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Foreclosure Strategies

deal with a foreclosure

The best way to deal with a foreclosure is to take aggressive legal action when the foreclosure lawsuit is started and at the same time actively participate in the mortgage modification process. By both fighting the lawsuit, suing the financial institution to set the mortgage aside and working with the financial institution and their attorneys regarding a mortgage modification provides the best possibility of successfully seeing to it the homeowners to continue to live in their homes.

Mortgage Modification

The homeowners can apply for a mortgage modification before they are sued in foreclosure. If the homeowners finds themselves in financial difficulty they should immediately apply for a mortgage modification and submit a hardship letter to the bank explaining their financial difficulties. A mortgage modification can reduce monthly mortgage payments the homeowner has to make and in addition arrears owed to the financial institution can be placed at the end of the mortgage.

Litigating the Foreclosure Lawsuit

When served with the summons and complaint in a foreclosure lawsuit the homeowners should immediately retain competent experienced foreclosure defense lawyers. The attorneys for the homeowner should put in an answer including numerous affirmative defenses and counterclaims seeking to set the mortgage aside. Discovery applications requesting the financial institution to turn over all relevant documents related to the application, underwriting and processing of the mortgage should be instituted.

Foreclosure Sale

If the homeowner’s home is listed for sale in a foreclosure, the homeowner has 2 options. An emergency order to show cause can be brought to the court where the foreclosure is pending requesting the foreclosure sale be stopped. Another route the homeowner can take is to file a bankruptcy in the United States Bankruptcy Court. The filing of a bankruptcy causes the federal court to issue an automatic stay of all foreclosure proceedings. This stops the foreclosure in the state court. The bank’s lawyers and the referee appointed to sell their home are ordered to stop taking any legal action to move forward with regard to the sale of the homeowner’s home.

Types of Bankruptcies

There are basically three (3) types of bankruptcies the homeowner can utilize. Chapter 13 and Chapter 11 bankruptcies set out plans that keep the homeowners, if they have the appropriate cash flow, to become current on their mortgage. A Chapter 7 bankruptcy simply eliminates all of the homeowner’s debt.

Don’t Give Up

It is said that God helps those that help themselves. Sometimes homeowners when faced with foreclosure become depressed. They assume there is nothing they can do and they take no action. This Attorney Elliot Schlisselis the wrong approach. Faced with their home going into foreclosure homeowners should hire competent foreclosure defense counsel. Our office has helped hundreds of homeowners throughout the Metropolitan New York area continue to stay in their homes. We can be reached for a free consultation at our offices in Nassau, Queens and Suffolk Counties at the following phone numbers: 516-561-6645, 718-305-2802 or 631-309-8262. We can be e-mailed at Elliot@sdnylaw.com. We have been keeping homeowners in their homes for more than 3 decades!

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

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We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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