If you are suffering from financial distress and having difficulty paying off your mortgage, there is a chance that you could be facing foreclosure. However, even once foreclosure proceedings have started, there are some things you can do to help avoid the worst possible consequences of that process. Here are just some of the ways you can avoid being foreclosed on, even if foreclosure proceedings have already started against you:
- Pay off your outstanding balance
- The easiest way, by far, to avoid a foreclosure is to pay off any outstanding balance on your mortgage. While this seems obvious, some people have the misconception that once foreclosure proceedings have begun, it’s already too late. However, so long as the foreclosure has not gone to a final judgment, you can still cut the process short by paying off whatever you owe.
- Renegotiate your mortgage
- It may sound surprising to learn, but your mortgage lender does not actually want to foreclose on you. They want the money they get from your mortgage, not the house they will get after foreclosure proceedings are finished. This means you have more leverage than you may realize to renegotiate the terms of your mortgage, helping you to get more favorable terms that can help you to repay it without needing to go through foreclosure.
- Hold your mortgage lender accountable
- Mortgagees are not the only people who have obligations when it comes to a mortgage. Lenders also have a responsibility to maintain certain legal standards, including keeping records of your repayment and anything related to ownership of the mortgage debt. While you might think this should not be an issue, a shocking number of lenders keep poor records, and may not be able to prove they even own your mortgage, much less the extent to which you have repaid it.
- Assert legal defenses
- Even if you are behind on your mortgage, there are some legal defenses you may be able to take advantage of to avoid being foreclosed on. For example, if you are an active service member in the United States military, you may be protected against being foreclosed on by law. In another example, you might be able to defend yourself if there was any sign of unfair dealing or fraud on the part of your lender.
- Evaluate your other options
- Ultimately, you are not going to be able to defend yourself from foreclosure by yourself. A lawyer with experience handling foreclosures can help you explore all of your legal options, and help you to come up with a plan that works best for you and your family. The sooner you call, the better chance you will have for a favorable outcome in 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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