Homeowners facing foreclosure are facing the loss of often the most important and valuable asset one will own–their home. We have years of experience in representing homeowners in defending mortgage foreclosure actions.
Foreclosure is the process by which a secured creditor (also known as a mortgagee because the mortgagor–the homeowner–gives the bank a security interest known as a mortgage) seeks to recover ownership and possession of a piece of real property after a default of the mortgage.
New York is a judicial foreclosure state, which means that a lender seeking to foreclose on a piece of residential real estate must seek the sale of the home only with the court’s approval. Fortunately, New York homeowners have a number of important rights and protections under New York law. New York provides for a mandatory settlement conference, in which the lender must consider the borrower for options that keep the homeowner in their home. Homeowners can also litigate the case, which involves engaging in discovery (document production, depositions, etc.) and filing and opposing motions against the lender. Borrowers who have been unsuccessful at obtaining a modification while in foreclosure or who may be facing a sale of the property, may also consider a bankruptcy to attempt a workout or debt adjustment in federal bankruptcy court.
For a more in-depth look at the foreclosure process click here.
While certain of these rights may not be waived, others, if not properly raised in court, can be. For example, if there is a defect in how the homeowner-defendant was provided notice of the action (also known as “service of process”), the case may be dismissed for lack of personal jurisdiction. Lenders are also required to take part in court-sponsored mediation and consider homeowners for options other than a foreclosure sale of the property.
Every bank is represented by an attorney specializing in foreclosures throughout the entire court process. Unfortunately, many homeowners are not represented and so are often without the resources or understanding to adequately protect their rights and ultimately, their home.
After many years of representing homeowners in foreclosure defense cases, we have become fierce advocates for our clients and experts in navigating the complicated facets of the foreclosure system in New York. We take the time to understand our clients’ goals and leverage our experience to our clients’ benefit in every case.
Contact us today for a free consultation regarding your foreclosure or bankruptcy case. Meetings can be conducted in person at our Westchester office by phone or video conference.
For more information about mortgage foreclosure, loan modifications and other loan workout options, see Articles and News Page.