Get a Foreclosure Consultation today. Foreclosure? Save Your Home? Keep Your Credit?
New York, Foreclosure Attorneys
If you’ve fallen behind on your mortgage or are struggling to pay your monthly installment and other bills, contact foreclosure help attorneys at The Castiglia-Rubinstein Law Firm today.
Avoiding Foreclosure — Considering Your Options
Depending on your financial situation and the specifics of your mortgage, one of the following may be your best option for avoiding foreclosure:
People who don’t qualify for Chapter 7 bankruptcy usually have a choice to file under Chapter 13 bankruptcy. Unlike Chapter 7 bankruptcy which wipes out unsecured debt, Chapter 13 bankruptcy will require you to repay a percentage of what you owe over a 3- to 5-year period, depending upon your net monthly disposable income. It will be necessary to submit a repayment plan for approval by the court and your creditors.
Loan Modifications * Short Sale * Foreclosure & Bankruptcy Defense
Foreclosure Defense * Chapter 7 Bankruptcy * Chapter 13 Bankruptcy * Loan Mod Tips
Stopping Creditor Harassment * Debt Negotiation * Bankruptcy Litigation
As part of your repayment plan, you can include past-due mortgage payments and reduce other monthly bills into one manageable payment. Accordingly, people who file Chapter 13 bankruptcy are often able to avoid foreclosure. Additionally, once you file for bankruptcy, an automatic stay is placed on any foreclosure or collection actions on the part of banks and creditors. This may allow you the time you need to save your home. There may be dire tax consequences if you foreclose on a mortgage. Contact foreclosure help attorneys at The Castiglia-Rubinstein Law Firm today to discuss your options.
Some Further Considerations…..
First and Second Mortgages and Foreclosures
If you have a second mortgage on your home or you have taken out a home equity loan, certain considerations come into play if you decide to pursue a short sale in lieu of a foreclosure. In general, if you decide to work out a short sale with your lender, the bank can ask you to pay the difference between what you sold your house for and what you owed on your original mortgage.
However, if you have a second mortgage and aren’t protected by anti-deficiency provisions, the lender can pursue you for any losses it takes on your second mortgage. Depending on your situation, your second mortgage may be dischargeable in bankruptcy or there may be dire tax consequences if you foreclose on a second mortgage. Contact foreclosure help attorneys at The Castiglia-Rubinstein Law Firm today to discuss your options.
Contemplating Foreclosure? Contact the law offices of Castiglia-Rubinstein & Associates Today.
Regardless of whether you own residential or commercial property, foreclosure may not be your best option. For foreclosure help and information on alternatives, contact foreclosure help attorneys at The Castiglia-Rubinstein Law Firm today to discuss your options. Schedule an appointment and learn how we can help you.
You should know you have certain legal rights and must be very selective of the Lawyer or Law Firm that you chose to represent you.
Have an Attorney council you on the Right Decision for your family. Get a Free Consultation today. CHRISTINE CASTIGLIA-RUBINSTEIN, Attorney at Law can help you and your family save your home.
Castiglia-Rubinstein & Associates devotes a significant part of their firm to the area of Real Estate Foreclosures. They provides a wide range of real estate services representing buyers and sellers in transactions involving commercial and residential property.
From initial negotiations to closing, including drafting of documents, monitoring contingency periods, and possible closing issues such as possession agreements.
Foreclosures in the state of New York
New York is known as a lien theory state where the property acts as security for the underlying loan. The document that places the lien on the property is called a mortgage. It should be noted that New York does have a non-judicial foreclosure process however this is rarely used by lenders. Contact foreclosure help attorneys at The Castiglia-Rubinstein Law Firm today.
In New York, the lenders go to court in what is known as a judicial foreclosure proceeding where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale. The court with jurisdiction over a foreclosure is known as the Supreme Court in the county in which the property is located. A foreclosure complaint involving a property in Manhattan would be filed in the Supreme Court of New York: New York County. A complaint is filed in this court along with what is known a lis pendens. A lis pendens is a recorded document that provides public notice that the property is being foreclosed upon.
Contact foreclosure help attorneys at The Castiglia-Rubinstein Law Firm today.
Depending on the court schedule, it usually takes approximately 120-180 days to effectuate an uncontested foreclosure. This process may be delayed if the borrower contests the action, seeks delays and adjournments of hearings, or files for bankruptcy. A foreclosure sale must be advertised at least four (4) weeks in advance of any sale and sales usually take four (4) months after final judgment for foreclosure is granted.
Are deficiency judgments permitted in New York?
Yes. A deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan. The Plaintiff must file a motion within 90 days after the property sale auction to enforce this right.
Contact foreclosure help attorneys at The Castiglia-Rubinstein Law Firm today.
What statutes govern New York foreclosures?
The laws that govern New York foreclosures are found in New York State Consolidated Laws, Article 13. Once Your Home Is Sold After Foreclosure, its new owner must provide you with a three-day written notice to quit the property and initiate a formal eviction process. The new owner cannot change the locks on the doors or throw you out immediately. This means the new owner cannot knock on your door and throw you out.
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Talk to a Foreclosure Defense Lawyer Today at the offices of Castiglia-Rubinstein
We are dedicated to your success — so contact us. Speak with one of our knowledgeable Long Island Foreclosure Defense, Foreclosure litigation attorneys today from wherever you are in New York in Nassau and Suffolk, Brooklyn, Kings and Queens Counties, on Long Island and all New York City boroughs.
Call 1-800-960-1529 today.