Losing a home to foreclosure can be very difficult on families and individuals. In most situations, a foreclosure happens when the homeowner has not been making payments to the lender. Unfortunate circumstances can occur that lead to not being able to make the payments, but it’s important to reach out to a New York lawyer to understand your options when faced with a foreclosure defense. Sometimes the terms of the loan can be renegotiated to make payments more realistic. Here are some of the most common options NYC lawyers present to people facing foreclosure.
Restructure Your Loan or Mortgage Terms
If you’re financially unable to make the required monthly payments, and have proof to back up your claims, then a New York lawyer may be able to restructure your loan or mortgage terms to make the payments more realistic. This could involve lowering the interest rate or even allowing more time to pay off the loan. Once the loan or mortgage terms are restructured, you will need to provide proof of being able to make the new payments timely before the agreement becomes final.
Short Sale
Another option NYC lawyers typically present to homeowners is a short sale. This happens when the homeowner sells the home for a price that’s less than the amount owed on the home. This is one of the quickest ways to avoid the foreclosure process, but there is still a significant amount of proof required to determine you cannot currently make the payments on the home.
Errors By The Foreclosing Party
Sometimes the foreclosing party will make a mistake in a contract or other documents. If the mistake is significant enough, then your New York lawyer may be able to argue the foreclosure should not proceed. There are specific state procedures the foreclosing party must follow, and the average individual doesn’t know what those are. This highlights the importance of working with a qualified New York lawyer, since you may be able to avoid foreclosure and keep your home.
Avoid The Foreclosure Process Completely
Many people decide they don’t want to go through the foreclosure process and choose to turn over their home to the lender with a Deed in Lieu of Foreclosure. While this isn’t the ideal option for many people, a New York lawyer will make a recommendation based on each individual’s situation. Sometimes the emotional strain is too much for a homeowner, so the option is always available to simply walk away from the home and avoid the foreclosure proceedings completely.
Gordon & Gordon understands how difficult it is for individuals and families to go through foreclosure proceedings. We are one of the top law firms in NYC because we work with individuals to ensure they are pursuing the option that’s in their best interest. We’ve worked with hundreds of people in foreclosure cases and are ready to work with you to provide the best outcome for you and your family. Don’t hesitate to contact us at any time for a free evaluation of your case.