If homeowners fail to keep up with their mortgage payments, foreclosure may follow. To fulfill the terms of the mortgage agreement, the lender may foreclose on the property, evict the homeowner, and sell the house.
You should talk to your mortgage lender immediately if you expect to have problems paying your loan if you’re experiencing financial issues. That way, you and your lender can work together to plan a foreclosure relief. Procedures for foreclosure are different in each state. Your mortgage servicer may need to start a judicial foreclosure action in your state, but this isn’t the case for all foreclosure homes. In most cases, borrowers have a right to know all about foreclosure details before lenders start foreclosures.
If the foreclosure is successful, the house can be sold at public auction to the highest bidder to recover the money owed to the bank. Alternatively, the bank can assume all foreclosure ownership and sell the house on the open market to make up its losses.
Lenders assume possession of houses that don’t sell at foreclosure auctions or otherwise go through them. They may add such properties to a growing portfolio of all foreclosures bank foreclosures homes. However, such property is usually available on their websites. Investors in real estate may be interested in purchasing foreclosed homes when the lending institution sells them below market value.
The recent housing crisis and economic downturn has produced a surplus of foreclosure properties as many homeowners struggle to escape bankruptcy. To many first time home buyers the prospect of a foreclosed property sounds like a great money saving choice. Getting a home at auction for a considerably lower price than through the traditional process sounds like a win win situation. However, there are many drawbacks and potential perils in dealing with foreclosures and expert knowledge can really make a difference for both prospective buyers and homeowners facing foreclosure. For this reason, hiring a foreclosure attorney Long Island practice may be the best option.
The real estate market is complex and the legislation surrounding home ownership can be confusing to the average person. If you are in a situation facing bankruptcy and the loss of your home, a Long Island real estate attorney can evaluate your situation and offer options specific to your financial needs. There are many Federal government programs and provisions passed during the Obama administration to help home owners avoid foreclosure and bankruptcy. These programs and financing options through Federal Housing Administration include refinancing options, assistance for the unemployed and FHA insured mortgages. Your Long island bankruptcy lawyer can advise you on the correct means of action regarding your financial situation. Foreclosure and bankruptcy laws vary from state to state so it is important for Long Island residents to contact a Long Island bankruptcy attorney to assure their counsel understands the local laws and jurisdiction.
If you are currently facing foreclosure, it behooves you to investigate a defense by a foreclosure attorney Long Island firm. The reality is that working with your bank to avoid foreclosure is much more advantageous to both sides than letting the property fall into foreclosure. A respected foreclosure attorney Long Island firm can help you work with the bank and the federal government to avoid a home foreclosure. Long island loan modification may also be available depending on your situation.
Foreclosure proceedings in New York State can take anywhere between seven and nine months. With the proper legal defense by a foreclosure attorney Long Island residents may be able to negotiate with their lenders to stay in their house during the course of the proceeding. A real estate attorney long island should be contacted as soon as you receive notice of a pending foreclosure, or even before you receive the official documents.