Long Island Foreclosure Lawyer
How Does Foreclosure Work & How Long Does it Take in NY?
Foreclosure is when a lender seizes a property when the borrower fails to make mortgage payments. The exact process differs from state to state, but federal law requires lenders to immediately notify borrowers of foreclosure. Additionally, your lender cannot initiate foreclosure within 120 days of your failure to make payments.
We want to emphasize that receiving a foreclosure notice does not mean you have run out of time. Acting quickly is critical, however, and we are fully prepared to help you find the right solution for your situation.
On average, the foreclosure process in New York can take up to 6 and 18 months, however, it may take longer or shorter depending on your situation. A foreclosure also typically goes through the court and it is handled based on their schedule and the facts of the case.
What Happens When I Miss My Mortgage Payments?
If you are behind in payments for 1 - 2 months, the chances are that nothing will happen. However, if you continue to do so consistently, or you are behind 3 months or more, your lender might stop accepting your payments and require you to pay the amount of arrears including the late fees! Lenders will typically send late notices, then letters advising you to consider loan modifications, short sale, or deed-in-lieu of foreclosure.
A foreclosure does not typically begin until you are 120 days (nearly 4 months) delinquent, however, under certain circumstances, it may start sooner than later. If you have received notice of foreclosure, we want to do everything in our professional power to help rescue your home. With our foreclosure lawyers in Long Island on your side, you have the best possible chance of delaying or preventing foreclosure.
Contact a Long Island foreclosure attorney at Robert H. Solomon, PC online or call (516) 407-8199 to learn more. Our services are available in English and Spanish!
How to Stop a Foreclosure
Fortunately, New York is a judicial foreclosure state, which means your lender must go through the court system (i.e. file a lawsuit) to foreclose your home. This court process provides you the opportunity to raise defenses and either delay or prevent foreclosure.
One of the most important things you can do when facing foreclosure is responding to the notice immediately. Lenders are more likely to be flexible with borrowers who stay in close contact and demonstrate a willingness to develop a solution. Additionally, your time to formally object to foreclosure is limited, and failing to respond will only guarantee the loss of your home.
When you bring your case to Robert H. Solomon, PC, we may recommend the following strategies:
- Applying for a loan modification. In many cases, lenders cannot proceed with foreclosure while a loan modification is pending. If they approve the modification, you will likely stay safe from foreclosure so long as you make the adjusted payments.
- Exposing the lender’s unlawful foreclosure procedures. When a lender forecloses a home, they must prove they own the promissory note, adhere to the state’s Homeowners’ Bill of Rights, and follow all necessary steps. If we can identify the lender’s failure to fulfill these requirements, we may be able to save your home.
- Filing bankruptcy. Bankruptcy triggers an automatic stay, which prohibits lenders from continuing any type of collection action—including foreclosure. If the lender already initiated foreclosure, bankruptcy freezes the process.
To develop the perfect strategy for your situation, we will need to closely analyze your current finances, level of debt, and future goals. When your home is on the line, why settle for anything less than exceptional legal support?
Is It Possible To Reclaim Property Or Buy It Back?
Once a foreclosure sale is completed, a homeowner's ability to retrieve their former property is typically limited. However, certain circumstances may allow for redemption or repurchasing, albeit this is uncommon and very dependant on the specifics of your case. Engaging with professional foreclosure lawyers in Long Island can offer you with specialized guidance and assistance as you examine all available options in your specific case.
Foreclosure lawyers in Long Island are well-versed in state-specific laws and can assess whether any legal mechanisms exist for you to reclaim or buy back your property post-foreclosure. For example, if there were procedural errors in the foreclosure process, or if you can negotiate a deal with the new property owner, there might be potential paths forward.
Consult with an expert attorney right away to gain more insight into what options may be available to you. Our team takes pride in providing experienced support and guidance during difficult times like this -- give us a call today.
Speak With Qualified Foreclosure Lawyers on Long Island
No one is immune to financial adversity. Whether by misfortune, simple mistakes, tumultuous economies, or unexpected disasters, we all may find ourselves in a situation where we cannot make ends meet and are unsure of what tomorrow could bring. At Robert H. Solomon, PC, we have worked with countless clients since 1990, and we can attest to the fact that even those with an admirable work ethic and unwavering integrity may face the nightmare of a foreclosure proceeding.
To avoid, delay, or prevent foreclosure, contact Robert H. Solomon, PC immediately. Start with a free consultation via phone, video conference, or office visit with skilled foreclosure lawyers on Long Island. Call our firm at (516) 407-8199!
