If you fall behind on your mortgage payments, contact foreclosure and bankruptcy lawyer in Astoria, NY, to get the advice and representation you need. A foreclosure attorney is appropriately qualified to give you legal advice about dealing with your current situation and what options may be available to you. In many instances, he may also be called upon by your lender to provide this advice as well.
Often, your lender will choose to accept negotiations with you rather than go to court. That means that an experienced lawyer will be able to guide you through this process. Besides, most NY bankruptcy and foreclosure cases do not take extensive amounts of time to conclude, so you should not find yourself in an unpleasant predicament for too long.
Guiding You Through Your Foreclosure Defense Options
A reliable Astoria foreclosure and bankrupcy will guide you through the foreclosure process and how the foreclosure laws apply to your situation. He or she can also explain the various foreclosure defense options you have available to you, how they work, and why a specific option may work better than the others for your particular situation.
Most Common Foreclosure Defense Options
Foreclosure laws vary from state to state, so depending on your location, you’ll have different options to stop foreclosure. Here are the most popular foreclosure defense strategies:
- Demonstrating the lender made errors Regarding the mortgage or mortgage proceeding.
- Relief under the Servicemembers Civil Relief Act (SCRA).
- Demonstrating that the lender violated federal or state legislation.
- Filing for Chapter 7 or Chapter 13 bankruptcy.
- Loan modification
The most useful defense tactic is filing for bankruptcy. You can also win a foreclosure case if you can prove that the mortgage had unfair terms or notice of default wasn’t done in the right way. That’s why contacting an attorney is the first step in successful foreclosure defense. Initiating bankruptcy will stop home foreclosure in New York, as it judicial foreclosure state. But if you are in Texas, it won’t work for you in the ways described above.
Bankruptcy and Foreclosure in NY: Benefits of Hiring Attorney
When you hire a foreclosure attorney, you will learn all of about bankruptcy and foreclosure in NY and your options available. Bankruptcy foreclosure lawyers can also represent you in any court proceedings that occur. Getting a foreclosure lawyer can be one of the best ways to allow yourself to move forward with your mortgage arrears without worrying about being sued.
Finding a foreclosure and bankruptcy lawyer in Astoria, NY, to guide you through foreclosure defense options is crucial because they can give you the knowledge and information you need to defend yourself in court effectively. Even if you have only suffered a minimal impact from your foreclosure, it is still essential for you to seek legal advice and representation. In some cases, you will need to go to court to get your mortgage payments stopped. A foreclosure bankruptcy defense lawyer can be beneficial in this process.
Put A Temporary Stop On The Foreclosure Process
To get a temporary stop on the foreclosure, you need first to contact your lender. Find out if your particular type of foreclosure (judicial or non-judicial) requires a temporary stop on the foreclosure before the sale date. Some judicial foreclosures require a stop on the foreclosure at the sale date because the original loan contract gives the bank authority to sell the property without needing a court order.
However, in non-judicial foreclosure proceedings, a temporary stop on the foreclosure may only be applied after the final judgment. If this is the case, your lender may agree to a temporary stop on the foreclosure, and you would then have to seek a court order to finalize the sale date.
The temporary stop gives you time to come up with alternative options such as another house. However, this option is not always desirable and allows you to save your credit rating by not filing for bankruptcy. It can also give you extra time to get a loan modification approved and keep your home. If your lender agrees to a temporary stop on the foreclosure, it must specify that it was voluntarily agreed upon.
This means a homeowner may have to hire an attorney who will represent them in negotiations with the lending institution to get a temporary stop on the foreclosure proceeding. In case you can’t prove the real reason you fall behind on payments, Chapter 7 bankruptcy is your only way. Filing for Chapter 7 bankruptcy can stop foreclosure (and sale) for 45-65 days.
Bankruptcy Foreclosure Auction NYC
Bankruptcy foreclosure auction in NYC is where people who cannot pay their mortgages can bid on homes that banks and lenders have repossessed. Homeowners can’t reside in the property, but they are responsible for the remaining balance due on the mortgage if they do. These properties’ prices are usually meager since banks do not want to be accountable for the costly and extensive foreclosure costs and time involved in them. They also do not want to take on another colossal debt and foreclosure costs associated with that. The bidding starts at under a dollar, and if you think that you can get it low, then bid at that price.
The main thing about a bankruptcy and foreclosure auction in NY is that a home must meet specific requirements before the bank approves financing. You will most likely have to get your credit report pulled once again, showing whether or not you can qualify for a loan. You must also have a fixed monthly income and meet the mortgage payments as a set.
Once you have successfully bid on a home in an NYC bankruptcy foreclosure auction and have completed all of the requirements, the homeowner gets a notice in the mail informing them that the sale has been conducted. In most cases, homeowners ask family or friends to buy their home on an auction (short sale). If it’s impossible, bankruptcy is the only available option.
What Filing For Bankruptcy Can Help You With
Foreclosure happens after the borrower has fallen behind in payments on a home loan. In many cases, the homeowner makes only a partial payment, and the mortgage holder decides to proceed with the foreclosure. It may not be fair to sue a person for not paying your mortgage, but this is how the mortgage industry works. Once you fall behind on payments, it becomes difficult to catch up.
Filing for bankruptcy can delay the foreclosure process, allowing you to keep your home. It will give you few months while the process of selling the home takes place. If you have been paying your mortgage on time, and if the house has been holding its value, you may be able to sell your home for a lot more than the mortgage amount that you have paid. However, you will need to be ready to deal with your home’s loss and the financial problems that may arise from selling your home.
