The ownership of a single-family home is often referred to as the American Dream. The home will usually be a family’s largest asset. In a foreclosure lawsuit homeowners are in serious risk of losing their largest asset, and being forced into finding another place to live. No matter how many payments the homeowner has missed, there are solutions to the homeowner’s problem other than losing their home in a foreclosure lawsuit. Homeowners have rights in the State of New York. Retaining of a foreclosure lawyer is often the best first step if the homeowner wishes to save their home.
Foreclosure defense attorneys can advise the homeowners of various strategies and methods to save their home. There are legal strategies that exist in the State of New York to stop foreclosures from going forward and saving homes.
Options to Avoid Foreclosure Sales
Homeowners can apply for a loan modification. They can bring an action to dismiss the foreclosure. They can enter into short sales. They can execute deeds in lieu of foreclosure. They can file Chapter 7 or Chapter 13 bankruptcies in Federal Courts.
Bank Mistakes
In some situations banks or their employees have made mistakes, engaged in unethical activities, have been involved in robo signing of documents or they lack standing to actually bring the foreclosure case. Standing refers to whether the bank bringing the foreclosure action actually is the appropriate party to engage in the foreclosure process against the homeowner.
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.
New York has a specific statute that requires a lender to provide 90 days notice to a homeowner before they initiate a foreclosure lawsuit. The failure of the lender to provide the 90 days notice can in the answer to the 
A sophisticated foreclosure lawyer can often tie a foreclosure lawsuit up in court any where from 2 to 3 years. This can give the homeowners the ability to obtain a new job or jobs if they are unemployed, organize their finances, work out 
A 
In New York a foreclosure is a court supervised process. A lender retains an attorney and files a lawsuit to enforce the lender’s right to take the home back for failure of the homeowner to fulfill their requirements of making payments under the mortgage. Prior to initiating the foreclosure lawsuit the lender must give the homeowner a ninety 
In every potential 
The bank retains a law firm that drafts a Summons and Complaint. The Summons and Complaint is filed with the County Clerk’s Office of the County in which the home is located. The filing of these papers gives the Summons and Complaint an Index Number. This Index Number is a tracking device for the case going through the Courts. Simultaneously with filing this Summons and Complaint, the attorneys for the financial institution file a Lis Pendens. This advises other people that there is a Court case against the property. This has a negative impact on the title to the home.
The State of New York has a residential foreclosure actions consumer bill of rights. This gives homeowners information they can expect if their home goes into foreclosure. The foreclosure legal action is a lawsuit initiated by the bank’s attorneys to repossess the home, sell it and use those funds to pay off the mortgage.
