Five Legal Responsibilities You Have During Foreclosure

When people are going through the foreclosure process, they often do not think about the potential legal duties they may have. However, the law does impose certain expectations on property owners to ensure that foreclosure goes as smoothly as possible. Here are five legal responsibilities you have when you are going through foreclosure:

1. You must respond to the summons and complaint
   • When your mortgage lender chooses to foreclose against you, they will first send you a notice, and then a summons and complaint. While it may be unpleasant to deal with, you cannot simply ignore this summons, as it is the formal beginning of the foreclosure process. If you fail to respond, the court will issue a default judgment against you, depriving you of any chance to defend yourself.
2. You must keep track of all notices and documentation
   • Foreclosure proceedings come with an enormous amount of paperwork, including notices and documents of all kinds. While it may be annoying, you should make sure to keep careful track of it. If you lose any important documents, it could negatively impact your ability to defend yourself and get a favorable outcome to your case.
3. You must remain in your household
   • When people receive the notice that they are going to face foreclosure, some will choose to abandon their homes before the legal process has a chance to go forward. While this may be tempting from a certain perspective, it is almost always self-destructive and limits your legal options. In some cases, people who might have been able to keep their homes would lose them thanks to abandoning their household.
4. You must keep your home well-maintained
   • When people realize they may lose their homes, some will start to avoid performing regular maintenance like they normally would. This comes from the idea that, because the home will no longer belong to them, they no longer need to care what shape it is in. However, this can harm the value of a property, making it harder to renegotiate your mortgage or arrange for a short sale.
5. You must be ready to bargain in good faith
   • Ultimately, there are many ways to potentially avoid a foreclosure, or at least get as favorable an outcome as possible. However, doing this requires being ready to come to the negotiating table with your mortgage lender, and bargaining with them in good faith on the various options that are available. You should also make sure to hire a lawyer who can help you with defending yourself against foreclosure, and help you negotiate a more favorable outcome.

At David J. Lorber & Associates, PLLC, we assist clients throughout New York who are at risk of losing their homes to foreclosure. We will explain your options and guide you in making the best decision for your circumstances. Call us at (631) 750-0900 or contact us online to schedule your Free consultation at our Setauket office.