Before you represent yourself or hire an attorney, carefully look into who are the best foreclosure defense lawyers. Attorneys are expensive. To become a lawyer in the state of New York, you need a four year undergraduate degree. Thereafter apply to law school, be accepted and attend three more years of education in the law in an approved law school. Then, after graduating from law school, the individual must take the bar exam, pass it, go through an ethics process and then be admitted to the bar. The process between applying to college, graduating, going through law school and get admitted to ..read more

Homeowners who miss making mortgage payments may be facing the risk of being placed into foreclosure. A foreclosure, is a legal proceeding designed to effectuate the bank taking the house back from the homeowner and thereafter evicting the homeowner from their homes. AVOIDING FORECLOSURE The best way to deal with the foreclosure is to avoid it. Homeowners who are falling behind on their mortgage payments, should look into a forbearance agreement which involves delaying their mortgage payments. In addition, they can look into modifying their mortgage to make it less expensive in the short run t ..read more

Many Americans, as they reach their retirement years, find they have not saved enough money to pay all of their bills. One of the ways seniors can deal with their expenditures is to obtain a reverse mortgage. Reverse mortgages can make up for the fact that seniors do not have sufficient assets to cover their expenses during their period of retirement. THE REVERSE MORTGAGE A reverse mortgage is available to individuals who are 62 years of age and older. The way the reverse mortgage works is no repayments need to be made until the homeowners die or the home is sold. When the homeowners die, thei ..read more

A family’s home is usually their single largest asset. Homeowners whose homes are taken back by the financial institution usually have their credit negatively impacted upon. This often will prevent them from being able to purchase another home in the near future. This means the former homeowners will be living in apartments for a considerable period of time. FORECLOSURE DEFENSES There are many different potential defenses to a foreclosure lawsuit. There are consumer protection laws, there are law’s regulating financial institutions. There are both federal, state, and local rules which financia ..read more

Mortgage foreclosure lawsuits in the state of New York have been made more difficult, by actions of the state legislature. In addition to foreclosure lawsuits becoming more difficult, they’re taking longer and longer to get through the courts. There are more reasons or grounds that foreclosure defense lawyers can use to have foreclosure lawsuits dismissed. STATUTE OF LIMITATIONS Financial institutions have six years from the time the mortgage is accelerated to bring a foreclosure case. The acceleration of the mortgage starts when the bank calls the entire mortgage due and owing. In the event ..read more

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$539 million dollars has been appropriated pursuant to an act of Congress for New Yorker’s who are in foreclosure or behind on their mortgages. New York State has received a block grant of $539 million dollars from the federal government. These funds are to be distributed to homeowner’s who are behind on their mortgage or their property taxes or are behind in other housing related expenses. Homeowners who qualify can receive up to $50,000 from the New York recently approved Homeowner’s Assistance Fund. This is not a loan. This is a grant. These fund were appropriated by the federal government ..read more

The covid-19 Emergency Eviction and Foreclosure Prevention Act created a standardized hardship declaration form which tenants can submit to their landlord to prevent and halt an eviction if they have a financial hardship related to or during covid-19 that prevents them from being able to pay their rent. In addition they can qualify if someone in their household is at an increased risk of illness due to covid-19. The form gives tenants the ability to declare a financial hardship if they have lost income. In addition if they have increased healthcare, childcare or other family expenses, they can ..read more

There is approximately $539 million dollars allocated from federal funds to assist homeowners facing foreclosure and other financial issues. There are specific requirements regarding who is eligible for these funds. Homeowners who earn less than the average median income which is approximately $107,400 for a family of 3 are eligible to participate in this program. In addition, homeowners who earn less than 150% of the area median income and meets the federal requirements of “socially disadvantaged” which includes “those who have been subjected to racial or ethnic prejudice”. In addition to the ..read more

Homeowners facing foreclosure who are either behind on their mortgages, their property taxes or other housing related expenses can receive up to $50,000 in financial assistance through New York State’s recently approved Homeowners Assistance Fund. The State of New York has received $539 million dollars in financial assistance for homeowners pursuant to the American Rescue Plan Act. On December 2, 2021 the United States Treasury approved the implementation of a plan in the State of New York with regard to the distribution of $539 million dollars to homeowners facing financial difficulties and f ..read more