When the foreclosure process begins, you may think you have no options left to save your home. Facing this kind of debt can feel scary and overwhelming.
However, when you know your rights, you may be able to stop home foreclosure.
In New York, lenders must file a lawsuit in court to foreclose on your property. Your bank provides you with formal notice by serving a summons and complaint with additional information about foreclosure procedures.
If you receive the summons in person, you have 20 days to file your answer with the court. If you receive notice by mail or by other methods of service, you have 30 days to respond. Your formal response must address each allegation contained in your complaint and state any possible defenses.
You may be able to set up a repayment plan or rework the terms of your loan. When you establish a loan modification, if approved, it can help you catch up on payments and stay on track in the future. It is vital to ensure you create an official, legal arrangement with your mortgage company that is not subject to changes down the road. There are several ways to modify your loan. An experienced professional can assess which options are suitable for you.
Defenses to Foreclosure
Depending on your situation, you may have defenses to the foreclosure claim. New York laws dictate the requirements lenders must abide by during a foreclosure process. Some possible defenses include:
- Breach of contract
- Failure to make the required disclosures
- Violations of federal or state laws
- Lack of paperwork that proves the obligation
Understanding the process, requirements and defense options during a foreclosure demands experience and knowledge of the rules and regulations in your state. You can fight to keep your home when equipped with the correct information. If you have received a notice of intent to foreclose from a lender or a foreclosure lawsuit, you must respond immediately otherwise you will lose certain rights. Be proactive.
Attorney Bradley D. Schnur, with offices on Long Island and in Westchester, brings more than 20 years of experience to bear to aggressively pursue meaningful solutions.