Facing the threat of foreclosure can be overwhelming for a New York property owner. It is discouraging to think about the possibility of losing your home, but there are various options available to you. In fact, an experienced attorney can help you see ways that you can keep your home and eventually secure a better financial future.
Like other property owners, you take great pride in your home. Falling behind on your mortgage payments is likely the result of factors beyond your control, such as a medical emergency, job loss or other reason. There are steps you can take, however, that could allow you to regain control and stop the foreclosure process.
What should you do?
Receiving a notice of foreclosure is intimidating, and since you may not have the financial resources to catch up on payments, you may feel like there is little you can do. There are a few alternatives that you may consider, and one of the following may be the right option for your unique situation. Consider the following:
- It might be possible to secure a modification to your mortgage. Through refinancing or extending the life of the loan in order to lower payments, you may be able to catch up and maintain regular payments.
- A special forbearance involves a lender adjusting the terms of a loan according to your unique financial situation. You will likely have to provide your lender with documentation that validates your need for assistance.
- In some cases, it is best for the property owner to have a pre-foreclosure sale. By selling the home, you can stop foreclosure and possibly pay off the loan with the proceeds of the sale.
These are just a few of the choices available to financially overwhelmed homeowners. It is prudent to seek a full understanding of your rights and the legal options that can help you protect your home and your future financial interests.
You do not have to face it alone
The threat of foreclosure is significant, but you do not have to navigate this complex situation alone. You will find great benefit in discussing your case with an experienced attorney who can help you decide how to proceed and help you pursue a resolution that will benefit you and your family for years to come. It is possible to avoid foreclosure and stay in your home, but it is smart to take action to deal with this problem as quickly as possible.