keep people in their homes.

tags: loan modification bank foreclosure mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How can a lawyer help me keep my home in New York?

In New York a lawyer can help a borrower who's running into trouble with a home, with a mortgage. And first of all the lawyer should consider whether it's appropriate to stop paying the mortgage right now because of this financial trouble. And then invite a foreclosure. The bank, upon nonpayment, will sue. And then the lawyer should defend, within 20 days after the service of the summons and complaint. In doing so the bank will then say, oh my god there're defending the foreclosure, how unique. Most people don't defend. And the bank will then be more readily agreeable to a modification after the suit is brought when they weren't willing to do the same thing before the suit was brought. I'm Carl Pierceson. I'm a New York lawyer and my job is to help people stay in their homes.

tags: mortgage defense lawyer help loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Can I stop paying my mortgage in New York?

Can a person in New York stop paying his mortgage? And the answer is 'yes'. Its very easy, if you can't afford it you have to stop paying and then you invite a mortgage foreclosure action and then you assert your defenses against it and then the bank will have to reach a modification agreement with you if you're able to live within the terms of the modification. For example, you could cut a $4,000 payment down to maybe $3,200. If you can make the $3,200 payment, the bank may be willing to reach the modification agreement to end the lawsuit. I'm Carl Person, a New York lawyer and a fighter to keep people in their homes.

tags: mortgage payments stop paying loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Does the bank want to take my home in New York?

The bank wants to take your home in order to sell the home and pay off the mortgage and then it's no longer on the books as a non-performing loan. Years ago, maybe a year or two ago, a bank would relish the opportunity of taking over the property, buying it in at a foreclosure sale, and then selling it to someone else and having a new mortgage on it, but now there are too many houses coming into foreclosure and the banks don't want that inventory. They don't want the property to be non-performing, they want to reach an agreement if they can and have the property continue to pay the bank money. That's their objective now. I'm Carl Person, I'm a New York lawyer, and my job is to help people stay in their homes.

tags: mortgage foreclosure bank action mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How can I lower my mortgage interest rate in New York?

There are two ways to lower a mortgage interest rate, as I see it. Number one, is to reach a modification agreement with the bank that has a lower interest rate. Number two, if the bank doesn't agree to that, and yet...and proceeds with a foreclosure action, then you defend. And what agreement the bank was not willing to make with you before the action, after you start defending the foreclosure action, you'd be surprised how quick the bank might be willing to accept that same agreement. I'm Carl Person. I'm a New York lawyer and my job is to help people stay in their homes.

tags: loan modification lower payment mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How can I lower my mortgage payment in New York?

In New York a person can lower his mortgage payment by having a good case to present to the bank that, "I have been sick. I have lost the income." In one case a person's house got a broken back; and as a result it was a structural defect in the house and it caused the house to have half its value. I said, "Negotiate with the bank based upon the new value, and that'll cut your payments in half. You'll only pay half as much and only owe half as much." Facts: The bank wants to listen to facts. I'm Carl Person. I'm a New York lawyer, and my job is to help people stay in their homes.

tags: loan modification lower payments mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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When is it smart to stop paying my mortgage in New York?

It's a smart move to stop paying your mortgage in New York when you don't have the money to pay. You have no other choice, so you should stop payment earlier rather than later. Have the bank then bring a forclosure action, you now have fourteen months of additional time for nonpayment of the mortgage, and because of that the bank will want to reach a modification agreement and you should try desperately to reach one that you could live with, and that's the perfect resolution of the case. I'm Carl Person, a New York lawyer, and a fighter to keep people in their homes.

tags: mortgage payments don't pay loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Do banks in New York like to do loan modifications?

You might wonder whether a bank is interested in doing a loan modification. The answer is - they’re ecstatic about it! They want to have the properties that are not paying them money to start paying them money once again. And when people can’t pay them money the only way they can do it is to pay less per month, then the bank is willing to reach an agreement called a modification agreement so that that will take place, yes. I’m Carl Person, a New York lawyer and a fighter to keep people in their homes.

tags: loan modification bank stance mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Do banks in New York want to lower my interest rate?

