Rockland County, New York Foreclosure Attorney

Rockland County NY foreclosure defense attorney

Protecting Your Family’s Most Valuable Asset from Creditors

When you are behind on your mortgage payment, your family’s most valuable asset might be in jeopardy. Tragically, many homeowners simply toss in the towel because they presume that there is no viable way to protect their home from a foreclosure sale.

However, Rockland County foreclosure attorney Robert S. Lewis has been providing legal assistance to homeowners at-risk of losing their home for 35 years. Even if your house is scheduled for a foreclosure sale today, there may still be time to save your home if you contact our law firm immediately. We may be able to file an emergency bankruptcy petition and stop a foreclosure sale within a matter of hours, but you cannot delay because time is of the essence.

Homeowners can fall behind on their mortgage for a variety of reasons that include job loss, unfavorable ARM terms, illness, personal injury or a wealth of other reasons. There are a range of debt relief strategies that might be used to protect an individual’s home that include:

In New York, foreclosures typically take 1-2 years to complete, during which time we take such actions as may be necessary for you to achieve your objectives.  Give us a call to schedule a free, no obligation consultation so that we may discuss the many options available to you.  You may find that viable solutions are much more obtainable than you think.  Oftentimes, bankruptcy does provide a viable option, whether through Chapter 7,  11, or 13.  Regardless of what Chapter is filed, the bankruptcy process provides for “Loss Mitigation” , which is another opportunity to modify your loan.

If a foreclosure sale is imminent, the filing of a bankruptcy petition triggers the automatic stay, and stops the scheduled sale immediately.  We have filed many “last minute” bankruptcy petitions  on behalf of our clients,  thereby stopping the foreclosure sale and not only allowing our clients to remain in their homes, but providing an opportunity to resolve the delinquency through “Loss Mitigation” or a repayment plan through a Chapter 13 or 11.  In almost any situation prior to a foreclosure sale, our offices can take those steps necessary to stop the sale and allow our clients to remain in their homes.  Call us to discuss your options.

Chapter 13 Bankruptcy: Chapter 13 is one of the most common strategies to prevent a foreclosure. As soon as your bankruptcy is filed, all foreclosure action must cease pursuant to the “automatic stay” even if a foreclosure sale is pending. While your lender might request a hearing for “relief from automatic stay,” we can represent you at this hearing and oppose the bank’s request. If you have sufficient income to cover your current mortgage payment and other secured obligations as they come due, you might qualify for Chapter 13 relief. The key will be whether you have sufficient income to fund a plan to catch up on your arrearage payments over time while not falling further behind. Homeowners who have substantial equity in their home can use this option without risking their assets. We also can help you prepare affidavits from family, indicating they will be contributing funds, so you have sufficient income to afford your plan payments.

Chapter 7 Bankruptcy: If you do not have equity in your home or other assets that cannot be protected by a bankruptcy exemption, you might be able to protect your home by filing Chapter 7 bankruptcy. While Chapter 7 provides more extensive financial relief because most unsecured debts are discharged, this may not be an option if you have too much equity in your home or you have other assets with substantial value. A homeowner also must qualify under the means test to use this form of bankruptcy to prevent foreclosure. When Chapter 7 is a viable option, this approach can significantly reduce your debt load, so you can more easily catch up on your mortgage.

Non-Bankruptcy Alternatives: While bankruptcy is often the best strategy for protecting your home, there might be other strategies that are more appropriate depending on your situation. A deed in lieu or short sale can sometimes provide options, but these approaches can have drawbacks. Homeowners should seek legal advice before exploring these alternatives. For example, successful use of these options might have negative tax consequences. Further, a short sale may not be an appropriate option if the bank declines to waive any right to pursue a deficiency judgment for the difference between the short sale price and the outstanding balance of the mortgage. There also may be other options such as refinancing or negotiating a workout with the bank.

Rockland County foreclosure solutions attorney Robert S. Lewis understands the stress homeowners endure when faced with the loss of their home. We have helped many people in this exact situation. If you have questions about foreclosure, we can evaluate your situation and provide candid and realistic advice regarding potential options. Contact the Law Offices of Robert S. Lewis, P.C. at 845-358-7100.