New York City Foreclosure
Foreclosure Options & Defenses in New York
It remains a common reality that, for most people, your biggest asset is your home. You have likely spent thousands in a down payment and invested more in fixup, maintenance, and mortgage payments. Losing your home is a huge threat but one faced by many people in times of economic uncertainty and when personal financial circumstances have deteriorated. You need information and options if you wish to save your home or find ways to avoid the damage of a foreclosure on your credit report.
At Vilella Law, we offer aggressive and reputable legal representation for individuals facing foreclosure in and around New York. We understand the stress and uncertainty that can arise when you have fallen behind on your payments due to unforeseen circumstances or poor money management. Our firm offers a personalized approach wherein we treat you like family and take into account your unique condition and objectives. No matter what kind of dwelling you own, we are here to help you handle the adversity caused by a potential foreclosure.
Behind on your mortgage payments? Received a notice from your lender? Talk to our New York City foreclosure defense lawyers in an initial consultation at (212) 577-9328.
Foreclosure Defense Tactics in New York City
You may be able to fight a foreclosure on legal grounds based on mistakes or violations that your lender has made in the past or in its current foreclosure procedure against you. Our firm understands the errors that can be made and can use those errors in pursuit of a dismissal or as leverage in seeking a positive alternative such as a loan modification. Foreclosure defense strategies can be based on errors in contract rules, fraud or undue influence, predatory lending practices, violations of state or federal statutory rules regarding the foreclosure process, or lack of evidence in providing the original promissory note.
For example, if you failed to receive a Notice of Default at least 30 days prior to the beginning of proceedings, the court may halt the proceeding. While a defense may not totally eliminate a foreclosure, it may delay one long enough for you to make up lapsed payments.
You may be able to negotiate a loan modification with your lender that provides new terms or conditions that would lower your monthly payment. Modifications could include lower interest rates, extending the length of the loan, or absorbing missed payments into the balance of the loan so that those payments get gradually paid off.
In a forbearance agreement, your lender gives you permission to miss a certain amount of payments over a finite period of time while you catch your breath. However, you will generally be required to make those payments up later when your finances are restored.
Our team of experienced attorneys will relentlessly fight by your side to attain the results that you deserve.
Chapter 13 Bankruptcy
In a Chapter 13 bankruptcy, the automatic stay of the filing will stop collection attempts and thus a foreclosure process. You may be able to make up the lapsed payments over the three- to five-year repayment plan required in a Chapter 13. This will work as long as you continue to maintain your normal mortgage payments over the life of the repayment period as well.
In a short sale, you get your lender’s agreement to sell your home for less than the balance you owe on the mortgage. You will still take a hit on your credit report but it will not be as long or as severe as that of a foreclosure.
Deed in Lieu of Foreclosure
In a deed in lieu of foreclosure, you voluntarily deed the property back to your lender. This releases you from the mortgage contract obligation. It avoids the public display of a foreclosure. Damage to your credit report will still occur but, by rebuilding your credit, you may be able to purchase another home in a matter of a few years.
Other options may be available to you when faced with a Notice of Default. We strongly urge you to consult with our attorney about the specifics of your situation so that all available avenues can be explored and the right one initiated based on your needs and goals.
“They listened, advocated, and kept me informed through every step of my case. I am very pleased with the quality, sensitivity, and broad legal expertise of Vilella Law. I could not be more satisfied with their services.”- Demetris T.