Foreclosure Lawyers on Long Island
The foreclosure process in New York is complicated. Additionally, with so many homes on Long Island in foreclosure, delays in both the Nassau and Suffolk Supreme Court can be frustrating for homeowners facing foreclosure. Many individuals believe they can defend their foreclosure without the help of an attorney, but costly mistakes at the beginning of the foreclosure process can hurt your chances of keeping your home. Everyone should consult with an attorney to make sure their rights are fully protected in a foreclosure. To determine if a New York foreclosure moratorium still applies to your area or loan type, check online or talk to a local lawyer.
The adept foreclosure attorneys at Macco Law Group, LLP can thoroughly review the bank’s foreclosure filing, mortgage documents, and the assignments of the note and mortgage to ensure that your bank’s foreclosure action complies with New York State and federal laws.
We also meticulously review your circumstances to determine whether you may have additional legal defenses and counterclaims against the bank. Contact us for a free consultation to discuss the specifics of your situation.
Common Long Island Foreclosure Mistakes
Unfortunately, some Long Island homeowners in foreclosure are given the wrong information.
When New York homeowners can’t pay their required loan payments, the homeowner could have legal and or equitable defenses to prevent the bank from foreclosing on their home. Ignoring your foreclosure action may be the worst thing you can do, and speaking with a knowledgeable foreclosure lawyer could work wonders in your case.
Failing to respond to a foreclosure summons and complaint could have horrendous consequences and is the single most significant factor in the speed at which a foreclosure sale occurs.
If you have been served with a foreclosure summons and complaint in Nassau County or Suffolk County, New York, you have a limited amount of time to respond. Speak with the foreclosure attorneys at Macco Law Group, LLP so that they can support you through this process and protect your home from foreclosure. We are one of the top law firms when it comes to dealing with foreclosure cases.
Contact us for an initial free consultation, and one of our foreclosure lawyers in Long Island will review your case.
Long Island NY Mortgages
If you finance the purchase of residential property in New York, you’ll sign both a promissory note and the mortgage. The promissory note is your promise to repay the loan as outlined in the repayment terms. The mortgage gives the lender a security interest (or lien) on the property. This permits a lender to foreclose and sell your home if you fail to make payments under the terms of the promissory note (i.e., your monthly loan repayments).
Missed N.Y. Mortgage Payments
If you miss a mortgage payment, your lender can charge a late fee once the grace period ends. Review your promissory note and monthly billing statement to determine how long your grace period is and the number of late fees they will charge.
The Long Island, NY Foreclosure Process
Pre Foreclosure Notice
The pre-foreclosure process occurs when a person has missed one or more mortgage payments, yet the lender has not officially foreclosed upon them yet. If your property is a borrower-occupied one-to-four-family dwelling or a condominium, New York laws require the lender to send a 90-day notice before foreclosure. This pre-foreclosure notice provides information about the default and a list of housing counseling agencies in your area that can offer free or very low-cost counseling. While this may be the first indication that foreclosure is about to commence, borrowers should not wait until they receive that notice to act. If you have missed one or more mortgage payments, contact Macco Law Group, LLP today to discuss your options.
What If Your Lender Did Not Give You A Pre-Foreclosure Notice?
A lender or servicer is required by law to strictly comply with these requirements. This means that you could have the legal grounds to dismiss the foreclosure if you did NOT receive any notice. However, to get the charges dismissed, you must file a timely answer. Failure to meet the deadline to answer may waive these defenses. As time is of the essence, if you feel your lender hasn’t complied with the law, you must reach out to an experienced law firm as soon as you can. You can contact our law office, the Macco Law Group, LLP, today to schedule a free consultation. We can review your case, check if your lender was not compliant with the law, and determine the next steps.
New York Foreclosure Laws
New York State regulates that lenders have to file a lawsuit in court to foreclose. The lender is legally required to serve you a summons and complaint, along with information about the foreclosure process.
According to the N.Y. foreclosure regulations, you have 20 days to file an answer with the court when the summons is served in person. If the summons and complaint are left at your home or mailed, you have 30 days to answer.
A foreclosure action ends with a foreclosure sale. The lender may credit bid on the property – bidding the balance of the debt owed – regardless of the market value. The highest bidder at the auction sale becomes the property’s new owner.
Sometimes, a foreclosure sale won’t cover the total amount owed on the loan, and the difference between the sale price and the total debt is called a deficiency balance. New York laws allow lenders to seek an additional money judgment against a borrower called a deficiency judgment for the deficiency balance. This implies that individuals could potentially find themselves in a situation where they lose their homes through foreclosure, yet are still obliged to make monetary payments. If you are worried about a deficiency balance, you should promptly call the attorneys at Macco Law Group, LLP to discuss your rights.
How a Foreclosure Lawyer Long Island Helps You
When you choose to work with a foreclosure defense lawyer, they provide valuable advice and guidance on navigating a loan modification or a foreclosure. Before taking on a case, we ensure that we are the right fit for you, which is why we offer a free consultation. Contact us to set up an appointment.
