The process of foreclosure can be difficult to confront, and it can be easy to fall into despair at the thought of losing your home. Despite this, however, there are plenty of options available for helping to deal with these issues to try to avoid being foreclosed on, including negotiating with your mortgage lender. But why exactly should you negotiate with your mortgage lender, and how could you benefit from it?
What Does it Mean to Be Foreclosed On?
If you are going through the process of foreclosure, it means your mortgage lender has accused you of failing to meet mortgage payments and wants to remove you from your home. However, the mortgage process is quite lengthy, and can often take months or years to go through. During that time, you can legally remain in your home, and have the opportunity to “cure” your mortgage to avoid being foreclosed on.
What is a Mortgage Lender?
Your mortgage lender, as the name suggests, is the financial institution that lent you the money for your mortgage, and which you are legally required to pay back. Typically, this refers to a bank, but may also be a credit union, broker, or other financial institution that offers mortgages for prospective home buyers. Your mortgage lender has the right to foreclose on your home if you miss too many mortgage payments.
Why Should You Negotiate With Your Mortgage Lender?
The reason you should negotiate with your mortgage lender is simple: because until the foreclosure process is completed, you always have an opportunity to avoid losing your home. And despite how it may seem, your lender would much prefer that you paid back your loan rather than taking your house from you. For that reason, they are often willing to renegotiate the terms of your mortgage or find other solutions to help you get back on track with your payments.
How Can a Lawyer Help?
The foreclosure process as a whole can be difficult to handle, and it can become even more difficult if you find yourself needing to negotiate with a bank or other mortgage lender. That is why you should speak to a lawyer with experience handling foreclosure law and other related matters. They can help you explore all your legal options in order to get you the best possible outcome to 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.
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