Five Things to Expect During the Foreclosure Process

When people go through a foreclosure, they often do not know what they should expect, and may feel anxious about what is going on. Fortunately, with just a bit of knowledge, you can begin to understand the foreclosure process and handle things more easily. Here are five things you should expect while you are going through the foreclosure process:

1. Foreclosure is a long process
   • Some people come into a foreclosure with the expectation that once it begins, they will be immediately forced out of their homes and onto the streets. However, in reality even the simplest foreclosures can take months to get through, and more complex cases may take years to resolve. Until the process is finished, you can remain in your home, and can take steps to remedy your dispute with your mortgage lender.
2. You will receive a lot of documentation
   • Foreclosures are fairly intensive in terms of the amount of paperwork you will need to fill out and receive, and you need to keep track of all of it. From the moment you first receive notice of the foreclosure until the foreclosure process is finished, you may easily receive hundreds or thousands of pages of documents. The better you are at keeping track of your documents, the better your odds will be in any negotiations and legal proceedings.
3. Your mortgage lender will work with you
   • Some people will be surprised to hear that mortgage lenders do not like to foreclose on properties. They much prefer to get money rather than a house that they will then need to sell to someone else, and thus are generally willing to negotiate to find an alternative to the foreclosure process. If you are willing to work with them, chances are that they will also be willing to work with you.
4. You may have more options than you realize
   • There are plenty of potential legal options that are available to mortgagees facing disclosure, some of which they may not be aware of. For example, many lenders will agree to renegotiate the terms of a mortgage to make the repayment more forgiving, or they may allow a mortgagee to refinance for a better interest rate. There may also be defenses against foreclosure available by law, such as protections against foreclosure on active military members.
5. Foreclosure is not the end
   • Even if you are ultimately foreclosed on, that does not mean you will immediately face homelessness and financial ruin. The foreclosure process can offer you the opportunity to get back on your feet and recover your financial grounding. However, to understand what rights and obligations you have during this process, you should speak to a foreclosure defense attorney who can assist you with your case.

    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.