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From the category archives:

Foreclosure

Foreclosure Scams; the Uglier Side of the Crisis

by Michael CorleyJanuary 5, 2010

With more existing homes coming to market alongside recently constructed houses and condominiums in Brooklyn, all home shoppers and real estate investors are hunting for the best deals available, by any means necessary. With the majority of homes on the market listed by licensed real estate brokers, it’s not uncommon for 2 homes listed on any given block in Brooklyn, being equal in use and style (i.e., 2 family brownstone), asking completely different prices. This price disparity offers limitless opportunities for individuals conspiring to commit mortgage fraud during the foreclosure crisis.

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Are Banks Interested in Modifying your Existing Mortgage?

by Michael CorleyDecember 11, 2009

Since the U.S. Treasury implemented a series of programs designed to encourage lenders and mortgage servicers to offer Loan Modifications in 2007, there have only been approximately 30,000 homeowners nationwide who have received Loan Modifications of their existing mortgages. As of June 2009, there have been 1.9 million NEW foreclosure filings by lenders. Have we reached a breaking point?

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The Foreclosure Business: NYC $59 Million Plan

by Michael CorleyDecember 3, 2009

NYC Department of Housing, Preservation and Development has begun implementing it’s plan to use the $24 million dollars received from the U.S. Department of Housing and Urban Development as part of the the Housing and Economic Recovery Act of 2008. In one of my first blog posts on this subject, Mayor Bloomberg’s Plan to Avert Urban Blight, I raised a number of concerns that didn’t appear to be addressed in the city’s action plan…

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How Profitable Can The Foreclosure Crisis Be? Act II

by Michael CorleyDecember 1, 2009

On October 14th 2005, Lucylla Baynes purchased 2415 Dean Street in Ocean Hill, Brooklyn for $505,000. When Lucylla Baynes purchased the property she financed using 100% financing in 2 separate loans, a fixed rate mortgage for $404,000 and an adjustable rate mortgage for $101,000. What do you think happened to Lucylla Baynes’ home?

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Bloomberg’s Plan to Avert Blight from Foreclosures

by Michael CorleyNovember 30, 2009

According to an article in the New York Times, Mayor Bloomberg and outgoing Housing and Urban Development Secretary Preston announced at a press conference held at City Hall on January 14th 2009, an initiative to save neighborhoods from the threat of urban blight from foreclosure.

New York City will buy 115 homes with a $24 million budget in neighborhoods hard hit with foreclosures in Queens, Brooklyn, Staten Island and The Bronx. The funding is coming from a grant from the federal government as part of the Housing and Economic Recovery Act of 2008.

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How Profitable Can The Foreclosure Crisis Be?

by Michael CorleyNovember 23, 2009

Home ownership, The American Dream, is representative of not only a claim to a fixed parcel of earth but also the beginning of creating family wealth through an appreciating asset. A House to call your OWN.

A Beautiful Struggle. Indeed.

As time went on, Thomas M. Chisolm was able to pass on a symbol of great sacrifice to his wife, Elizabeth B. Chisolm, on October 13th 1989, in which she borrowed $5,710 from General Home Services, inc; which I believe was a Home Improvement scam that were rampantly predatory during the 1980’s in Brooklyn…

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Can You Still Campaign on Affordable Housing in Brooklyn?

by Michael CorleyNovember 12, 2009

Deutsche Bank holds a unique distinction in the Mortgage Loan Servicing business that few can claim; They foreclose on homeowners with speed and precision.

While there are lenders that have the same business practices, none are as effective in protecting their client’s claim to a homeowner’s property when it’s time to exercise the rights defined in the mortgage note.

And this begs the question; can you still campaign on Affordable Housing in the midst of the biggest housing crisis in NYC history

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