Foreclosure is a legal process in which a lender tries to receive the appropriate amount of money from a borrower by forcing them to sell the asset that the borrower used as collateral for the loan. When a homeowner fails to pay their mortgage, they could be forfeiting the rights to their home, which means they are foreclosing their home. When this happens, the person will receive multiple foreclosing warnings from their bank. Before the bank forecloses the home and sells it on an auction, however, the home owner can choose to make a pre-foreclosure sell.
This means that the home owner will need to sell their home before it’s put up for auction; they will then use that money to pay off everything they owe to the lender, including mortgage payments, penalties, and fees. They should ask their lender if they can postpone the foreclosure so that they’ll have more time to find a suitable buyer. Although they will have to lose their home, they won’t have their house foreclosed, which will seriously damage their credit.
This is one of the options that a person can choose if they don’t want their house to be foreclosed. Before they start the process, though, they should contact a New York real estate attorney as soon as they’ve been served with a foreclosure lawsuit. Real estate lawyers in NYC are experts in this field and will legally represent the home owner throughout the legal procedure. If they want to consider other options besides selling their home, a New York real estate attorney will also advise them on their options to save their home.
Not only are these real estate lawyers in NYC skilled negotiators, but they’ll get the best results because lenders are more likely to respond or work with a real estate lawyer in NYC, as opposed to the borrower. If you need a New York real estate attorney to guide you in your foreclosure to get the best outcome, contact us at Gary Wachtel.