HICKSVILLE, N.Y. (STL.News) – Foreclosure is when your bank, or lender, takes possession of your property due to you failing to fulfill mortgage payments. This is an intimidating thought to any homeowner that is hoped to avoid at all costs. With that being said, it is crucial to understand how exactly to protect yourself from foreclosure. Real Estate Lawyer Long Island NY, Markotsis & Lieberman P.C., discusses how to protect yourself from foreclosure.
Take Steps Before You Even Purchase A Home:
Protecting yourself from foreclosure begins even before you purchase a home. Your bank, or lender, will give you an amount that you qualify to spend on your home at the beginning stages. From there, something you need to keep in mind when given the amount is “Will I actually be able to pay this back?” Sure, from a lender’s eyes you are technically qualified to do so, but, you know your lifestyle better than anyone else. You need to know how much money you spend per month on personal items, car payment, leisure activities, etc. This must be kept in mind when deciding ow much to borrow.
Don’t Ignore The Issue:
If you know you are failing to fulfill mortgage payments, and are starting to receive late notices in the mail, don’t ignore the issue! The longer you wait to address the problem, the less likely you will be able to reinstate your loan, and the more likely you will be to lose your home.
Contact Your Lender:
If you are falling behind on mortgage payments and feel you have a good chance of being foreclosed on, take matters into your own hands and contact your lender. Your lender doesn’t want to deal with having to take possession of your home and sell it. Many times the lender will provide you options in order to save your home, and manage through difficult financial times.
Be Aware Of Your Mortgage Rights:
Whether or not you are being foreclosed on, it is important to know what is stated on your loan documents, in the event you ever are foreclosed on. You need to be aware of how the lender may take action, but you also must be sure that they aren’t violating any of your rights. It is a good idea to be well informed about any documents relating to your house, loan, and agreements you made.
About Markotsis & Lieberman, Esq.:
Markotsis & Lieberman, P.C. 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.