Foreclosure Alternatives

New York City Foreclosure Lawyer

Avoiding Foreclosure

If you need advice about your options for resolving problems with a home mortgage in New York City or on Long Island, contact a knowledgeable real estate attorney at The Price Law Firm in Manhattan. Call (212) 675-1125 for a free consultation.

Joshua Price has concentrated on real property law from the beginning of his career in 1997, and his understanding of residential real estate markets, mortgage lending practices and real estate litigation strategy results in dependable advice and advocacy for people who need help with mortgage problems, especially avoiding foreclosure.

New York has not been affected by the mortgage crisis of the last several years as badly as other parts of the country, but our region has experienced some erosion of equity values in the middle tiers of the housing market. Our goal in mortgage foreclosure proceedings is to help you understand your priorities and your options for either keeping your residence or walking away from the mortgage on the best possible terms.

Loan Modification

The first step for many borrowers is to explore the loan modification program set up by your lender. Each bank has different eligibility criteria, and we can help you understand whether you are qualified for a reduction of interest, an extension of the term, or a reduction in monthly payments.

Keep in mind that a big part of the equation in loan modification concerns your willingness to stay in your house, condo or apartment. If the value of your home has declined to the point where it’s now a question of throwing good money after bad, modification of your mortgage is probably not the best approach for avoiding foreclosure.

Another option could be a short sale of the property, which means that the sale price is less than the mortgage balance owed. If the market in your area is especially saturated with distressed properties, a deed in lieu of foreclosure might be necessary. Also known as “cash for keys”, this alternative could include payment from the lender of moving expenses and certain repair or cleanup costs necessary to facilitate your relocation.

Both the short sale and deed in lieu options require attention to the issue of deficiency. If you still owe the bank after liquidation of the property, you need to negotiate forgiveness of the debt on terms that won’t trigger tax liability. The Price Law Firm can usually achieve a complete or partial forgiveness of the deficiency while negotiating the other terms of the deal.

New Post-Foreclosure Requirements For New York Mortgage Lenders

Recent New York legislation requires lenders to go to a special court as an additional step following the judgment of foreclosure in residential mortgage litigation. As well as representing borrowers in post-foreclosure mediation, The Price Law Firm also represents smaller institutions and private lenders whose interests can be seriously jeopardized by additional delays and procedural hurdles.

Anyone with an interest in a distressed mortgage should get legal advice as soon as foreclosure starts to look like a realistic threat. The longer you wait, the faster your options disappear. For additional information, contact a knowledgeable lawyer at The Price Law Firm in Manhattan. Call (212) 675-1125 for a free consultation.

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