Facing a potential foreclosure in NYC, Nassau County, Suffolk County, or Westchester County?
A lender will foreclose on your property when payments are not being made on the loan. While a loan is technically in default when the grace period expires on a monthly payment which has not been paid, lenders will usually not begin the foreclosure process until three payments have been missed. That isn't a law but indicates to the lender that a foreclosure is likely. This time lapse also allows borrowers some time to recover if a financial hardship has occurred.
The foreclosure timeline begins running when a default notice is recorded or filed. The notice will either be a Notice of Default or a Lis Pendens depending on the individual state process. The homeowner still retains all the rights of property ownership at this time and can stay in residence while taking actions to handle the foreclosure. These actions include selling the property, negotiating a new loan, negotiating a short sale, or deed in lieu of foreclosure. In New York, foreclosure actions are started with a Summons and Complaint and a Notice of Pendency. If you receive any of these papers, you should contact the NYC/Long Island bankruptcy attorney Anthony J. Perano immediately in order to submit your answer.
Legal Help for Homeowners
With the help of a skilled attorney some foreclosures can be challenged in court. Due to recent predatory lending practices as well as improper and illegal actions committed by the mortgage industry, courts have become more sympathetic to homeowners facing legal action from lenders. In some cases, lenders have made serious mistakes in calculating accounts or servicing loans, such as applying payments to the wrong account, charging excessive or unauthorized fees, or misrepresenting what is owed to bring an account current. If you are facing a pending foreclosure, an attorney can review your loan documents and payment history thoroughly to determine what factors may be possible or involved in your defense.
A Chapter 7 or 13 bankruptcy filing is another tool which may be used to halt a foreclosure, giving you the breathing room to catch up on payments. To learn what your options are when facing foreclosure, it is essential that you obtain solid advice and guidance from an attorney who is thoroughly versed in this field. As a NYC/Long Island bankruptcy attorney, the Law Office of Anthony J. Perano
has handled countless cases involving foreclosure for clients in the counties of Nassau, Suffolk, and Westchester as well as the five boroughs of New York City. Mr. Perano offers a complimentary phone consultation to help you get started.