HICKSVILLE, NY (STL.News) – When a homeowner goes months without paying their mortgage, the lender eventually will declare the loan in default and commence foreclosure proceedings. These proceedings may lead to the bank taking possession of the home and attempting to sell it. This is not only an unfortunate thing for any homeowner to go through, but it can be immensely stressful. If you are someone that is currently in default of your mortgage or in the foreclosure process, it is important to know what to do and options you may have. Real Estate Attorney Long Island Suffolk County, Markotsis & Lieberman P.C., discusses the steps to take during a foreclosure.
Once the lender commences foreclosure proceedings, you had most likely been receiving notices for a few months now. These documents contain information anywhere from how much you owe, how to prevent foreclosure, as well as legal action that will be taken. Do not ignore these notices and, if you are served with a Summons and Complaint in a foreclosure action, do not ignore that.
Hire A Real Estate Lawyer
With the assistance of a real estate lawyer, the difficulty of this process can be lessened. They can represent you in negotiations with lenders, make terms and obligations clear, as well as present you with your rights. At this point, you don’t want to make the situation any worse, and you want to try and make the best of a bad situation. This can best be achieved with the help of an expert real estate lawyer.
Review Your Options
Although you have essentially broken your promise to the bank by not paying your mortgage payments, you still will most likely have options. All options are to the discretion of the lender, and how they want to handle the situation, but in many cases, they are willing to work with you. There may be a way to reinstate the loan or possibly have a short sale of your property. Also, as much as foreclosure isn’t enjoyable for the homeowner, it equally isn’t enjoyable for the lender. The lender does not necessarily want to take your property. Because of this, many lenders offer possible alternatives to the lender having to your home. With the help of your real estate lawyer, you can discuss these alternatives with your lender.
Make This A Learning Experience
Foreclosure is not something anyone wants to endure, nor “learn” from, but it is a wakeup call to many. Anyone that has experienced a foreclosure knows it isn’t pleasant and would never want to deal with it again. If you are going through one currently, take some time to reflect on how you got yourself into this situation, and how you can better prevent it in the future.
About Markotsis & Lieberman, Esq.:
Markotsis & Lieberman, P.C. Real Estate Law Firms is a general practice law firm. Practice areas include real estate, litigation (commercial and civil), business formations, agreements and transactions, and wills, trusts and estates. Our team of seasoned attorneys are here to guide you through every step of the legal process providing personalized attention to every client. When you’re facing a complicated legal situation, our team of legal experts is there to fight for your rights.