Long Island Foreclosure Defense Attorney
The Foreclosure Process
New York is a state where a foreclosure may be accomplished through either a judicial or non-judicial process. The judicial process is done through the supervision of the courts and this is the most common form of foreclosure done by lenders in the state. A non-judicial foreclosure process is not done through the courts and generally pertains to other types of foreclosure situations. In the typical foreclosure process, the borrower falls 3 to 6 months behind on mortgage payments and is contacted by the lender about the delinquency through letters, notices, or phone calls. During this time the borrower has several options, including paying the arrears, selling the property, negotiating a short sale or other options, such as a loan modification, deed in lieu, or forbearance agreement with the lender or filing for bankruptcy.
If these actions do not occur, the borrower will generally receive a letter from the lender calling in the loan and advising of a potential foreclosure. If the borrower does not respond, the lender files the foreclosure action with the court. The borrower must then answer the court with counterclaims and legal defenses to fight the foreclosure. Then follows a period of discovery where both sides present information and evidence to the court. A trial or settlement ensues that will determine whether or not the foreclosure should occur. If the court rules in favor of the lender, the borrower is evicted and the property auctioned.
If the borrower does not respond to the court at any point in the process, the case goes into default and a motion for judgment of foreclosure and sale of the property is approved by the court, which results in its eventual sale and recovery of the debt owed to the lender.
Consult with a Long Island Foreclosure Defense Lawyer
Defense options and alternatives may exist in your foreclosure case that you are not aware of. That is why it is important to have your situation reviewed and analyzed by an attorney who focuses on foreclosure defense on a daily basis, who thoroughly understands what is involved, and who can help you find ways to fight or avoid foreclosure or find the best way to move on. At the Law Firm of R. David Marquez, P.C., you can rely on the legal and courtroom experience, extensive knowledge, and personal dedication of a Long Island foreclosure defense attorney to help you through this difficult time.
Contact a Long Island foreclosure defense attorney
at the firm to discuss your case today.