If you are in a home and cannot afford the payments, you should not let the property pass by foreclosure without attempting to preserve your equity in the home. This is the value of your home in excess of the amount you owe. You can secure your equity by finding a buyer in a regular sale where you obtain a price enabling you to pay off the loan with equity left over for yourself.
For guidance, we urge you to contact a Massapequa real estate attorney. James J. Quail & Associates, P.C. offers a free 15-minute consultation to help you get started.
Our Massapequa real estate lawyer assists clients in the Long Island area to protect the hard-won equity in their home. This is of particular concern when the clients are facing foreclosure. If the clients allow the home to go to foreclosure they lose their equity and may indeed end up with a deficiency judgment as foreclosure sales yield only a fraction of the true value of the home.
We assist clients by fighting the foreclosure in court to give you the needed time to find a buyer. We negotiate with the lender to put off foreclosure while the client searches. If foreclosure has been filed, we appear at the court-ordered settlement conference known as the CPLR 3408 conference to argue that there is equity in the home and urge postponement of the foreclosure action. We have helped many clients in this way to achieve regular sales with preservation of their valuable equity.
Call our Massapequa real estate law attorney today at (516) 246-2449.