Many homeowners today are faced with foreclosure due to financial struggles that prevent them from making their mortgage payments. While some people are able to save their homes by refinancing, those who cannot refinance do not need to resign themselves to losing their homes through short sales or foreclosures.
There are other options. An experienced attorney can help you understand your legal rights, negotiate a loan modification with your mortgage company, and stop wrongful foreclosure sales.
Various states have different legal procedures lenders must follow to foreclosure on a property. In New York, your lender must advise you – the homeowner – at least 90 days before it even is going to file papers to foreclose on the loan. The complaint must outline your legal options at that point. You have 20 to 30 days to respond (the number of days is determined by how you are served with notice.)
At any time before the final sale of the property, the homeowner can put the loan back into good standing. Or, a homeowner can work with an experienced lawyer to negotiate a loan modification and payment plan you can better afford.
Through loan modification, attorneys help homeowners lower their monthly payments or interest rates by working with the mortgage companies to modify the terms of the loans. Banks have in-house attorneys handling these matters.
Trying to negotiate terms on your own without an attorney can be daunting and very time-consuming. Making decisions under the pressure of losing your home can be risky. Having someone with knowledge and experience on your side can save you time and money, and ultimately, your home.
If you have fallen behind on your mortgage payments or are facing foreclosure on your home, contact the Law Office of Robert Jacovetti to get the immediate assistance and peace of mind you need to save your home.