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.

Foreclosure Defense

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 mortgage payments, the homeowner could have legal and or equitable defenses to 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 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 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 foreclose 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, 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

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 to dismiss the foreclosure. However, 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.

Foreclosure Sales

A foreclosure action ends with a foreclosure sale. The lender may credit the 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 total 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.

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. Homeowners often get into financial trouble and don’t seek legal advice that can prevent them from landing in financial disarray. There are a variety of services a foreclosure law office can provide for you. 

Mortgage Company Negotiations

Foreclosure lawyers are highly educated in real estate and have years of experience managing foreclosures. Your attorney can contact your mortgage company and establish a new repayment plan to prevent a foreclosure. The loan modification can be used to help you commit to your payments so that you don’t fall behind again. Your attorney can also verify that the foreclosure modification is official, where the mortgage company can’t back out of the agreement. Some individuals often enter into a fraudulent loan modification, even paying an upfront fee but seeing no changes in their foreclosure. 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 case in court. They will outline many of the facts that may have been omitted surrounding your unique situation, as they provide Long Island foreclosure defense in your favor. They may mention the lender’s unjust behavior, your personal difficulties, and other important facts that can sway a foreclosure decision. They will try to protect your real estate property by explaining why you don’t deserve a foreclosure by displaying valid evidence. 

Your Attorney Can Buy You Time

While your foreclosure defense lawyer is fighting to defend your property, you will be given space to stay in your home a little longer. During this time, you can try to renegotiate your mortgage with your bank. You may even consider refinancing your home at a better rate or selling it at a fair price. If your real estate is an investment property, you can continue to collect rent on the property. There is also the option to file for a court-ordered repayment plan. Lastly, you still have the chance to file a Chapter 7 or Chapter 13 bankruptcy to prevent further repercussions. 

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 for your case in court. Your attorney can negotiate with your lender and prevent this from happening. 

You Have a Valid Defense 

When your lender has been acting 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. 

Pandemic Complications

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 find out if your mortgage company is denying you these provisions. 

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.