What to Expect During the Foreclosure Process

If you are being foreclosed upon, you probably have a lot more fears and doubts than knowledge of what the process entails. Fortunately, though, there’s just a few things you need to understand to be able to navigate your foreclosure while minimizing your legal and economic risk. Here is what you should expect during the foreclosure process:

1. You have substantial legal rights, and should take advantage of them
   • The law outlines many rights that homeowners have during the foreclosure process. This includes several procedural requirements that mortgage lenders must fulfill before they can even begin foreclosing on you. Holding your lender accountable for procedural failings is a good way of protecting yourself from being foreclosed on.
2. Foreclosure can take a long time
   • From the first time you receive notice of foreclosure to the moment when you are evicted from your home, there can be a period of months or years. On the one hand, this means you should be prepared for a prolonged legal process over your foreclosure. On the other hand, this means you have ample time to get your affairs in order and potentially resolve your situation before the foreclosure process finishes.
3. You have the opportunity to cure your mortgage
   • Just because the foreclosure process has begun does not mean that the loss of your home is set in stone. You will still have a period in which you can attempt to cure your mortgage by paying back whatever you happen to owe. If you do this, you may be able to avoid foreclosure, or any other negative ramifications, entirely. There are also potential alternatives to foreclosure that you may be able to explore during the foreclosure process.
4. You can negotiate with your mortgage lender
   • When you are facing foreclosure, it may feel like you are powerless and unable to do anything except wait for the court to hand down your fate. However, you actually have significant leverage against your mortgage lender, since they almost always prefer receiving money over getting a foreclosed property. That is why you have the chance to negotiate with them, and potentially work out an arrangement that will allow you to stay in your home despite your economic woes.
5. You do not need to leave your home until the process is complete
   • Even if all else fails and you do get foreclosed on, you can stay in your home until you are finally evicted. This means you do not need to fear becoming homeless until the very end of the foreclosure, giving you ample time to find alternative living arrangements. However, getting the best outcome for your case requires getting good legal guidance, so make sure to contact a lawyer with experience handling foreclosures to help 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.