In New York, an attorney presents methods for avoiding foreclosure. This process allows your lender to seize the property and sell it through a public auction. When the property is sold, the lender collects the proceeds. The lender can take legal action against the borrower to acquire the remaining balance. In some cases, a lawsuit could allow them to garnish their wages. If you are facing this process, you should contact a Foreclosure Defense Attorney in Nassau County NY today.
Methods for Avoiding Foreclosure
1. Chapter 13 Bankruptcy: Chapter 13 provides you with an automatic stay for the full duration of your case. This duration ranges between three to five years. To qualify for chapter 13 in Nassau County, you must have an income that is higher than the median income for the county. The median income for Nassau County is $72,030 for individuals and $87,658 for families. Your attorney must file a claim successfully that includes your home as an exemption or that offers protection against foreclosure.
2. Loan Modification: An attorney can review the current terms of your mortgage loan to determine whether or not there is any evidence of predatory lending practices. A loan modification could include a new start for your mortgage. The pros of this task are that you could acquire a lower monthly payment and a longer duration in which to settle this debt. The con is that you could be assigned a higher interest rate based on your current credit score. However, any unethical lending practices could allow you to achieve a more affordable loan product based on your credit score that you possessed on the date in which the loan started.
3. Quick Sale: A quick sale allows you to sell the property to settle the debt before foreclosure affects your credit rating. Your attorney can arrange the sale of your property based on the current market value. He or she will negotiate with your lender to settle the debt completely after this sale is complete.
A Foreclosure Defense Attorney in Nassau County NY presents you with methods for preventing this adverse legal action. He or she evaluates your current financial circumstances to determine your most effective course of action that presents the most benefits for you. If you wish to hire an attorney, you should contact Jeff H. Morgenstern PLLC today.