Regulations spark plunge in foreclosures: More people stay in homes amid backlog, but still face debt
LoHud.com | November 20, 2011
Spino recounted how some of his clients were in homes that lost more than $100,000 of value and still agreed to mortgage modifications that left them with huge sums due at the end of 30-year contracts. “A comparable home to rent is probably going to cost the same, so they figure why not keep this even if Iʼm under water,” Spino said. “Itʼs not a good financial decision.
Judgments up, no end seen to Westchester foreclosure crisis - WestFairOnline | October 21, 2015
White Plains attorney Peter Spino Jr. cited a number he’d tallied from the Westchester state court calendar for October and November to assess the current state of the county’s mortgage and foreclosure crisis: 56.
That’s the number of requests for judicial intervention, or RJIs, brought by lenders’ attorneys in foreclosure cases in the county in roughly the last two months. Spino represents defaulting homeowners in foreclosure defense, loan modifications and short sales of their properties.
“That’s still a significant number,” he said. “That’s not as much as at its peak, but it’s still a lot.”
No end seen near for Westchester mortgage crisis - WestFairOnline | November 06, 2014
There’s still a substantial amount of foreclosures being filed and there’s still a substantial backlog in the courts,” said Peter Spino Jr., a White Plains real estate attorney representing clients in foreclosure defense, loan modifications and short sales of properties at prices less than their owners’ outstanding mortgages.
Homeowners struggle to pay mortgages on houses of all sizes - lohud | May 30, 2014
Foreclosure is hitting most socio-economic groups and most neighborhoods, said Peter Spino Jr., a White Plains-based lawyer who represents homeowners in similar situations.
The hardships are horrific. But a lot of people are getting loan modifications and saving their homes," Spino said. "If you have the income to support a loan modification you can get a loan modification. But you have to remember that in Westchester the taxes are so high that you have to also estimate about $1,000 a month for taxes and insurance.
Banks blamed for foreclosure surge - Westfair Business Publications | September 27th, 2013
Peter Spino Jr., a foreclosure defense attorney in White Plains, said bank attorneys told him the increase in foreclosure court filings “basically was due to the banks finally getting their paperwork in order” and establishing proof of “who actually owns” mortgage loans that have been sold and resold.