516.204.7715
The following represent questions attorneys often hear from individuals and businesses facing foreclosure issues:
If you face legal issues pertaining to your residential or commercial property, please call the Long Island real estate law firm of Rubin & Licatesi, P.C. at 516.204.7715 or contact us online today. Our firm also represents clients in Nassau, Long Island, and throughout New York.
After leaving messages for my lender, they do not even call back. How can I work with them to negotiate so I can avoid foreclosure?
You should contact an attorney to help. Our law firm gets lenders to listen and react which will provide information for a foreclosure defense if you end up in court.
I believe my lender forced me out of my home without taking the right steps. What can I do?
Consult with an experienced lawyer. Early in the mortgage crisis, lenders took shortcuts to rush foreclosures through the system. This may amount to foreclosure fraud and assist in the goal to save your home and have a valid lawsuit.
What is involved in the foreclosure process in New York?
In most cases, foreclosure is a judicial process in which the mortgage holder files a complaint and takes the borrower to court. Borrowers have only 20 days to answer the complaint, so it makes sense to retain an experienced foreclosure attorney immediately to help answer the complaint and avoid the loss of your civil rights and the potentialloss of the property.
What is a short sale?
In some cases, borrowers can negotiate with lenders to accept proceeds from the sale of property, even though the sale amount is less than the full amount owed to the lender. A short sale agreement can protect borrowers from a reduced credit rating through foreclosure prevention, but they may later have to repay the difference or face potential tax consequences when a lender forgives the balance of the loan.
Can I stop foreclosure of my business property through bankruptcy?
Although filing bankruptcy does not permanently stop a commercial foreclosure, it cannot continue until the completion of bankruptcy proceedings. During a business restructuring, your attorney can often help re-negotiate new payment terms so you can keep the property.
How can I prevent foreclosure of my business property?
If you know your business is in a temporary slump, and you do not have the funds to continue payment much longer, you generally need to either negotiate an affordable loan modification, or find other financing. You may find investors interested in your business, or turn to family and friends for help. But proceed with caution and seek professional guidance—these solutions may just increase your debt.
Can my accountant handle my Long Island business foreclosure?
It is recommended to contact a firm with a focus on real estate law. An attorney can definitely obtain necessary financial information from your accountant, but he or she also understands the critical legal aspects and options for your case.
Is business foreclosure different from foreclosure on homes?
The actual foreclosure process does not significantly differ between the two. The differences lie mostly in the complexity of the financial aspects, and of course, the number of individuals potentially affected by the foreclosure.
Can the Federal Home Affordable Refinance Program (HARP) help prevent a business foreclosure?
The short answer is no, but if you run a small business from your home, HARP could possibly apply. You need experienced legal assistance to determine if this or any other options apply to your specific situation.
