A lender’s reference to the term “foreclosure” might be akin to a proclamation of doom for many residents across the New York City metro area.
That is understandable. Banks and other mortgage companies often seem to be callous and uncompromising entities. They want their money, and there is ample evidence that underscores their by-any-means-possible efforts to get it.
Even if that means trying to take away your house.
The family home is of course a treasured asset you have likely strived for years to secure and safeguard. You understandably (in most instances) don’t want to let it go.
Is there anything you can do in interacting with a rumbling lender to work something out and keep your home?
Indeed, there often is, and mortgage lenders will often concede that and interact responsibly with individuals who approach them in concert with a proven pro-homeowners’ real estate attorney.
Exploring and securing options to home foreclosure
Here’s a well-kept financial industry secret that lenders strive to keep under wraps, as we note at the Bronx Law Office of Phil Napolitano: “No matter how threateningly they may behave with you, banks would rather not pursue foreclosure.”
And here’s why: It is often simply not profitable for them. In fact, it saps bank resources and requires involvement in an area where lenders are decidedly not experts.
The bottom line: Compromise on foreclosure is often possible and even a preferred strategy for banks.
Many homeowners lacking experienced legal counsel who are on the receiving end of brusque and alarming contacts from lenders never become privy to a bank’s willingness to negotiate. They remain unaware that non-foreclosure outcomes are often available that can let an individual or family stay in a home.
Those outcomes are multiple and varied. A challenged homeowner can discuss them with a seasoned and empathetic residential real estate attorney and take responsive action aimed at securing continued home ownership and peace of mind.