Many homeowners are on the verge of losing their homes. Banks, instead of working with you, would threaten you with foreclosure or serve a notice of foreclosure. These are trying times for many homeowners throughout New York. Adjustable rate mortgages and subprime loans have left many homeowners unable to pay their mortgage, and facing foreclosure. There are alternatives to foreclosure, and an attorney at our firm can discuss these with you in detail. The option which is best for you will vary depending upon your particular financial situation, and thus it is important to have all the information and to thoroughly review your goals and how this decision will affect you not only not but in the future as well.
Foreclosure is, generally, the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default. A viable option would be filing Chapter 13 bankruptcy if you are facing foreclosure, as it can immediately stop foreclosure proceedings and allow you to pursue a payment plan, where you can keep your home. A Chapter 7 bankruptcy may also be an option to explore if your home is entering foreclosure. When you file for bankruptcy before the final foreclosure deadline, the lender has no choice but to stay foreclosure proceedings until given approval by the Court to resume.
A lawyer can help you save your home. By reviewing your unique situation, a lawyer can determine what your options are at this point. Although foreclosure proceedings may take many months, it is important to act quickly. You will have more options and will be able to make a decision that will have the best result on your financial future. An attorney at the Law Office of Catherine May Co will have the knowledge and experience to help you make an educated decision that will work to your benefit in the long run.
Your lender may be willing to explore other options regarding your mortgage, rather than foreclosure. Your attorney can help you by discussing these options with the lender. Short sale, deed in lieu of foreclosure, loan modification and payment plans are all potential options which may help you avoid foreclosure and bankruptcy.
We understand how a foreclosure can affect a person and his or her family, and we want to do whatever we can to help you avoid this outcome.