Homeowners often get into financial trouble and don’t seek legal advice that can prevent them from landing in financial disarray. There are various services a foreclosure law office can provide for you. A Long Island foreclosure lawyer will know the intricacies of the law and how the foreclosure process works. An experienced lawyer by your side throughout the process can make a big difference in the outcome. At the Macco Law Group, our team of dedicated foreclosure attorneys helps you with mortgage company negotiations and defense in court proceedings and can help you save your home.
Mortgage Company Negotiations
Foreclosure attorneys are highly educated in real estate and have years of experience managing foreclosures. Attorneys can assist you in applying for a loan modification through your current bank. Additionally, borrowers may be able to catch up by structuring a Chapter 13 plan where arrears are spread out over several years, that’s where a Bankruptcy Chapter 13 Attorney in Long Island could give you the right advice.
Applying for mortgage modifications can often be difficult and confusing to obtain on your own. However, the process can be a lot easier with an experienced lawyer to help you through it. A loan modification provides a way to restructure your mortgage payments to avoid foreclosure. By working with an attorney in a foreclosure action, you avoid running into a fraudulent loan modification. Your attorney can protect you and perform the work of communicating with your mortgage company.
Foreclosure Defense in Court Proceedings
A foreclosure defense attorney can stop a foreclosure and represent your rights in court. They will outline many of the facts that may have been omitted surrounding your unique situation, as they provide foreclosure defense in your favor. They may mention the lender’s unjust behavior, failure to comply with NY laws, and other important facts that can sway a foreclosure decision. All of these may help you keep your home.
Your Attorney Can Buy You Time to Save Your Home
While your foreclosure defense lawyer is fighting to defend your property, you will be given space to stay in your home while we defend and seek to resolve the foreclosure. During this time, you can try to renegotiate your mortgage with your bank through a loan modification. You may even consider selling your property to recapture any equity that remains. Depending on the circumstances of your case, there may be many legal options to help buy time and help save your home. A New York foreclosure attorney can work with you to determine the best course of action.
Why I should Hire a Foreclosure Attorney
While attorneys can vastly improve your chances of canceling a foreclosure, you should only work with one if it meets your goals. Here are some of the top reasons why a foreclosure law firm is a great choice:
You Want to Keep Your Home
If you don’t want to lose your property and would prefer to keep it, you will need an attorney to help fight your case in court. Your attorney can negotiate with your lender and prevent this from happening.
You Have a Valid Defense
When your lender acts unjustly, this can be used against them in court. For example, they may have made mistakes on your account, or they are illegally foreclosing on you. Your attorney can identify this issue.
You Have a Government-Backed Loan
Some mortgages qualify for additional aid. You can ask your attorney about whether your loan qualifies.
You are a Protected Veteran
According to the Servicemembers Civil Relief Act, you are allowed to meet with a lawyer to defend you against foreclosure.
There are new foreclosure laws in place that protect homeowners from falling into financial instability due to the recent nationwide pandemic. You can speak with an attorney to determine if your mortgage company is denying you these provisions.
Bankruptcy and Foreclosure
At the Macco Law Group, we will evaluate your case and discuss all possible options to help solve your legal and financial problems. Sometimes people going through foreclosure are also dealing with a lot of debt. In these situations, it might be beneficial to file for bankruptcy. Bankruptcy gives individuals an opportunity to restructure their finances. A Chapter 7 Bankruptcy allows a trustee to liquidate a debtor’s non-exempt assets to raise money to pay off creditors by discharging unsecured debts (like credit cards.)
Chapter 13 bankruptcy, also known as a “wage earner’s plan,” is a type of bankruptcy where a debtor undertakes a reorganization of their finances under the supervision and approval of the federal government. A bankruptcy attorney can help you figure out if bankruptcy will help your situation and, if so, which type of bankruptcy would be best for you to file for.
The attorneys at Macco Law Group, LLP have over 70 years of experience between them, including almost 30 years as partners in our Suffolk County-based practice, focused exclusively on bankruptcy and insolvency matters. Our founder, Michael Macco, has been practicing bankruptcy and insolvency law exclusively for almost 40 years and is one of only two Chapter 13 trustees in the Eastern District of New York.
Our partners estimate they have been involved in over 100,000 bankruptcy cases throughout New York. You will be in the best hands if you decide to retain the Macco Law Group for your case. Call us at 631-549-7900 or use our contact form to arrange a free consultation with an experienced Long Island bankruptcy attorney. The sooner you call, the sooner we can help you be debt free.
New York Foreclosure Lawyers Can Assist You
If you are unsure whether or not your servicer or lender completed all of the required steps for a legal foreclosure, or they made a mistake and violated state or federal foreclosure laws, you may be able to force a restart to the foreclosure or have alternative options.
Speak with one of the consummate Nassau County or Long Island foreclosure defense attorneys at Macco Law Group, LLP to discuss your rights. Our competent foreclosure law firm can help you avoid foreclosure as well. We have helped thousands of satisfied New Yorkers with their cases- let us help you too! Contact our office to schedule a free consultation.