BANKRUPTCY LAW – Foreclosure

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...

A home financed by a mortgage is collateral for the loan. Until the buyer pays what they owe in full, the property is vulnerable to foreclosure. If a homeowner misses multiple back-to-back payments, their lender could initiate legal foreclosure proceedings. People at...

A homeowner who is unable to pay for their mortgage will have to figure out what options they have to avoid foreclosure. In some cases, they may simply accept that they can’t afford the home any longer and pursue options like deed in lieu of foreclosure.  In other...

Bankruptcy is a legal option for reclaiming your financial future. Many people assume that they won’t be able to rebuild their credit once they file for bankruptcy, but that’s not the case.  While a bankruptcy stays on a credit report for up to 10 years, it’s possible...

If you accidentally miss a mortgage payment and send the check in late, your lender isn’t going to foreclose immediately. However, if your finances are getting tight and it becomes clear that you’re going to miss a payment, you may naturally be concerned about losing...

A lot of people who realize that they’ve found their “one and only” decide to take the plunge and propose during the holiday season. It makes sense, since not only is it a romantic season but the jewelry stores tend to offer deals on engagement rings and generous...

When financial troubles strike, New York City residents often find themselves confronting a trio of concerns: foreclosure risk, bankruptcy considerations and the possibility of credit discrimination. For homeowners, the threat of losing their property can be the most...