BANKRUPTCY LAW – Foreclosure

Most people who buy homes with mortgages have a 30-year repayment obligation. They make a fixed monthly payment for decades. They only truly own their home free and clear after they have repaid the entire principal balance and all interest accrued on the mortgage....

Foreclosure is the legal process that allows lenders to legally claim real estate as compensation for a mortgage in arrears. When people fall behind on their payments, their lenders may begin the complex legal process of foreclosing on the property. Homeowners are at...

When many people think of bankruptcy and the benefits that it brings, they are actually thinking of Chapter 7 bankruptcy. This is liquidation bankruptcy, where you liquidate non-exempt assets. The money that is earned from this liquidation is then used to pay off a...

Home isn't just where the heart is, as the saying goes. It is also where people hold the vast majority of their personal wealth. The equity accrued in a residence can represent years of a person's income and can be their most valuable asset. Home equity begins with...

Bankruptcy cannot necessarily stop a foreclosure from occurring. However, it can be a useful tool to use when facing foreclosure, as it can delay the process. Whenever someone files for bankruptcy, the court issues an automatic stay. This is a legally binding order...

Facing foreclosure can be stressful and confusing for homeowners. When mortgage payments fall behind, the risk of losing your home becomes very real. Understanding how the foreclosure process works in New York can help you make informed decisions early. With the right...

Facing a foreclosure action in New York requires more than just a heartfelt story; it demands concrete evidence to challenge a lender's legal right to seize a home. What role does documentation play in halting a foreclosure in its tracks? The power of the original...

Bankruptcy can stop foreclosure proceedings and help you keep your property. In fact, both Chapter 13 and Chapter 11 offer this protection, but they work differently. While Chapter 13 is more commonly discussed for homeowners, Chapter 11 provides distinct advantages...

If you face foreclosure, a loan modification may offer a way to keep your home. This option changes the terms of your mortgage to make payments more manageable. What a loan modification changes A loan modification adjusts one or more parts of your existing mortgage....

New York is a judicial foreclosure state, which means a lender must file a lawsuit before they can take your home. If your case qualifies, the court will schedule a settlement conference shortly after the lawsuit begins. A settlement conference is designed to bring...