Tag: foreclosure action

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More Loan Modifications?

This year, much to our delight, several of our foreclosure defense clients have received acceptable loan modification offers from their respective lenders. What’s most pleasing is that these clients had been rejected, on several occasions for some,  or they were previously offered an unacceptable, unaffordable loan modification. Last year, we found loan modifications hard to […]


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Stop paying my second mortgage?

Can you stop paying your second mortgage? Sure. Should you stop paying your second mortgage? Maybe not. The prevailing theory is that if your home is worth less than what you owe on your 1st mortgage it is highly unlikely that the holder of your 2nd mortgage will bring a foreclosure action against you. Well, […]


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Major Banks Halting Foreclosures in NY?

Are foreclosures being halted in NY? Foreclosure defense is a large part of our law practice. We are currently defending foreclosures brought by GMAC, Chase, Bank of America, Wells Fargo etc.  For the most part, we have not seen much evidence of these lenders suspending current foreclosure actions. They are still opposing our motions, replying […]


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Q & A: How Can I Use My Ch. 7 Bankruptcy to Avoid Foreclosure?

Bank won’t modify my mortgage, how can I use the chapter 7 bankruptcy I just filed to avoid foreclosure? The following are “some” of the things you can do to avoid foreclosure if you just filed a chapter 7 bankruptcy: “Maybe” filing a “chapter 20” bankruptcy, which is a chapter 7 followed by a chapter 13, will help you. […]


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Foreclosure Settlement Conference

Foreclosure Settlement Conference Purpose of the Foreclosure Settlement Conference According to New York law (RPAPL 3408), the purpose of the foreclosure settlement conference includes, but is not limited to, “…determining whether the parties can reach a mutually agreeable resolution to help the defendant avoid losing his or her home, and evaluating the potential for a […]


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Foreclosure Settlement Conference Eligibility

Am I Eligible For A Foreclosure Settlement Conference? Generally, you are eligible for a Mandatory Foreclosure Settlement Conference if: The foreclosure action was commenced against you after February 13, 2010, OR Your case was commenced between September 1, 2008 and February 13, 2010, and involves a subprime, high-cost or nontraditional loan, and The property is […]


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Foreclosure Summons and Complaint

I was just served with a foreclosure summons and complaint, what should I do? You should respond! The summons tells you that a foreclosure action has been filed and that you have twenty (20) or thirty (30) days to respond.  The complaint tells you why the foreclosure action was brought. There are several different ways […]


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90 Day Pre-Foreclosure Notice

90 Day Pre-Foreclosure Notice I just received a 90 day pre-foreclosure notice; what does this mean? NY foreclosure law now requires that a 90-day pre-foreclosure notice be sent to many homeowners facing foreclosure.  The 90-day notice requirement must be sent to homeowners, at risk of foreclosure, who own and occupy a 1-4 family dwelling as […]


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Tenants and Foreclosure

Many tenants are finding out that the property they are renting has been foreclosed on. As I stated in an earlier post, NY foreclosure law now requires that tenants residing in foreclosed properties receive written notification of the change in ownership of the property. The law also requires that the tenant be allowed to remain […]


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Fighting Foreclosure After a Default Judgment.

Your lender brought a mortgage foreclosure action and obtained a default judgment against you. So, it’s game over and you are bound to lose your home to foreclosure, right? Not necessarily! The scenario usually goes something like this: Your mortgage lender brought a foreclosure action against you and allegedly had you served with a summons […]


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