Receiving a foreclosure notice isn’t a good feeling for anyone, but it’s not something that can be ignored. Life circumstances can happen and force you to have to miss a mortgage payment or two. You still have to pay the money owed, though, and your lender will often begin the foreclosure process immediately. It’s important to know what’s involved in the foreclosure process, and hiring a New York attorney should be your first step.
What To Do When Receiving A Foreclosure Notice
Take any notice of foreclosure you receive seriously and take immediate action. The lender must send you a 90-day notice via certified mail to inform you about your default. The notice will also state exactly the amount you owe and what your next possible steps are to avoid foreclosure. You may also get information about what free legal services are available to help you, but you need to do your own due diligence to ensure you work with the right NYC real estate lawyer for your situation.
Answer The Complaint if Foreclosure Action is Filed
Unless you’re able to resolve the default on your mortgage, your lender will likely begin the process by filing a foreclosure action. At that point, you will receive a summons and complaint outlining all allegations from the lender and you have 20 days to file a written answer. This is when working with a New York attorney is critical. The answer you provide could set the basis for any future actions taken against you, so take this step seriously and only work with NYC law firms you trust.
Attend All Settlement Conferences
You are entitled to attend settlement conferences in accordance with New York law. This simply means you can negotiate with your lender in good faith to resolve the issue and prevent foreclosure. Sometimes the results could be a short sale, a loan modification or other settlements. The important thing to remember is to be prepared, with the help of your New York attorney, so the negotiations are meaningful and the lender takes you seriously. Not attending one of these conferences without notifying the court ahead of time could grant the lender the right to proceed with the foreclosure process immediately.
Gordon & Gordon makes the foreclosure process simple for clients and we will fight to give you peace of mind. No two foreclosure cases are alike, so we will do a thorough evaluation of your case to make the best recommendations and take the most appropriate actions. There are many different outcomes possible in a foreclosure proceeding and a New York attorney can work on your behalf to protect your rights. Be sure to contact us right away when you receive a foreclosure notice and we will be by your side every step of the way from that point on.