When you stop paying your monthly dues to the institution that financed your home, there are many financial and legal ramifications that you will face. When that happens, getting in touch with a Long Island foreclosure attorney should be your priority to minimize the chances of losing your home.
There are many reasons why you need to control the situation because foreclosure can affect your credit rating. Lenders don’t trust people who have a history of foreclosure. It becomes more difficult to secure loans, buy a car, purchase or rent another home, or get credit cards. The effect of foreclosure cases lasts long and will become a part of your record.
Even when foreclosure has become inevitable because of reasons beyond your control (such as unemployment, natural disasters, accidents, medical problems, health issues, or business bankruptcy), it’s vital to seek legal solutions from a Long Island foreclosure attorney.
Do keep in mind that most contracts involving the lender and the borrower come with a clause that gives authority to the bank or financier to sell the property when the borrower stops paying the mortgage for several months. The lender can seek a court order or use your jurisdiction’s statutory laws to go after your property and recover losses.
Hiring a lawyer is the best thing you can do in handling this matter. There are many credible firms in Long Island which can provide you with foreclosure attorneys. Choose among the best if you have the capacity to pay. After all, the finest firms are home to the most brilliant attorneys who will fight for your rights, in relation to both federal and state laws. These laws empower and protect the rights of citizens against unfair lenders.
Talking to your chosen Long Island foreclosure attorney will bring out the truth about the foreclosure process. Well, here are some of these truths you’ll eventually realize:
- The foreclosure law in Long Island requires mortgage companies and banks to fill out forms in a very specific way. If they failed to fill them up properly and your attorney finds out, you have the right to file a counteraction.
- Sometimes, the money used for financing a home purchase is not the mortgage company’s. If that is the case, they do not have the right foreclose your property. You have a strong chance to withhold the foreclosure action and so, your attorney’s mastery of the applicable laws becomes a great asset.
- If your lender claims that you owe them an amount that’s more than what you’re aware of, they’re probably charging exorbitant and bogus fees. These are grounds your Long Island foreclosure attorney can use to prevent your home from being reclaimed. Be sure to take your documents and payment receipts with you when you are discussing the situation with your lawyer.
- You could benefit from consumer protection laws, the Real Estate Settlement Procedures Act, and the Truth in Lending Act. These come with strict rules and regulations that any credible Long Island foreclosure attorney should be capable of exploiting to your advantage.
- When your mortgage company promises to refinance your loan but refuses when you make a follow-up, you have another strong basis for winning the case. This is one valid reason that your lawyer can use because it is fraudulent to encourage you to enter into another mortgage loan.
- You may be a victim of predatory lending. Predatory lenders make you accept mortgages that you cannot really afford.
Simply put, the most notorious lenders have dozens of ways to trick those eager to have a home, but the finest lawyers have hundreds of fraud-revealing techniques that should save those facing the risk of foreclosure.