Banks would like to make properties pay when they have a mortgage outstanding. And in many cases, the banks will have to lower the interest rate in order to make the mortgage payment affordable by the person living in the home. So that the banks may not like it, but they do recognize that the way of keeping toxic mortgages off their books is to bring them back to life by making the mortgages affordable. In that way they do lower interest rates and that is done in a modification agreement. I’m Carl Person, a New York lawyer and a fighter to keep people in their homes.

tags: loan modification banks will help mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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When is the right time to initiate a mortgage defense?

The bank determines when the foreclosure preceding begins, but the borrower has an opportunity of deciding for himself or herself when he or she wants the bank to begin this. And the way its done is that a borrower realizes that six months from now, I don't have any money. I'm not going to be able to pay the foreclosure or pay the mortgage in six months. So why spend all of your money between now and six months and give the bank everything you have. Stop paying! Right now! Stop paying. Precipitate a foreclosure right now and you will have fourteen months of not having to pay the mortgage and you can then force the bank, if you have appropriate circumstances, you can force the bank into reaching a modification agreement which right now, today, they won't give you! That's why you're here talking with me, because the bank won't give you a modification. Let's force them to do it by bringing them into court, force them to sue you, you defend and then you can have the relief you are seeking. I'm Carl Person. I'm a New York lawyer and my job is to help people stay in their homes.

tags: mortgage foreclosure defending loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Can I prevent a foreclosure from happening to me in NY?

Whether a borrower can actually stop a fore closer forever depends on the facts so that I can't say across the board that a borrower that defends a fore closer is going to win. The victory in many cases is the delay that the borrower needs to be to get his or her own act together and be able to force the bank to accept less money and that is something that at a lower rate of interest the borrower would be able to do and that would bring the property back to performing. The bank wants the property to perform, the borrower wants to remain in the property, the borrower wants to pay a reasonable amount, and this is what a fore closer action and an adequate defense can achieve for all the parties. I'm Carl Person, a New York lawyer, and a fighter to keep people in their homes.

tags: mortgage foreclosure prevention loan modification debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What's the #1 mistake made trying to avoid foreclosure in NY?

The number one mistake that people make in a mortgage forclosure action is putting their head in the sand and doing nothing about it saying, people say, well your house isn't sold yet so you don't have to do anything. Wrong! When you have an action for forclosure, you must defend it, and if you do, you have a best chance of saving your property, it is very low cost to defend it when you're not in default, it's very high cost and more risky if you are trying to get a lawyer to help you out after you have defaulted. I'm Carl Person, a New York lawyer, and a fighter to keep people in their homes.

tags: mortgage foreclosure #1 mistake loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What is the alternative to letting a bank foreclose on my home?

The worst thing that I experience in dealing with the mortgage foreclosure situations is the prospective clients who call me up and tell me their tale of woe: that they have a default judgment, the property is going to be sold, what can they do? I tell them the whole thing of what they should have done. I say, "You should have stopped paying. You should have precipitated a foreclosure action. You should have defended within the 20-day period, and you wouldn't be here now. You would be sitting in your home with a modification. But instead -- because you didn't do anything and the banks were at fault because they talked with you and they made you believe you didn't have to do anything -- you must do something. You have to defend the foreclosure action even though you are talking with a bank. And if you don't do that you are going to make me cry when you call me belatedly three or four months later." I'm Carl Person. I'm a New York lawyer, and my job is to help people stay in their homes.

tags: mortgage foreclosure take action loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How do loan kickers contribute to mortgage foreclosures?

Loan kickers contribute to mortgage foreclosures because the bank sets up a loan in such a way that a foreclosure is generally expected, and therefore, we ought to take away those things in a mortgage that contribute to the foreclosures. And the kickers I have described, uh, is what should be taken away. They shouldn’t be allowed to build in, uh, the, the expectation of foreclosure. I’m Carl Person, a New York lawyer, and a fighter to keep people in their homes.

tags: mortgage kicker problems loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How long can I live in my house without paying the mortgage?

