Are You Facing Foreclosure in New York?
Contact Adams Law Group, LLC, for a Free Consultation
It is a frightening, distressing thing to face foreclosure. Usually this will mean the possibility of loss of a family home or business property. Responding to this legal and financial challenge promptly and appropriately to your circumstances is vitally important. Contact a foreclosure defense lawyer to discuss your situation and the best way to handle it.
Is It In Your Best Interests to Fight to Keep the House — or to Walk Away Debt Free?
- There may be ways to fight foreclosure, depending on your ability to continue to pay a mortgage — possibly with a modified loan with reduced points or a prolonged repayment schedule.
- Your mortgage lender may have violated truth-in-lending laws at the time the mortgage was issued. This fact may open the door to a successful resolution of the foreclosure and let you keep your real estate.
- If you are financially distressed overall, filing bankruptcy (Chapter 7 or Chapter 13) is an effective way to stop foreclosure immediately and buy you time to resolve an "upside down" or "underwater" mortgage problem.
- You may decide that walking away from the property with no further repayment obligations is the best route to go if you cannot or do not want to meet the terms of the existing or a modified mortgage. A short sale may be the best solution: your lender may agree to accept proceeds from a short sale as "payment in full" of the remaining principle balance of your mortgage.
You may wonder whether you can negotiate a loan modification with your mortgage lender on your own and avoid hiring a lawyer. Taking such action may well cost much more than you "save" in legal fees. An experienced foreclosure defense attorney is well prepared to offer the most appropriate advice in your particular situation and negotiate with lenders in pursuit of a solution to the problem of impending foreclosure.
Contact the law offices of Adams Law Group, LLC, in Rockland County and New York City, to schedule a free initial consultation with attorney Adams.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
