If you’re a homeowner and facing foreclosure because of COVID-19, keep reading!
On Sept. 2, New York Governor Kathy Hochule signed into law a new moratorium on pandemic-related residential and commercial foreclosures and evictions. This means that the deadline before foreclosure and eviction cases can proceed is now Jan. 15, 2022. That means you have only a few months to act to protect your home from foreclosure proceedings.
Keep in mind that this moratorium only applies to those who are suffering financial hardships as a direct result of the COVID-19 pandemic. In other words, if you fell behind on mortgage payments because the pandemic caused you to lose your job, close your business, take time off of work because you were sick from the virus, or another such reason, you are protected against foreclosure until Jan. 15, 2022.
That said, you must wisely use the time you have until the moratorium expires. If the deadline is not extended again before it expires, your mortgage lender may be able to take your home during foreclosure. This is why everyone with unpaid mortgage payments as a result of COVID-19 should seek legal representation to protect themselves and their families against even greater hardship.
Why Should I Hire a Foreclosure Lawyer?
Choosing to hire an attorney right now can be one of the most important decisions you’ll make during this difficult time. Your attorney can help you defend against foreclosure in a number of ways and advise you of all available options – some of which you may not have ever known you had! With a lawyer on your side, you can have a guide who can help you navigate your legal situation and offer peace of mind when you need it most.
How Do I Stop a Foreclosure?
There are a few ways you can stop foreclosure, but you’ll want professional legal advice before choosing any particular method.
Your attorney can advise you of options such as the following:
- Applying for a loan modification, which involves negotiating new terms for your mortgage that make it easier for you to repay your lender.
- Exposing unlawful foreclosure procedures can also help if your lender is illegally attempting to take your home. Foreclosure is a complicated process that can take anywhere between six months to a year and a half – if your lender is trying to cut corners or violating your rights as a homeowner, a lawyer can help you fight back.
- Filing for bankruptcy also stops any attempts at foreclosure because an automatic stay stops all collection actions by your creditors.
Who Can I Contact for Help?
Although you are protected against eviction now, the moratorium is set to expire on Jan. 15, 2022. Obtaining legal counsel now can help you protect your home if you expect your lender to file for foreclosure or if it already has.
We at Robert H. Solomon, PC can help homeowners like you who are in difficult financial situations. For more information about how we may be able to help you stop or avoid foreclosure, get in touch with us today.