A person a can live for free in his house almost two years in New York if you do it this way: you stop paying the mortgage, they foreclose it takes 14 months, and then they have evict you- this may be another four. But that is not what you really want to do. You want to stop paying in order to force a foreclosure and, as quickly as possible, reach a modification agreement and then be a person that pays on a regular basis [so] that you have lawful, proper possession, and the bank is happy. I'm Carl Pearson, a New York lawyer and a fighter to keep people in their homes.

tags: mortgage default stay in home loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Who best qualifies for a loan modification?

The person who best qualifies for a loan modification agreement in New York is somebody that is asking for a very slight change and who is capable of paying everything that they promise in the new agreement to pay. But that is not what people want who are facing a huge increase in the monthly payment. They want a huge decrease in the monthly payment. Somewhere between a small amount and a huge amount of decrease is where the negotiations lie. The bank may only be willing to reduce it by $750 a month and the borrower may want a $1,500 reduction per month, so if they can't reach an agreement then court will be the one, once the bank goes into court and you file an answer defending the foreclosure action, the bank is more apt to accept the more onerous agreement. I'm Carl Person. I'm a New York lawyer and my job is to help people stay in their homes.

tags: loan modification who qualifies? mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How long does it take a NY bank to foreclose on my house?

People wonder how long it takes for a foreclosure action to cause them to lose their home. The answer is that if you don't defend you could lose your home in about four months. If you do defend and you lose, you would lose your home in about 14 months. The purpose of defending however, is not to lose your home but in order to reach an agreement in order to save your home. I'm Carl Person, I'm a New York lawyer and my job is to help people stay in their homes.

tags: mortgage default bank action loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How should I talk to my bank if I'm behind on payments?

When a borrower is behind on payments or even has any questions at all about the mortgage, the borrower should always address these concerns in writing- in a letter to the bank. If the borrower does not do that, a telephone call is not required to be answered by the bank. They don't have to get back. But with something in writing, they have to under law. So that you want to keep record of what communications you had with the bank by doing it in writing: very important, especially if you're going to have a defense later on. I'm Carl Pearson, a New York lawyer, and a fighter to keep people in their homes.

tags: loan modification bank communication mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Can I modify my investment property mortage in NY?

If a person owns investment property in New York and it's subject to a mortgage, the same principles of loan modification apply that if the bank and the owner agree to a change in the terms, which usually means a reduction in the monthly rate of payment. Yes, you can have a modification. It always requires the agreement unless you're in bankruptcy court, and then the bankruptcy judge can do certain things, but outside a bankruptcy, you need an agreement of the two parties. I'm Carl Person, a New York lawyer and a fighter to keep people in their homes.

tags: loan modification investment home mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What is a loan modification?

In New York, as in other states, a loan modification is where the bank and the borrower reach an agreement, which generally reduces the monthly payment that the borrower has to make. In some cases, they throw that unpaid amount at the far end, so that the length of the mortgage is more it's greater length in order to pay back the money that isn't being paid today, but all that is subject to negotiation. I'm Carl Person, and a New York lawyer and a fighter to keep people in their homes!

tags: loan modification definition mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Why is it bad to discuss my mortgage with the bank over the phone?

Another way of helping the borrower is anytime the borrower had any questions about the mortgage, never use a telephone. Always put the questions in writing and send it to the bank. And the bank is obliged to respond in writing. The bank is not obliged under law to respond when its by telephone. I'm Carl Person, I'm a New York lawyer, and my job is to help people stay in their homes.

tags: loan modification bank phone call mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How does false advertising contribute to mortgage foreclosures?

