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.

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.

Read more at MFI-Miami

Harlem Homeowner Sees Mortgage Balloon From $100,000 To $7 Million

Elderly Harlem Homeowner Giselle Allard’s Mortgage Balloons From $100,000 To $7 Million 

Harlem Homeowner

An elderly Harlem homeowner who owns four Harlem brownstones may end up homeless. All because of the massive debt on one of the properties that ballooned beyond control.

What began as a $100,000 mortgage 20 years ago on a dirt-cheap piece of property along a crime-ridden neighborhood has escalated to the most ludicrous of debt at more than $7 million.

Now Giselle Allard is being forced to sell at least some of her properties to pay off the astronomical debt. Allard told the Daily News:

They want to take over everything I have. It’s sad. I’m in the process of being homeless over a debt that was not addressed properly.

At issue is a brownstone Allard bought in 1998 for $135,000 at 50 E. 126 Street.

The Harlem homeowner put $35,000 down and reached an agreement directly with the owner, Robert Robinson, to pay the rest, $100,000, over the next 10 years.

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.

Read more at MFI-Miami