Are you facing an immediate mortgage foreclosure in New York City? Then, you must seek legal representation as soon as possible. We understand how important your home means to you, and it is no longer a financial investment since you are emotionally attached, thereby holding more value than money cannot buy. You cannot just let people take over it, so you need to defend it, and it has to be legally sound. A real estate lawyer will take the necessary actions to delay the foreclosure while giving you enough time to counter this proposition so you will have a shot at this legal fight. In this context, we share all the details so you can make the right judgment when the odds are against you:
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Here is the Foreclosure Procedure in New York City:
The judicial foreclosure procedure in New York City allows lenders to sue the borrowers in court to implement their rights under the mortgage policy. A real estate lawyer helps the lender win the lawsuit and acquire a judgment from the court, enabling them to sell the property at a public sale. Furthermore, the money from the sale is utilized to pay back the debt. A foreclosure starts when the lawsuit is filed, and a homeowner stays in the foreclosure until the court comes up with a judgment.
What to Do When You Receive a Foreclosure Notice
Refrain from taking foreclosure notices lightly and tread carefully because you must take stern action immediately to avoid losing the case. You will eventually learn about the default because the lender will send a 90-day notice. In the same mail, the lender will mention the amount you owe him and what you should do to prevent this inevitable foreclosure. Heed the notice, but do not do what the lender wants you to do. Instead, make your plays by hiring a real estate lawyer Queens and he will conjure up some legal options so you can place your baits.
What to Do When the Foreclosure Action is Filed
If you do not resolve the mortgage within the allocated time, the lender may start filing the foreclosure action. At this point, you will be summoned by the court, or you will have 20 days to provide a written answer. Obviously, you will be panicked, but by working with Aronov Law NY, you will have a fighting chance. He will help you provide the answer, which will be used against you in the future.
Do Not Miss A Single Settlement Conference
By law, settlement conferences are something you are authorized to attend in New York. This means you can find a solution and avoid foreclosure by negotiating in good faith with your lender. A short auction, a loan modification, or other settlements could occasionally be the outcome. To ensure that the discussions are fruitful and the financial institution takes you seriously, it is crucial to be prepared. You can do this with the assistance of your New York real estate lawyer. The lender may be able to start the foreclosure procedure straight away if you miss one of those hearings without telling the court in advance.
