Many New York homeowners most likely have some degree of familiarity with the federal programs designed to help save certain property owners from foreclosure or other issues related to their monthly mortgage payments. However, in some cases, real estate lenders that flout the laws can unintentionally provide additional options for families facing possible foreclosure.
In a recent case reported in October 2012 by NBC News, New York Attorney General Eric Schneiderman cited three major U.S. banks in a lawsuit, charging them with the use of false documents through the Mortgage Electronic Registration System (MERS) in foreclosure proceedings. This one legal action could affect the abilities of lenders to foreclose on any of the more than 70 million mortgage loans registered within MERS rather than within the record-keeping systems of local county clerk offices across the United States. In fact, MERS already faces charges of evading municipality fee payments as well.
However, even individuals who try to remain abreast of the news cannot possibly recognize every story or legal battle that might help them remain in their homes. Before resigning yourself to what seems like an inevitable situation, it makes sense to seek advice from a real estate law firm in Long Island with the skills and resources to dig deeply into legal changes and current case law that can reveal all potentially available legal options.
Rubin & Licatesi, P.C. is a real estate law firm with practice concentration in real estate, mortgage banking, residential and commercial loan modification, workout transactions and civil litigation. We regularly work with homeowners to find creative solutions to an array of real estate issues.
