Five Considerations For Your Foreclosure Case

Foreclosure can be a frightening time for anyone, especially if you are unfamiliar with the legal process involved in it. Fortunately, there are a few factors that go into the foreclosure process that can significantly impact how your case is likely to go, which you should keep in mind as your case proceeds. Here are five considerations you should keep in mind as you go through your foreclosure case: 

1. Is it possible for you to repay your mortgage at some point?
   • Every person with a mortgage has the right to pay back any outstanding mortgage payments prior to the completion of the foreclosure process. Thus, if you only missed payments due to temporary financial issues, you may be able to stop foreclosure entirely by paying back what you owe. That is why, if you have the option, you should consider if you have a reasonable chance of repaying your mortgage.
2. Have you kept track of all notices you receive related to your case?
   • Like most types of litigation, foreclosures come with a lot of paperwork, starting with the initial notice that you may be facing foreclosure due to nonpayment of your mortgage. You should make sure you keep track of all such notices, and keep them somewhere safe. This will ensure you have everything you need to fight your case, and potentially get you a much more favorable outcome.
3. Are you prepared to negotiate with your lender?
   • In most cases, a mortgage lender does not want to foreclose on your home, since they would much prefer getting your money to getting your house. For this reason, most lenders will be open to negotiation on the terms of your mortgage. This can allow you to, for example, modify your existing mortgage to get better terms, which may make it more manageable and easier to pay back.
4. Is it essential to stay in your current home?
   • If you find that you are getting further into the foreclosure process, you should consider how important it is for you to stay in your current home. This is because there are certain options, such as short sales, which can avert foreclosure but require you to find somewhere else to live. However, whether or not this makes sense will depend on your specific circumstances.
5. Have you hired a lawyer?
   • Foreclosure is far too complicated to handle on your own, especially when you are dealing with financial problems. That is why you should speak to a lawyer with experience handling foreclosure and other related legal issues. The sooner you call, the sooner they can get to work for you.

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.