Exploring Ways To Stop Foreclosure And Save Your Home
An increasing number of people in New York and other states are living in fear that they will lose their homes due to debt problems. However, there are many ways you can save your home from foreclosure, ranging from loan modifications, to short sales, to bankruptcy. The sooner you act, the more options you may have. At the law firm of Jeffrey M. Rosenblum, P.C., we offer a free initial attorney consultation to discuss your situation and discuss possible ways to save your home. We have offices in Westchester, Nassau and Suffolk County, as well as Brooklyn and London, UK.
Bankruptcy May Be A Viable Option
Filing for bankruptcy may offer you the new start you need. If you are facing home foreclosure or are significantly behind in your mortgage payments, filing Chapter 13 bankruptcy will stop a foreclosure, but you must have sufficient income to resume your current mortgage payments and pay the arrearage (which includes legal costs and fees) for a five-year repayment period. Chapter 7 bankruptcy will stay a foreclosure and possibly allow you to negotiate a loan modification with the lender.
Short Sales And Loan Modifications
Because of the unstable credit markets and difficult real estate conditions, many find themselves “upside down” in their homes. If you have negative equity, our attorneys can pursue nonbankruptcy solutions that would enable you to save your home, or at least the equity in it. Those solutions may include:
- Short sales, in which you sell your home and pay your lender less than the full amount of the mortgage.
- Modifying a loan, such as placing arrearages at the end of the loan, forgiving arrearages, or reducing the interest rate or loan amount.
- Refinancing your home mortgage at a lower interest rate.
Our lawyers have extensive experience in virtually all aspects of single-family residential, multifamily and commercial real estate transactions, including purchasing, selling, financing and refinancing property.
Free Attorney Consultation
For a free initial consultation with an experienced real estate and bankruptcy lawyer, call 866-394-2661 or fill out the contact form on this website. We are a debt relief agency. The law firm of Jeffrey M. Rosenblum, P.C., helps individuals and business owners file for bankruptcy relief under the U.S. Bankruptcy Code.