Foreclosure/Loan Modification
The Law Offices of Scott R. Schneider is experienced in handling foreclosure defense, loan modification and all other forms of debt resolution issues regarding New York real estate.
Foreclosure
If you have received a foreclosure notice, speaking with a qualified New York real estate attorney is critical to understanding your situation and evaluating what the best plan is for moving forward. If you want to keep your house, The Law Offices of Scott R. Schneider can review your situation and represent your interests when negotiating with your mortgage lender.
When you are served a foreclosure notice, you have 20 to 30 days to respond. As a result, it is imperative that you contact a legal professional immediately to determine the best course of action. Attorney Schneider is available to help.
Facing a foreclosure is a frightening prospect, but with experienced legal counsel it is possible to turn the situation around and begin getting your life back on track.
Loan modification
Loan modifications are currently being offered by mortgage companies as an alternative to foreclosure. In order to help a mortgage company review your loan for modification, homeowners can assemble a package of information with the help of an attorney that outlines information including current income, monthly expenses, and an explanation of any recent changes in income or hardships you may have suffered.
These items are useful during the negotiation process with your lender. An attorney can prepare sample re-amortizations of your loan, adjust or fix the interest rate or ask for other concessions in the interest of designing a payback plan that is reasonable and affordable for your current income.
Short sales
Short sales are a way for homeowners to avoid foreclosure in New York. However, it is best to consult with an experienced attorney to review the advantages and disadvantages of a short sale. A short sale may help you avoid a foreclosure, but it is a considerable loss to sell your most valuable asset at a cost that is below market value.
Sometimes, while a short sale is an option, it may not be the best option. Consult with an attorney to determine the optimum course of action for your particular situation. In some cases, a bankruptcy can be filed that will allow you to keep your home and provide you with some extra time to re-orient your finances.
Another factor to consider in a short sale is that you will be responsible for paying taxes on the deficient portion of your loan, something that is a non-issue during a foreclosure or a bankruptcy. These are things to consider with a legal professional like Attorney Schneider before making any decisions.
Contact The Law Offices of Scott R. Schneider today
For assistance with New York bankruptcy, foreclosure or debt resolution of any kind, contact The Law Offices of Scott R. Schneider today.
