Facing Foreclosure

On April 17, 2010, in Bankruptcy, Foreclosure, by Robbie L. Vaughn, Esq.

Facing Foreclosure

I’m facing foreclosure, What can I do?

Some of your options:

1. Do something:

-Call your  lender and try to arrange a Loan Modification, Refinance, short sale, or Deed-in-Lieu of foreclosure.

-Loan Modification- A Loan Modification is a permanent/temporary change in one or more of the terms of your mortgage loan. Ideally, this will result in a payment you can afford. (You might able to do this yourself).
-See http://makinghomeaffordable.gov/eligibility.html

-Short Sale- A sale of a house for less money than is owed to the lender. Ideally, the lender agrees to accept the proceeds of a short sale and forgives the rest of what is owed. Some lenders are offering a cash incentive to homeowners if they are willing to short sale their home. You will likely need the help of a R.E. Broker & a Real Estate Attorney.

-Deed-in-lieu of Foreclosure- (May only be available after a failed Short Sale attempt). Ideally, the lender accepts ownership of the property in place of the money owed on the mortgage. You will likely need the help of a Real Estate Attorney.

-Consult with an attorney regarding:

-Foreclosure Defenses- Such as a Lack of standing, TILA violations, RESPA violations etc.

-Bankruptcy- Such as Chapter 13- which is a type of “reorganization” used by individuals to pay all or a portion of their debts over a period of years using their current income. The most important thing about a chapter 13 case is that it may allow you to keep your home if you can make the payments which the bankruptcy law requires to be made to your creditors.

-Deficiency Judgments- Generally, a judgment for the amount a homeowner owes the lender after a house is foreclosed upon and sold by the creditor for less than the actual amount still owed.

-Watch this New York State Bar Association video: http://204.8.127.102/peopleslaw/SaveYourHome.htm

2. Do nothing:

-Walk away (OR)

-Stay in your home until you get evicted.

-Pay or go calculator: http://www.payorgo.com/

We believe most people should consider contesting the foreclosure of their home.  We were recently successful in getting a foreclosure action stayed.  We hope to get it dismissed, or force the lender to do a loan modification.

Mineola Foreclosure Attorneys

Call The Law Firm of Vaughn, Weber & Prakope, PLLC, at 516-858-2620 to speak with a foreclosure defense attorney and/or a bankruptcy lawyer.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. This website is Attorney Advertising. It does not form an attorney-client relationship. We are a debt relief agency and a law firm that helps people file for bankruptcy relief under the U.S. Bankruptcy Code – Title 11. Prior results do not guarantee a similar outcome. Proudly assisting residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, Manhattan