What to Know About Foreclosure Defense in New York

home view

If you are facing foreclosure, you have options. Continue reading and give our skilled Orange County foreclosure lawyer a call today to discuss the specifics of your case and your options. Our legal team is on your side no matter what you are facing. Here are some questions you may have:

What are the common types of foreclosure defense in New York?

Our legal team acknowledges how difficult and stressful it can be when you obtain a foreclosure letter from your mortgage lender. The experienced legal team at the Law Offices of Michael D. Pinsky, P.C. can help you serve an answer on your behalf that permits us to:

  • Supply defenses to foreclosure
  • Assert counterclaims to decide if the lender even owns the mortgage
  • Get all related documentation to the mortgage
  • Force the bank to take part in a loan modification program

Can bankruptcy be used to prevent foreclosure?

One way to prevent foreclosure is by filing for bankruptcy. This can be valid even if the foreclosure proceedings are supposed to be occurring that same day. The second an individual’s bankruptcy petition is filed is when the automatic stay becomes effective. The automatic stay demands that all collection and contact efforts stop right away, including a foreclosure. This permits the homeowner some time to decide what the next move will be while maintaining their residence. Reach out to the Law Offices of Michael D. Pinsky, P.C. to obtain competent legal representation. Our attorneys are experienced in preventing foreclosures through the bankruptcy method.

What are loan modifications?

In the event that a property owner cannot make his or her mortgage payments, they have a couple of options to think about. One of them is to attempt to arrange a loan modification. This permits the homeowner to work with the lender to make modifications to their existing loan agreement so it better suits their current financial situation. This process is open during the Foreclosure Settlement Conference, which happens before the bank can proceed to sell the property. The property owner will have to demand that the bank thinks this choice is for their situation and it will only be supported if it seems reasonable. In some cases, a loan modification may be attainable through the Loss Mitigation Program after filing for bankruptcy.

How does the Loss Mitigation Program work?

Another option for homeowners under the Bankruptcy Code is participation in the Loss Mitigation Program. The Bankruptcy Court may permit the homeowner to ask that their foreclosure case is managed through this program. The Loss Mitigation Program lets the homeowner seek a loan modification, which causes all parties to decide whether the bank can supply a modification or if the homeowner is qualified for a government loan modification.

Read Our Recent Blog
View More