False advertising contributes to mortgage foreclosures in various ways. One of them is that people who should not be owning a home are encouraged to borrow the money to buy the home. And you wonder is there a group of people who shouldn't own a home? Well, if a person that buys a home doesn't have the money to properly care for the home and can't pay the taxes for the home and can't pay the mortgage payment, that person really shouldn't be buying it and it will, when that property is vacant, its going to hurt the rest of the community as well. I'm Carl Person. I'm a New York lawyer and my job is to help people stay in their homes.

tags: mortgage foreclosure advertising loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How can a loan modification help me?

In New York a loan modification could work like this: Let’s say that we have a homeowner that’s paying $4,000 a month, after having paid $2,500 a month for two years. Suddenly the, the monthly payment goes up to $4,000 because of the kicking in of the variable rate. At the same time, this borrower has had a reduction in income, so he can’t pay the $4,000. You then talk with the bank, either directly or through an agent, and see if you can’t reach a modification agreement that will prolong the, the payment period and reduce the present monthly payment. This can be done, and the bank wants people to call when they’re in trouble and see if there can be an arrangement like that. I’m Carl Person, a New York lawyer, and a fighter to keep people in their homes.

tags: loan modification benefits mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Can I get a loan modification on a second home in NY?

Carl Person: A person with a second home mortgage can get a modification. The bank is concerned because the person that owns the home doesn't live in it. But if the person that owns the home can demonstrate that the property is rentable and has been rented, and can support a lower rate than is now being charged; the bank will consider whether they should reach a modification agreement, and maybe they'll add more money at the far end but you can modify anything by agreement. I'm Carl Person, I'm a New York lawyer and my job is to help people stay in their homes.

tags: loan modification second home mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Should I negotiate a loan modification myself?

A person that wants a loan modification can do it himself and runs the risk that the bank can ask questions which the borrower might not be able or want to answer at that point. But, if the borrower hires somebody to do this negotiation for him then there's a certain step away which makes it possible that the agreement can be reached more readily. On the other hand if you just defend the lawsuit the attorney that you hire will be the one to, to negotiate the modification for you. I'm Carl Pierson, I'm a New York lawyer and my job is to help people

tags: loan modification negotiation mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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My mortgage just went up! How do I get it back down?

If your mortgage payment just went up, there are two ways of getting it back down. One, is to talk to the bank and tell the bank your problem and see if they won't be willing to modify the agreement to lower the rate and that with the modification agreement with the consent of the bank. But if the bank won't do it, this is where people then go to a lawyer and tell the lawyer "Look, I can't afford it. I'm gonna have to stop paying the mortgage." And the lawyer might say "Well that's a fine thing. Stop paying. Let them sue you. We'll defend and then we will modify it on better terms." I'm Carl Pearson, a New York lawyer and a fighter to keep people in their homes.

tags: loan modification higher rate! mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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I just lost my job! How can I keep my home?

If a person who has just lost his job wants to save his home, there is two things to do. Number one, tell the bank that you can't pay the mortgage the way it is and ask for a modification agreement. The bank sometimes will agree and other times not. If the bank refuses to agree to a modification, then stop paying the mortgage. Precipitate a lawsuit. Defend the lawsuit, and then you will have a better chance of reaching the modification that you want. I'm Carl Person. I'm New York lawyer, and my job is to help people stay in their homes.

tags: loan modification job loss mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Do banks want to lower my monthly mortgage payment?

Banks want to lower the mortgage payments under circumstances that are just. For example, if a person has the property that is declining in value, less income, they have been steady payers they just can't afford the higher rate, and especially if the higher rate was just thrust on them with a variable. The banks recognize the writing on the wall and they are willing to reach an agreement, called a modification agreement, to keep the monthly payment down and make it affordable, yes. I'm Carl Person. I'm a New York lawyer and my job is to help people stay in their homes.

tags: loan modification banks will help mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Do mortgage lenders forgive debt?

