Some of life’s problems tend to go away by themselves. There is no need to worry about a small mosquito bite, as it will heal in a few days without even so much as a second glance. However, foreclosures are not such a problem. A foreclosure is a more of a bite from a rattlesnake than from a mosquito. Quick action is required or the consequences will be dire. Do not stick your head in the sand and hope it will go away; IT DOESN’T!!!
A foreclosure action rarely sneaks up on a person. Generally, before you ever receive a summons that a foreclosure action has been filed, (which could ultimately result in the loss of your home); a person has not paid their mortgage for months, if not years. You most certainly received numerous phone calls, emails or letters from your mortgage company advising you that you are behind in your payment and threatening foreclosure. Do not simply ignore these communications.
It is tempting to ignore the summons and complaint, which was served on you however, that temptation must be avoided at all costs. There is a small and specific time period (which could be as little as 20 days) from the time you receive the foreclosure summons from a process server to when a default judgment can be entered against you. A default judgment will severally limit your options in fighting the foreclosure and unnecessarily quicken the timetable in which you could lose your home.
It is imperative that an Answer (your response and defenses) be filed with the Court within the appropriate time period to keep your case active with the legal system. An attorney will help guide you through the various options that may be available to you. There are several strategies that may be available to you that will allow you to stay in your home. These include such possibilities as a loan modification, bankruptcy or refinancing. If you are not looking to remain in your home, a short sale of the house or a deed in lieu of foreclosure might be the best course of action.
An experienced attorney could be your savior in this trying time. He or she can make sure that the mortgage company follows all of the regulations and procedures required in a foreclosure while ensuring that your rights are protected. A foreclosure lawsuit is generally a long and time-consuming venture. An attorney may be able buy time in order for you and your family to get back on solid ground. Occasionally, an attorney may even get the action thrown out of Court.
Every foreclosure case is different but two common elements remain the same throughout every foreclosure action in New York. One element being the need for the homeowner to be proactive in responding to the Court filing and the second element finding the right attorney to represent them as soon as possible. If the homeowner fails to do that, they may quickly find themselves no longer a homeowner.
Real Estate Foreclosures: Be Vigilant was Posted by Michael B. Schulman, Managing Attorney.
This Blog (mbslegal.com/what-we-say)/Web Site (mbslegal.com) is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and the Blog/Web Site publisher. The Blog/Web Site should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.