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 team on your side, you have the best possible chance of delaying or preventing foreclosure.
Contact our Long Island foreclosure attorney online or call (516) 407-8199 today 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?
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. We can begin with a free consultation via phone, video conference, or office visit. Call our firm at (516) 407-8199today!