Massapequa Real Estate Matters
Knowledgeable Long Island Foreclosure Attorney
We are happy to provide some answers to frequently asked questions we receive about real estate. The answers are for general information and are not legal advice. If you have other questions, you are encouraged to contact our Massapequa foreclosure defense attorney and check out our many other pages that focus on your real estate concerns.
How can I stop a foreclosure?
If you have been abused by foreclosure violations, you may seek an injunction against the foreclosure suit and damages for lender misconduct. If you have fallen behind in your payments but now have a stable income, you may seek a loan modification reducing the payments to ones you can make. If you are simply unable to make payments and wish to opt out of the mortgage, you may seek the lender’s agreement to accept a deed in lieu of foreclosure or short sale as a resolution of the matter.
How may I qualify for a loan modification?
You may pursue a loan modification if you have experienced a hardship that makes it difficult to make your payments. That hardship may involve the loss of a job, divorce, job relocation, illness or death in the family or pertain to a drop in income, increased expenditures, or a large increase in the loan payment. You must, however, be able to reliably make payments at the current time.
If you have suffered a plunge in home value leaving you “upside down” on your loan, you may also seek modification even if you have not suffered other hardship.
What is the advantage of a short sale?
If you are unable to stay in the home, a short sale may be your best resolution. This is where you find a buyer for a price below the amount of the loan. As this may be the best price that the market will provide, it is to the lender’s advantage to accept it rather than force a foreclosure and sheriff’s sale. At a sheriff’s sale, the lender will inevitably suffer loss and likely come against you for a deficiency judgment and wage garnishment. With effective legal representation, you may persuade the lender to accept the short sale as a full settlement with no additional payment or negative credit report.