Many tenants are finding out that the property they are renting has been foreclosed on. As I stated in an earlier post, NY foreclosure law now requires that tenants residing in foreclosed properties receive written notification of the change in ownership of the property. The law also requires that the tenant be allowed to remain in the foreclosed home for the remainder of their lease term or 90 days, whichever is longer.
Hopefully, you have a lease that was executed prior to the start of the foreclosure action and can find suitable housing for you and your family before your lease expires. If you do not have a lease, then you will only have 90 days to pack up and move your loved ones and all of your belongings. After that, the new owner, which often times is the foreclosing lender, will seek to evict you.
If you are facing this type of eviction or any other type of eviction, we may be able to stop the eviction and get you additional time to move, etc. We were recently able to stop a foreclosing lender from forcing a family of seven (7) out onto the street.
Long Island Landlord Tenant Attorney
As always, the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you. Contact us at (516) 858-2620 to arrange a consultation with a Landlord-Tenant and Foreclosure Defense Lawyer.
Your lender brought a mortgage foreclosure action and obtained a default judgment against you.
So, it’s game over and you are bound to lose your home to foreclosure, right? Not necessarily!
The scenario usually goes something like this:
Your mortgage lender brought a foreclosure action against you and allegedly had you served with a summons and complaint. You failed to hire a foreclosure defense attorney or respond to the summons and complaint. The lender proceeded with the foreclosure action and obtained a default judgment against you. Now your home is set to be sold at a fast approaching foreclosure auction.
This is not a good situation for any homeowner. However, you may still be able to defend the foreclosure action and save your home from foreclosure. You might even be able to get a loan modification before it is all said and done. To determine if any of this is possible, you need to contact a knowledgeable foreclosure defense attorney immediately. They will determine if there is still time and a chance to vacate the default judgment and defend the foreclosure action.
If you are facing this type of foreclosure or foreclosure in general, we may be able to stop the foreclosure and give you an opportunity to negotiate a loan modification. We were recently successful in stopping a foreclosure auction and getting the homeowner into a foreclosure settlement conference. The lender has expressed an interest in negotiating a loan modification for the homeowner.
Foreclosure Defense Attorneys in Mineola
As always, the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you. We are conveniently located in the heart of Nassau County, at 393 Jericho Turnpike in Mineola, NY 11501. Contact us at (516) 858-2620 to arrange a consultation with a foreclosure defense lawyer.
Don’t hesitate, call a foreclosure defense attorney today! Because, “It ain’t over till it’s over.” –Yogi Berra.
Please visit our Foreclosure category to learn more about foreclosure issues.
In 2009, Governor Paterson signed foreclosure legislation aimed at protecting homeowners and tenants.
Protection For Homeowners:
NY foreclosure law now requires that a 90-day pre-foreclosure notice be sent to all homeowners facing foreclosure. This notice is sent prior to the start of the foreclosure action and allows additional time for many homeowners to work with their lenders to prevent foreclosure. Previously, this notice was only sent to homeowners who had sub-prime loans. Caveat: The 90-day notice period shall not apply, or shall cease to apply, if the homeowner does not occupy the 1-4 family dwelling as their principal residence.
This legislation also expanded the scope of the mandatory foreclosure settlement conference to include borrowers of all home loans. The foreclosure settlement conference provides the homeowner with an opportunity to negotiate a loan modification with their lender. Previously, foreclosure settlement conferences were only available to homeowners who had sub-prime loans.
Protection For Tenants:
NY foreclosure law now requires that tenants, residing in foreclosed properties, receive written notification of the change in ownership of the property. The law also requires that the tenant be allowed to remain in the the foreclosed home for the remainder of their lease term or 90 days, whichever is longer.
New York Foreclosure Attorney
As always, the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you. Contact us at (516) 858-2620 to arrange a consultation with a foreclosure defense attorney.
Please visit our Foreclosure category to learn more about foreclosure issues.
I’m facing foreclosure, What can I do?
Some of your options:
1. Do something:
-Call your lender and try to arrange a Loan Modification, Refinance, short sale, or Deed-in-Lieu of foreclosure.
-Loan Modification- A Loan Modification is a permanent/temporary change in one or more of the terms of your mortgage loan. Ideally, this will result in a payment you can afford. (You might able to do this yourself).
-Short Sale- A sale of a house for less money than is owed to the lender. Ideally, the lender agrees to accept the proceeds of a short sale and forgives the rest of what is owed. Some lenders are offering a cash incentive to homeowners if they are willing to short sale their home. You will likely need the help of a R.E. Broker & a Real Estate Attorney.
-Deed-in-lieu of Foreclosure- (May only be available after a failed Short Sale attempt). Ideally, the lender accepts ownership of the property in place of the money owed on the mortgage. You will likely need the help of a Real Estate Attorney.
-Consult with an attorney regarding:
-Foreclosure Defenses- Such as a Lack of standing, TILA violations, RESPA violations etc.
-Bankruptcy- Such as Chapter 13- which is a type of “reorganization” used by individuals to pay all or a portion of their debts over a period of years using their current income. The most important thing about a chapter 13 case is that it may allow you to keep your home if you can make the payments which the bankruptcy law requires to be made to your creditors.
-Deficiency Judgments- Generally, a judgment for the amount a homeowner owes the lender after a house is foreclosed upon and sold by the creditor for less than the actual amount still owed.
2. Do nothing:
-Walk away (OR)
-Stay in your home until you get evicted.
-Pay or go calculator: http://www.payorgo.com/
We believe most people should consider contesting the foreclosure of their home. We were recently successful in getting a foreclosure action stayed. We hope to get it dismissed, or force the lender to do a loan modification.
Mineola Foreclosure Attorneys
Call The Law Firm of Vaughn, Weber & Prakope, PLLC, at 516-858-2620 to speak with a foreclosure defense attorney and/or a bankruptcy lawyer.
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