New York ranks 13th in the United States for foreclosure rates, with Suffolk and Nassau counties having some of the highest in the state. If you are among those facing foreclosure, know you have relief options that could save your home and give you peace of mind.
At Anderson, Bowman, Wallshein PLLC, our skilled lawyers have helped countless families and individuals avoid and mitigate the consequences of foreclosure. We have a firm grasp of the state’s real estate laws and can pursue aggressive strategies on your behalf.
Do not wait until it is too late to take action against foreclosure. Request a free consultation with one of our lawyers by calling (929) 590-5053 or contacting us online. We serve Long Island, Queens, and the surrounding areas.
Understanding Foreclosure in New York
Foreclosure is the legal process through which a lender repossesses a property because of missed mortgage payments. Foreclosure can also happen if you fail to pay property taxes or homeowners association (HOA) fees. During foreclosure, the mortgage lender may seize the property and sell it to recoup the money it lost from the mortgage default.
The Pre-Foreclosure Notice
A key moment in New York’s foreclosure process is the issuance of the pre-foreclosure notice. Before a lender can seek to foreclose a home, this document must be sent to you. The pre-foreclosure notice lets you know that you have 90 days to address the loan default. If you do not pay the owed amount or reach an alternative solution, the lender can proceed with foreclosure.
Judicial vs. Non-Judicial Foreclosure
New York is a judicial foreclosure state, meaning lenders must go through the court system to foreclose on a property. This allows you to defend against foreclosure and potentially save your home. In fact, you typically must attend a settlement conference, during which you and your lender can determine a way to solve the case without proceeding with foreclosure. The settlement conference is a crucial juncture; you can greatly benefit from the guidance of a Queens foreclosure defense lawyer.
The Consequences of Foreclosure
Foreclosure has serious consequences. Beyond losing your home, you could significantly damage your credit score. Foreclosure can also result in deficiency judgments, where you are still responsible for paying the remaining debt after your home is sold.
Not sure where to start? Get a free consultation with our experienced attorneys to discuss your legal needs. We’ll provide you with clear guidance and expert advice, with no obligation.
Are you or someone you love facing foreclosure? The worst thing you can do is ignore the problem. Some people assume that they can delay the process by doing nothing. This approach, however, can make the issue much worse.
Fortunately, you have options for defending against foreclosure, including the following:
Loan modification: A loan modification is a change to the terms of your mortgage, such as reducing interest rates or extending the length of the loan. This can make payments more manageable and help you avoid foreclosure.
Short sale: If you owe more on your home than it is worth, a short sale may be an option. In this scenario, the lender agrees to let you sell the property for less than what is owed on the mortgage.
Bankruptcy: Filing for bankruptcy can put an immediate stop to foreclosure proceedings and give you time to reorganize your finances.
Deed-in-lieu of foreclosure: In this option, you voluntarily transfer ownership of your home to the lender to satisfy the mortgage debt.
Arguing loan servicer or lender errors: Mistakes on the part of your lender or loan servicer could be used to assert that foreclosure is unjustified.
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What Can a Queens Foreclosure Defense Attorney Do for You?
Facing foreclosure is stressful, and the stakes are high. Fortunately, you do not have to shoulder the burden alone. At Anderson, Bowman, Wallshein PLLC, our experienced team can work to save your home. While we cannot promise any specific outcome, we can assure you that we will explore all available options for your defense and pursue the one that we believe has the best chance of success.
On your behalf, we can do the following and more:
Review your mortgage documents to determine if the lender followed all legal requirements
Look into potential errors in your servicer’s calculations of payments
Prepare you for settlement conferences and other official hearings
Assist in negotiations for loan modifications or other alternatives to foreclosure
Pursue legal action against lenders who have engaged in predatory lending practices
By choosing Anderson, Bowman, Wallshein PLLC, you are putting some of New York’s brightest legal minds on your side. Thousands have trusted cases with our firm. When you need a foreclosure defense attorney in the New York metropolitan area, make us your first call.
Learn about options for saving your home from foreclosure by calling (929) 590-5053 or contacting us online. Free consultations are available.
