Nassau County Foreclosure Defense
Nassau County Foreclosure Defense cases have several steps. Knowing the procedure of the foreclosure case can dictate which steps should be taken at any particular moment throughout the course of the litigation. The following is a quick summary of the options that may be available in a Nassau County Foreclosure Defense case after the summons and complaint have been served on the home owner.
Gathering information necessary to the defense of the action is probably the most overlooked and underrated step that both pro-se litigants and attorneys make in defending foreclosures. Simple research such as ordering a foreclosure search should be part of the due diligence undertaken prior to litigating. Other methods such as discovery devices can be used to gather additional information during the pendency of the foreclosure litigation.
Responsive pleadings including affirmative defenses and counterclaims where applicable should be filed in a timely fashion. Responsive pleadings in foreclosure actions will often depend greatly on the information gathered about the property and circumstances surrounding the loan origination and servicing.
Motion practice can be used as part of a foreclosure defense strategy. Motions can accomplish several goals that can be of great importance to the preservation of the home owners rights.
Chapter 7 Bankruptcy should also be discussed as part of a comprehensive foreclosure defense strategy. Deciding on the appropriate time for filing of a Chapter 7 Bankruptcy to aid in a foreclosure defense will depend on a myriad of factors. Some cases dictate that a Chapter 7 should be filed prior to responsive pleadings. Some cases dictate that Chapter 7 should be filed after settlement conference negotiations have broken down. Other cases dictate that Chapter 7 will be of no use to a home owner in foreclosure.
Chapter 13 Bankruptcy is an extremely useful tool for foreclosure defense planning. Chapter 13 filings are often times more effective earlier in the process for certain logistical reasons. If the default in mortgage payments were in the not to distant past, the use of Chapter 13 is more likely to be successful.
Federal loss mitigation applications should be considered when weighing bankruptcy options. For its brief existence, this program seems to be very successful and worth the effort to apply.
Please understand that loan modification applications should be submitted in completed form as quickly as possible to initiate loss mitigation negotiations. This is not separate from any of the options listed herein for foreclosure defense, but rather as a supplement. As always, case specific facts will determine which options each individual will proceed with after detailed discussions with an attorney.
Foreclosure Defense Attorney in Nassau County
If you or someone you are concerned about are facing foreclosure, call the Law Firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620 today. Remember, successful litigation is no accident.
Rent Stabilized Status Lost in Bankruptcy
Will filing bankruptcy cause you to lose your rent-stabilized apartment?
On April 10, 2012, the United States Bankruptcy Court, S.D. New York ruled that a chapter 7 debtor could not exempt the value of her rent stabilized lease (SeeIn re Santiago-Monteverde, 466 B.R. 621 (Bankr. S.D.N.Y. 2012). Unfortunately,0n September 10, 2012, the debtor lost her appeal to the United States District Court, S.D. New York. The District Court affirmed the bankruptcy court’s ruling which rejected the debtor’s argument that the value of her rent-stabilized lease is a qualifying local public assistance benefit under section 282(2) of New York Debtor and Creditor Law.
It appears that the debtor’s chapter 7 case was going rather smoothly until the chapter 7 Trustee received an offer from the Debtor’s landlord to purchase the Trustee’s interest in the Rent-stabilized lease. This set off a chain of events which, for the time being, have resulted in the debtor potentially being forced out of her rent-stabilized apartment.
Thus, until legislation is enacted which allows debtors to safely exempt the value of their rent stabilized lease, bankruptcy practitioners will have to tread carefully when dealing with a debtor who leases a rent-stabilized apartment.
Bankruptcy Attorney in Mineola
If you would like more information regarding the subject of this post or a free consultation with a bankruptcy attorney, call the Law Firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620.
Don’t file a Chapter 7 bankruptcy unless you have 500k in debt!
That’s pretty much what a radio show host recently said. We can’t see how this is good advice. There is no minimum amount of debt that one must have in order to file bankruptcy! Even more disturbing was the fact that the host appeared to be offering some sort of debt settlement guide or program they created.
First, Debt settlement can work, but you need money to settle! You have to be able to make a lump sum or monthly payments.
Secondly, we have had clients with very little debt file bankruptcy. Many individuals file bankruptcy to prevent home foreclosure, head off an impending lawsuit, discharge a judgment obtained against them etc.
Finally, Bankruptcy is not for everyone. We suggest that you speak with an attorney about bankruptcy and debt settlement before making a final decision.
As always, the Law Firm of VAUGHN & WEBER, PLLC is here to assist you. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., #208, in Mineola, NY. Contact us at (516) 858-2620 to arrange a FREE consultation with a bankruptcy and debt settlement attorney.