“In Foreclosure!” What Does This Mean?

May 27, 2015 By Elliot S. Schlissel

When someone says they are “in foreclosure” they are referring to the fact the holder of their mortgage has filed lawsuit against them in the Supreme Court of the County in which their home is located. Lenders in New York State, which are most often banks or mortgage companies, bring foreclosure lawsuits to obtain judgments against homeowners. When the foreclosing bank obtains the judgment of foreclosure, they can then take the next step and ask the court to appoint a referee to sell the home at auction. When the sale takes place, any funds received from the sale are given to the bank to pay off the loan owed by the homeowner. If there are funds left over after paying off the mortgage the homeowner can claim the funds.

It is then fair to say a home is “in foreclosure” until the time the home is sold at auction and a new individual or entity purchases the home.

Is Your Home “In Foreclosure”?

Should your home be in foreclosure, it is important you know what stage the foreclosure is at. This will let you know the progress of the lawsuit. If you are litigating the lawsuit, you need to know whether you are winning or losing the lawsuit. The stage it is at can give you some idea as to how long you can remain in your home if things aren’t going well in the foreclosure lawsuit.

Foreclosure Defense Lawyer

If you want to sleep at night and know you are protected in the foreclosure lawsuit, the best way to deal with that is to hire a qualified foreclosure defense lawyer. Our law firm has hundreds of foreclosure defense cases pending in the courts in the Metropolitan New York area. In most cases, the homeowners we represent get to live minimum of 3 years without paying any expenses on their homes during the pendency of the foreclosure lawsuits. We offer free consultations and our phones are monitored 24/7. Should you have questions or concerns about your home going into foreclosure, call us. We can be reached at 1-800-344-6431, 516-561-6645, and 718-350-2802.