FAQ's NY Foreclosure Law, Loan Modifications, and Short Sales
Once I retain your firm, what are some things you can do?
We will carefully review your mortgage papers and identify potential violations by the lender that may render the loan unenforceable. We will examine any reasonable defense under New York State Law, the Truth in Lending Act, the Real Estate Settlement Procedures Act (RESPA), the Home Affordable Modification Program (HAMP) and other statutes related statutes. Send us an email
What is a foreclosure?
Foreclosure is a legal action where a homeowner misses mortgage payments and the borrower's lender (e.g., bank or mortgage company) moves to take possession of the home and sell it to recoup the debt.
My bank hasn't filed for foreclosure but I know its coming. When should I start talking to your law firm?
If you are behind by one mortgage payment, you could be on your way to being foreclosed. There may be ways we help and possibly help you save your home.
Don't delay in calling our lawyers. Quite often, many homeowners come to our office well into to the foreclosure process and some rights/defenses may not be available. The sooner you act the better. Call us at 800-893-9645.
What should I do if I've received notice of foreclosure?
The worst thing you can do is ignore the notice. Give us a call to set up your confidential consultation.
My house was sold at auction. Can I still get it back?
Depending on what state your action is pending in, it is possible to save your home. Although it is rare, it is possible to reverse some sales and obtain a settlement which can keep you in your home.
I've heard somethings about a loan modification. What is it?
A loan modification is an agreement between a homeowner and a lender to change the terns of the loan to an affordable payment thereby avoiding foreclosure.
Can your law firm help me obtain a loan modification?
Yes, our lawyers can help you negotiate the terms of the loan with your bank to help modify the loan.
Do I need a lawyer to get a loan mod?
You are not required to retain counsel, but our firm can help. It helps to have an experienced attorney who has handled many matters help you negotiate and navigate through the legal arena.
You should be aware that the biggest benefit you will a law firm experienced in negotiating on your side. We know that your banks is not looking out for your best interest. In many circumstances, they are looking out for their best interest. Further, a bank will usually modify your loan with unfavorable terms that only protect their interests.
Our attorneys act as a fiduciary and have your hold your best interest as paramount. We fight to get you the best modification possible. Call us now at 800-893-9645.
What is a short sale?
A short sale is sometimes referred to as a "pre-foreclosure sale." This is when a homeowner will sell their home for less money than is owed.
I don't understand? What is the purpose of doing this?
In light of the mortgage crisis, many banks would rather liquidate the property than engage in legal proceedings for foreclosure. Our law firm can help handle your short sale. In brief, a short sale will involve negotiates with a bank to determine if its advantageous to them to engage in the sale.
To learn more about your rights, call us at 800-893-9645.
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