Cure Mortgage Arrears Over Time
You can do a couple of things to heal mortgage arrears with time, and there are ways of doing so which will not cost you a bit of money. Contained on your Chapter 13 repayment plan, you will incorporate repayment of any past-due mortgage payments extended for five decades usually. Nonetheless, you’ll also need to make your existing mortgage payments at this time too. This usually means sticking to a strict budget. However, if you finish your Chapter 13 repayment plan, you’ll have saved your property.
Resume Regular Payments On The Mortgage
Once you initiate the bankruptcy procedure, you will stop making payments. But when you commence bankruptcy proceedings, you restart regular mortgage obligations as you can make arrangements for paying arrears and other debts.
Immediate Benefits Of A Chapter 13 Bankruptcy
The main benefit is that you will get rid of all your debts without any collateral or assets to pay them. This means no more paying credit cards, car loans, personal loans, or anything else that might be tying you down and making it difficult for you to get out of debt. But also here are a few of the things that Chapter 13 can perform:
- Cease a mortgage foreclosure. Filing for Chapter 13 in NYC will prevent bankruptcy foreclosure auction and induce the lender to take a program that will permit you to make up the missed payments over time.
- Let you keep property that is not shielded by a bankruptcy statute.
- “Cramdown” secured debts when the property is worth less than the sum owed. Chapter 13 has a process that lets you decrease a responsibility to the replacement value of the property securing it.
So there are several benefits of filing for bankruptcy. The main is that you don’t have to worry about losing your property to NYC bankruptcy and foreclosure auction. You also don’t have to worry about paying back a ton of money that you owe to others. By finishing Chapter 13, you will be able to start over with a clean slate. However, these are only some of the many benefits, but contacting a bankruptcy and foreclosure attorney in Astoria, NY, and filing for bankruptcy is the best option.
Disadvantages of Chapter 13 Bankruptcy
The discharge of your bankruptcy does not immediately solve all of your problems. You will probably have to start on credit counseling, where you will discuss what you can afford to do to improve your financial situation. In many cases, your creditors will agree to negotiate new terms with you. Or, if these discussions fail, they may file bankruptcy law against you on their own.
Bankruptcy will also not resolve all of your medical expenses, for example. While it is true that you will be discharged from Chapter 13, that does not mean that your health care costs will disappear. For many people, this is better than the uncertainty of being unable to continue making payments on credit cards and other loans. A Chapter 13 plan should not be considered a last resort. Instead, make sure you are doing everything you can to keep your credit in good standing before speaking to an attorney about a plan.
Contact A Foreclosure and Bankruptcy Lawyer in Astoria, NY
It is undoubtedly a good thing that bankruptcy cases are easier to file with a bankruptcy attorney. The idea behind filing for bankruptcy is to come out of your debt, make it manageable and eventually pay it off. When you hire a bankruptcy lawyer, you can be sure that he will work on your case with his total dedication and commitment so that you can get rid of your debts as soon as possible.
Initiating bankruptcy can get you out of debts, so you need to make it in the right way. Hiring someone who will help you resolve things for you will give you an edge over others since they know all there is to know about filing for bankruptcy. An attorney can also guide you towards the steps that you should take after filing so that things will be easier for you after the bankruptcy hearings are over.
When you face foreclosure, working with the proper foreclosure and bankruptcy lawyer in Astoria, NY, can make all the difference. Foreclosure is not just about receiving a court order; it’s also about dealing with your lender. A bankruptcy lawyer can discuss your legal alternatives and advise you on the best class of action to help you avoid losing your home.
Can a lawyer help stop foreclosure?
Bankruptcy and foreclosure lawyer in NY will help you stop foreclosure altogether by way of a” loss mitigation” option (such as a loan modification), represent you throughout the foreclosure activities, or help you save your home a Chapter 13 bankruptcy.
Can bankruptcy save my house from foreclosure?
Filing bankruptcy will stop a foreclosure sale. In a Chapter 13 bankruptcy, you have to pay off mortgage arrears (amounts you are behind in payments mortgages) annually over no longer than five years (60 payments). You might also have the capacity to lower your mortgage obligations by Chapter 13. As an example, if the value of your house is significantly less than the balance owed on your first mortgage, then you can ”strip the lien” from any junior mortgages, then turning them into unsecured debt such as credit cards.
What’s worse, bankruptcy or foreclosure?
Bankruptcy may stabilize your financing, and while a bankruptcy filing may reduce your credit rating, it is no worse than several charge-offs. This foreclosure continues to be reported to the credit bureaus every month.
Should you file bankruptcy before or after foreclosure?
The benefits are firmly on the side of filing bankruptcy before a foreclosure sale. When the bankruptcy case has registered, a legal protection called the “automatic stay” goes into effect. The automatic stay is a court order (injunction) that prevents creditors from using debt collection activities, including foreclosure on the house. Although filing bankruptcy before foreclosure offers benefits, waiting to file can be helpful in certain circumstances. But, you will want to weigh the advantages against any adverse tax consequences.
Why is bankruptcy a good debtor’s defense to a foreclosure?
Filing bankruptcy instantly stops any foreclosure sale. It permits you to pursue mortgage alterations or any lawsuit you may have against a mortgage creditor when maintaining the security of this bankruptcy remain, preventing the lender from foreclosing.
Can you file bankruptcy when your house is in foreclosure?
A Chapter 13 bankruptcy case can allow you to conserve a house in foreclosure. The filing will halt the bankruptcy foreclosure auction in NYC and supply you with a way to grab on to the past-due obligations while assisting you in handling your other debts.