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Foreclosure Defense FAQ

Have you fallen behind on your mortgage payments? Are you being threatened with foreclosure? If you are worried about your lender initiating foreclosure proceedings, it is important you take immediate action to hire a foreclosure defense attorney in New York who can assist you in strategizing for your defense. You do not need to lose your home. With the help of E. Waters & Associates, P.C., you can dramatically improve your chances of being able to attain a positive resolution to the serious situation you face. Our attorneys have years of legal experience and are more than qualified to provide you with a hard-hitting foreclosure defense. To get you started, here are answers to a few of our most frequently asked foreclosure defense questions:

Once my lender begins foreclosure proceedings, will I have any chance of saving my home?

Even when a bank or lender has initiated foreclosure proceedings, there are actions which can be taken to stop the foreclosure from going forward and give you the opportunity to save your home. Acting quickly in this type of situation will have a direct impact on the outcome of your case. The sooner you hire legal counsel, the sooner we can review your situation and advise you of your legal options.

Can I avoid foreclosure by negotiating a lower rate or obtaining a loan modification from my bank?

Many banks and lenders would rather work with a homeowner to negotiate a more reasonable payment schedule or offer a loan modification, than file for foreclosure. If you want to find out whether a lower rate or loan modification could help you avoid foreclosure, an attorney from our firm can help. We will not only be able to assess your situation, but we can provide you representation throughout the negotiation process. Lenders are sometimes more willing to negotiate once they realize you have retained legal counsel.

Is bankruptcy an effective foreclosure defense?

As soon as an individual files for bankruptcy, an automatic stay is issued to halt any ongoing collection efforts or legal actions. Filing for bankruptcy will temporarily stop foreclosure proceedings from moving forward, thus giving you a chance to negotiate terms or other options.

What is a deed in lieu of foreclosure and how does it work?

In cases where the homeowner is willing to give up possession of his or her home, a deed in lieu of foreclosure may be a viable course of action. This type of action allows a homeowner to turn over the deed to his or her home in exchange for forgiveness on the remainder of the loan. Providing the value of the home and the amount you owe are not too far apart, negotiating a straight deed in lieu of foreclosure can help you clean the slate and move on.

Can eliminating a second mortgage through Chapter 13 help me avoid foreclosure?

Many homeowners tap into the equity in their homes to do necessary repairs, pay for emergency medical expenses and cover additional needs. If you have taken out a second or third mortgage on your home and suddenly found yourself owing more than the value of your home, as a result of a decline in the housing market or any other reason, filing for Chapter 13 may be right for you. Chapter 13 can be used to eliminate a second or third mortgage so you can once again afford to make payments on your home.

We understand how frightening it can be to face the potential loss of your home. We also realize the damage a foreclosure can have on your credit and future home-buying capabilities. Our attorneys will be by your side every step of the way in your fight to save your home. There are a number of foreclosure defense strategies we have successfully used to help clients avoid foreclosure. If you need help with a foreclosure defense, a New York foreclosure defense attorney from our firm stands ready to employ any one of these to your benefit as well. Call us now to find out how to get started.

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