BANKRUPTCY LAW – Foreclosure

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...

Homeowners who have trouble paying their mortgage may face the chance of foreclosure. This is a legal process that lenders use to reclaim the home when the payments aren’t being made.  In New York, foreclosure is a judicial process, so it takes place through the court...

When you file for bankruptcy, whether Chapter 7 or Chapter 13, the court immediately issues an automatic stay. This is a legal order that stops most creditors from pursuing collection action, including foreclosure. However, it’s not permanent. Understanding the...

Homes are substantial investments. Most people have to spend years paying off their mortgages. The standard term for a mortgage is 30 years. At any point until a homeowner has paid their mortgage in full, they are theoretically at risk of losing the property. Lenders...

Strategic foreclosure, sometimes called voluntary foreclosure, involves a decision to stop making payments on a mortgage and walk away from a property, even though the borrower can technically afford to keep paying, at least for a time. While this choice is often...