Foreclosure
Solutions for Foreclosure – Skilled Foreclosure Attorneys
For homeowners in Suffolk and Nassau Counties on Long Island, the path to foreclosure can be distressing. We understand that each homeowner’s situation is unique, and therefore, the solutions to prevent foreclosure need to be tailored to their specific circumstances. Our skilled foreclosure attorneys are here to help homeowners maximize their chances of saving their homes.
The COVID-19 pandemic triggered a financial crisis that affected countless homeowners across the nation. Initially, many lenders were lenient, offering temporary forbearance to those who missed mortgage payments. However, as time went on and homeowners’ arrears piled up, lenders started demanding resolutions. They required either reinstatement over a year or a modification, which involves an application and approval process.
Adding to the challenge is the fact that this new potential foreclosure crisis comes while we’re still dealing with the aftermath of the 2008-2014 recession, especially in Long Island and New York. This previous recession resulted from aggressive mortgage lending and borrowing, leaving a legacy of unresolved foreclosure cases and homeowners grappling with mortgage problems. The new turmoil caused by the COVID-19 recession has pushed many homeowners into arrears or the looming threat of foreclosure. Some of these issues are new, triggered by furloughs, layoffs, and lockdowns, while others have been persistent and worsened by the latest recession.
Despite these challenges, there are programs, policies, court decisions, and laws, established during the previous recession and some in response to COVID-19, which offer homeowners the opportunity to safeguard their homes. Given the confusion homeowners often experience when evaluating their options, compounded by sometimes inaccurate advice from mortgage lenders, it’s crucial for homeowners facing foreclosure to seek reliable guidance from experienced attorneys.
The key to preventing foreclosure often lies in combining strategies – both defense and negotiation. Homeowners in mortgage arrears or foreclosure must gain both time and leverage to enhance their chances of saving their homes. Various foreclosure solutions, such as mortgage modification, negotiated resolutions, foreclosure litigation defense, and bankruptcy, often complement each other. Our team is well-equipped to assist clients in all these aspects.
Foreclosure solutions are diverse and dependent on multiple factors. They encompass litigation, negotiations, and bankruptcy options, and our clients’ specific goals and foreclosure stage determine the most suitable solution. We assess crucial aspects, including the foreclosure stage, homeowners’ objectives, and financial constraints regarding the mortgage.
Litigated Defense: Employed by filing an answer or motion to dismiss, foreclosure defense typically occurs 20-30 days after being served with the Summons and Complaint. It includes discovery, motion practice, and attending settlement conferences. In cases near foreclosure’s end or when a foreclosure sale is scheduled, an Emergency Order to Show Cause can secure a stay on the sale. Foreclosure defense focuses on flaws in the foreclosure process to buy time and leverage for alternative solutions.
The COVID-19 pandemic led to moratoriums imposed by New York State, the state court system, and FHA, temporarily halting foreclosure proceedings. Courts initially refused to file foreclosure documents, treating foreclosures differently from other legal actions when they reopened. Borrowers were provided with time and options to address their mortgage arrears. The Courts permitted defendants to file COVID Hardship Affidavits from 2021, protecting them unless the lender requested a hearing to establish the absence of COVID-19-related hardships.
Homeowners facing foreclosure can benefit significantly from professional guidance. With experience dating back to 1993, our law office has successfully represented numerous homeowners in Long Island, Nassau County, and Suffolk County, helping them save their homes and regain financial stability. When it comes to foreclosure, time is of the essence, and we understand the importance of pursuing legal options with precision. Let us assist you with our expertise, making the process both affordable and personalized.