How current events impact your business and real estate holdings

Wednesday, February 24, 2010

Continuing on Foreclosures

It seems to be my topic of choice this week, so I figured I would add to it.

Predatory lending is everywhere, but not just in the lending. They keep their predatory ways when they are foreclosing upon borrowers. Watch out for the banks saying don't worry about the foreclosure, we are modifying your mortgage. That is hogwash. The truth is that they will continue to foreclose. Plus, once you miss your time to answer the foreclosure action, you need to show a variety of factors to extend your time to answer. Some of these factors include the length of the delay, the reasonableness of the delay, if the delay was intentional and strategic, the prejudice the bank would feel if an extension was granted, the public policy that favors litigation being resolved on the merits, and finally if you have a meritorious defense.

Often, its easy for a mortgagor (borrower) to have every factor, but a meritorious defense. If you borrowed money and did not pay it back, do you not owe the money? Probably. I guess what I am saying is you have an uphill battle if you default.

Anyway, I will be out of town for a week and in my absence Keith Riley of Lieb at Law will be blogging to keep you informed on the latest that are the issues involved in Long Island Real Estate. Enjoy.

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