Foreclosure Lawyers in Long Island
The Long Island, NY foreclosure process can be complicated. These challenging legal matters should not be ignored. Banks, as diligent as they may seem, both big and small, sometimes make mistakes. Your experienced and hardworking New York foreclosure defense attorney could investigate and unveil these mistakes.
The adept attorneys at Macco Law Group can thoroughly review your New York 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 find additional legal defenses and counterclaims in your favor against the foreclosing bank.
Common Long Island Foreclosure Mistakes
Unfortunately, some Long Island homeowners in foreclosure are given bad information.
When New York homeowners can’t pay their required mortgage payments, the homeowner could have legal and or equitable defenses that can prevent the bank from foreclosing on their home. Ignoring your New York 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 biggest factor in the speed at which a foreclosure sale occurs.
If you have been served with a foreclosure summons and complaint in Nassau or Suffolk County, New York, you have a limited amount of time to respond. Speak with the foreclosure experts at Macco Law Group so that they can support you through this process and protect your home from foreclosure.
Long Island NY Mortgages
If you finance the purchase of a residential property in New York, then 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 in the property. This permits a lender to foreclosure and sell your home if you fail to make payments under the terms of the promissory note (i.e., your monthly mortgage payments).
Missed N.Y. Mortgage Payments
If you miss a mortgage payment, then your lender can charge a late fee once the grace period ends. To find out how long your grace period is and the number of late fees they will charge, review your promissory note and monthly billing statement.
The Long Island NY Foreclosure Process
New York Preforeclosure Notice
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 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.
However, if your lender or servicer doesn’t strictly comply with these requirements, you could have the legal grounds for a dismissal of the foreclosure. However, in order to raise these defenses, you must file a timely answer. Missing the deadline to answer may waive these defenses. Consult with a lawyer about the specifics of your foreclosure if you feel your lender hasn’t complied with the law.
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, then you have 30 days to answer.
A foreclosure action ends with a foreclosure sale. The lender may credit bid on the property because the lender is entitled to bid up to the amount of the borrower’s debt, regardless of the market value. The highest bidder at the auction/sale becomes the new owner of the property.
Sometimes, a foreclosure sale won’t cover the full amount owed on the loan, and the difference between the sale price and the total debt is called the deficiency balance. New York laws allow lenders to seek an additional money judgment against a borrower called a deficiency judgment for the deficiency balance.
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 Long Island foreclosure defense attorneys at Macco Law Group, LLP to discuss your rights. Our competent New York foreclosure law firm can help you avoid foreclosure as well.