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An attorney can defend you against New York foreclosure

When you buy a home, it's often the starting point of a new chapter in your life. You may be recently married, expecting a child or even recently retired. A home is often the biggest investment people make in their lives. When you lose it to foreclosure, you don't just lose your home. You lose memories and months or years of investment as well.

If you are facing foreclosure in New York, you should speak with an experienced foreclosure attorney to review your situation. There are options available before you lose your home.

Loan modification or payment changes could end foreclosure

In some cases, your lender may allow the modification of your mortgage. This process allows you to negotiate new terms with your lender. Depending on your circumstances, a modification could do away with a balloon payment, reduce your interest rate or monthly payments or adjust the overall balance of your mortgage if your property is worth less than it was when you bought it.

Generally, modifications cost lenders less than foreclosure, so many lenders are open to this process. Your attorney can help you convince a lender to change your mortgage and negotiate better terms for your future mortgage.

Sometimes, people fall behind on payments due to issues like the loss of a job or a sudden illness or injury. In these cases, you need to focus on paying the missed payments and making your account current. If you are unable to do that, you may end up in court for your foreclosure. When that happens, you need the help of an experienced New York foreclosure attorney.

An attorney can help you fight your foreclosure

Your lender is required to adhere to strict state and federal laws to foreclose on your home. An attorney can review your documentation and determine if the law was obeyed. If not, you may be able to actively defend against the foreclosure of your home.

Typically, this process takes 15 months, which may give you enough time to bring your account out of arrears and end the foreclosure proceedings. Your attorney may be able to negotiate a better outcome, depending on the specifics of your situation.

In many cases, a foreclosed home sold at auction will result in a loss to the lender so they would prefer to work with you. Your attorney can help make that a more attractive possibility by arguing your case to your lender before you reach the courts. If your foreclosure does go to court, you will want an experienced foreclosure defense lawyer fighting for your rights and the best possible outcome.

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Rubin & Licatesi, P.C.
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