FORECLOSURE

Foreclosure provides the means for a mortgage lender to take possession and sell a home when the borrower has defaulted on the loan. In New York, the lender must give the borrower 90 days’ notice before starting the foreclosure proceeding.

Pre-Foreclosure: Are there any ways to avoid foreclosure?

​There are several ways to avoid foreclosure. The best way is to negotiate with the lenders. This is called loss mitigation. Loss mitigation includes: loan modification, loan forbearance, refinance, and paying arrears.

If loss mitigation is ineffective, then alternatively there is deed in lieu of foreclosure and negotiation of the short sale. If the borrowers do not want to keep their home, because the outstanding loan balance is greater than the market value of the property, then the borrowers can simply hand over the keys to the lender and walk away from the property. That is what happens in the deed in lieu of foreclosure. The borrower signs over all interest in the home to the lender in exchange for the lender discontinuing the foreclosure process . In a short sale, the lenders approves the sales of the property to a third party at a lower price than the loan amount. Both options can protect the credit of the borrower from worsening. However, if the lender does not accept either of these two options, then the final route is foreclosure.

Post-Foreclosure: What if you receive the Notice of Sale?

Once the borrowers are served with a complaint, the borrowers must reply with an answer within 20 days. Some borrowers tend to not resolve problems but ignore all notices until they get the notice of sale. Receiving a Notice of Sale from the bank can be a very worrying experience. To avoid the negative effects of bankruptcy, borrowers should immediately hire an attorney to file what is known as an Order to Show Cause to potentially stay the foreclosure sale. Orders to show cause will not be granted automatically. The borrowers must explain to the court why they failed to take action sooner. For this reason, it is risky to wait until the last moment to take legal action seriously.

Another way to stop a foreclosure is to file for bankruptcy. Regardless of your ability to obtain a discharge through Chapter 13 or 7 bankruptcy, filing presses the pause button on the foreclosure process via the “automatic stay” provision. This protection generally allows the debtor a break from persistent communication and collection efforts from most creditors, including mortgage lenders. The foreclosure process won’t stop completely, but the automatic stay will create a little breathing room until a repayment plan is scheduled and accepted by the court.

Why Choose Us!

Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean commodo ligula eget dolor massa sociis natoque penatibus.

Expert Lawyer

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod labore et dolore magna aliqua

Free Consultation

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod labore et dolore magna aliqua

Fast Support

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod labore et dolore magna aliqua

Lowest Cost

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod labore et dolore magna aliqua

Doing blogger outreach or influencer marketing and want to connect with new influencers in niche markets? Improve your outreach by connecting with thousands of authority bloggers and social media influencers in your domain area. Feedspot media database has over 100k Influential Bloggers in over 1500 niche categories. Email us the type of bloggers you want to reach out for your marketing campaign

  • Learn about Illinois’ traffic law vehicle codes and driving
  • A number of links to Florida vehicle codes, traffic violation statutes
  • Links to a number of New York’s traffic laws, vehicle codes
  • Find links to Georgia’s traffic statutes, vehicle codes, and driving manuals

Our overview

Duis autem vel eum iriure dolor in hendrerit and vulputate velit esse molest esse do lore eu feugiat nulla facilisis at vero eros et accumsan et iusto odsim qui blan diten aese eros et acccumsan et iusto velit esse molestie. Duis autem vel eum iriure dolor in hendrerit and vulputate velit esse molest esse do lore eu feugiat nulla facilisis at vero eros et accumsan et iusto odsim qui blan diten aese eros et acccumsan et iusto velit esse molestie.

Duis autem vel eum iriure dolor in hendrerit and vulputate velit esse molest esse do lore eu feugiat nulla facilisis at vero eros et accumsan et iusto odsim qui blan diten aese eros et acccumsan et iusto velit esse molestie. Duis autem vel eum iriure dolor in hendrerit and vulputate velit esse molest esse do lore eu feugiat nulla facilisis at vero eros et accumsan et iusto odsim qui blan diten aese eros et acccumsan et iusto velit esse molestie.

Duis autem vel eum iriure dolor in hendrerit and vulputate velit esse molest esse do lore eu feugiat nulla facilisis at vero eros et accumsan et iusto odsim qui blan diten aese eros et acccumsan et iusto velit esse molestie. Duis autem vel eum iriure dolor in hendrerit and vulputate velit esse molest esse do lore eu feugiat nulla facilisis at vero eros et accumsan et iusto odsim qui blan diten aese eros et acccumsan et iusto velit esse molestie.

    Get A Free Consultation