Mortgage lenders are in the business of trying to maximize the value of their assets and as part of that they will give up interests, they will give up monies that are owed, they will make deals in order to have the properties that they own be productive for them by having people living in their houses and paying a monthly rent. Part of that means that they may have to give up some of the principle of the loan and they have to reduce the interest rate. Yes they are willing to do that and the objective is to try to have in homes that are paying the mortgage, rather than have a lot of toxic mortgages floating around. I'm Carl Person a New York lawyer and a fighter to keep people in their homes.

tags: loan modification debt forgiveness mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How does a loan modification work?

Loan modification works when you have the borrower and the back agreeing to making a change in the mortgage payments. The facts that are being considered are: Does the borrower have the capacity to pay at the reduced rate? Is the value of the property less so that it's no longer fair to hold the borrower to the higher value because for some reason the borrower may no longer be liable for any deficiency? Various factors need to be brought into play - they negotiate it out; reach a loan modification agreement and that way the homeowner stays in the property and usually pays a reduced monthly rate. I'm Carl Person; I'm a New York lawyer, and my job is to help people stay in their homes.

tags: loan modification process mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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How is a sub-prime mortgage different from a regular mortgage?

A sub-prime mortgage is given to individuals who don't qualify with their employment record, their income, their earnings to be qualified for the prime rate. So, in many cases the small business person has no earnings, they somehow live, they don't necessarily pay taxes, and when they try to qualify for a mortgage, the bank laughs because you have no income. So the sub-prime was set up basically for those people that couldn't prove that they could pay a mortgage but many other people who don't have any earnings, don't have any income were also included, and that was a mistake. I'm Carl Person. I'm a New York lawyer and my job is to help people stay in their homes.

tags: sub-prime mortgage defined loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Are sub-prime mortgages eligible for a loan modification?

Subprime mortgages are the ones that basically are being forclosed, and they, yes they are as eligible if not more eligible because in many cases the borrower really did qualify for a lower rate and they gave them a higher rate in order to pay a mortgage broker who looked around for the bank that would give the mortgage broker the most money and the bank then tacked it on and charged a higher rate than the bank should have. I'm Carl Person, a New York lawyer, and a fighter to keep people in their homes.

tags: sub-prime mortgage eligibility loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What is a mortgage kicker?

A mortgage kicker is what I see as an extra amount of income that the lender can expect down the line without the borrow realizing it, often. And that is that, if the lender recognizes that the borrower probably is going to be in default, and the bank will then be able to get the property back, the bank will also charge a lot of extra legal fees, a higher rate of interest, and then the bank will resell the property to comeone else, another victim, and go through the same thing again, and that's like a kicker, an equity kicker, for the bank. I'm Carl Person, I'm a New York lawyer, and my job is to help people stay in their homes.

tags: mortgage kicker definition loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What's a common trick a bank uses against struggling home owners?

A trick that many banks use to steal money from a homeowner, especially when he’s in default and he’s no longer paying the mortgage, he’s three months behind, they say, “Look if you want to modify the loan you have to bring your loan up so that you’re no longer in arrears.” So the homeowner then makes payment of ten, twelve thousand dollars and brings it up. Calls the bank, gets another person and says, “Well let’s have a modification agreement. I’m now up to date.” And the bank says, “I’m sorry. We don’t have modification agreements unless you’re in default.” I’m Carl Person. I’m a New York lawyer and my job is to help people stay in their homes.

tags: mortgage foreclosure bank trick loan modification mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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Can I modify my commercial property mortage in NY?

If a person owning commercial property has a mortgage, it's almost the same thing as a tenant in a commercial property going up to the landlord and saying "Look we're having tough times now. I can't pay $80000 a month, I can pay $65000 a month and stay here otherwise I'm just going to have to vacate or go into bankruptcy". So the landlord would say "Okay fine. Let's modify the lease". The same thing is true about a mortgage, that an owner can reach a modification with respect to commercial property when you explain the facts, and the lender is willing you could have a modification. There's nothing prohibiting it, it has to be done by agreement. I'm Carl Person. I'm a New York lawyer and my job is to help people stay in their homes.

tags: loan modification commercial prop. commercial property mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person