Foreclosures – What is It?
A foreclosure is the name of a lawsuit that the financial institution holding a mortgage files against the homeowner. The filing takes place in the County Clerk’s Office of the County in which the home is located. The lawsuit moves forward in the Supreme Court in the County where the property is located.
The holder of the mortgage, usually a financial institution, sues the borrower (homeowner) to enforce the financial institution’s rights under the terms of the note and mortgage. If the financial institution, lender, is successful and wins the lawsuit it receives a judgment from the court. This judgment allows the lender (financial institution) to sell the property foreclosed on in a public auction. Money received from the sale of the property at the public auction is used to pay off the debt the homeowner has to the financial institution.
Foreclosure Lawsuit
Foreclosure is the start of a process for the financial institution to take the home back. The foreclosure lawsuit in the State of New York can take anywhere from 1 year to many years
The best way for the homeowner to protect themselves in a foreclosure lawsuit and take the appropriate action to keep their home is to hire a foreclosure attorney to defend them.
The law firm of Schlissel DeCorpo LLP has been helping families deal with mortgage and foreclosure problems for more than 30 years. We can be reached at 718-350-2802, 516-561-6645, 631-319-8262, 914-998-0082 or by e-mail at info@sdnylaw.com.
Foreclosures: The Note and Mortgage
When a homeowner decides to buy a home he or she must obtain the finances to pay for the home. The homeowner usually goes to a financial institution, submits an application and if they are approved they receive a loan. There are two (2) parts to the loan them receive. The first part is a note.
The Note
The note is a written agreement that the financial institution is lending a homeowner money and it contains the homeowner’s agreement to repay the money. The note includes the terms and conditions of the repayment: such as whether the note is to be repaid in 15 years or 30 years. It also includes the rate of interest charged on the loan and the late charges, fees and expenses. In simple terms, a note is an IOU.
The Mortgage
The mortgage is a contract that gives the financial institution, lender, a lien on real property. In simple terms, the home is the collateral that secures the note for the financial institution. The terms of the mortgage spell out what the financial institution can do should the requirements of repayment in the note and mortgage are not met by the homeowner. What the mortgage lender usually does is they foreclose on the mortgage for the homeowner’s failure to make the timely, monthly payments required by the note.
The law firm of Schlissel DeCorpo LLP has been helping families deal with mortgage and foreclosure problems for more than 30 years. We can be reached at 718-350-2802, 516-561-6645 or 631-319-8262 or by e-mail at info@sdnylaw.com.
Foreclosures and Loan Modifications
Obtaining a loan modification is one of the potential routes to save a home from the foreclosure process. There was a time in New York, and in the United States, when there were a variety of Federal and State programs which helped homeowners who had fallen behind in their mortgage due to unforeseen financial circumstances or other issues which caused them to fall behind on their mortgage payments. However, except for programs that help veterans, there are very few options today regarding mortgage modifications other than dealing with the financial institution which currently holds the mortgage on the homeowners’ homes.
Mortgage Modification Process Substitute
The application process for a mortgage modification can be cumbersome and it may be difficult to meet financial institutions requirements to obtain the modification. A mortgage modification application needs to be submitted with the necessary supporting paper work and documentation required. In many instances a hardship letter will also be necessary. A follow-up process needs to be undertaken to see to it that the financial institution actually gives the mortgage application the appropriate time and consideration necessary to end up with a positive response. During the past few years the criteria for a homeowners to obtain a mortgage modification has become more cumbersome and more difficult.
A law firm that represents homeowners in foreclosure cases can help the homeowner to successfully navigate through the modification process. Elliot S. Schlissel is the managing partner of Schlissel DeCorpo LLP a law firm that has been helping consumers with mortgage problems for decades.
The law office of Schlissel DeCorpo have been defending homeowners regarding mortgage issues for more than three decades. They can be reached at 516-561-6645, 718-350-2802, 631-319-8262 and 914-998-0080 or emailed at Elliot@sdnylaw.com.
