Ramifications of Foreclosure in Massapequa
Help from Our Massapequa Foreclosure Defense Attorneys
Are unaffordable mortgage payments making it difficult to make ends meet? Are you constantly under stress because you don't know how you are going to afford your next mortgage payment? While all of the stress may make it may seem like walking away and letting your lender take your home through a foreclosure, this is not the ideal solution. There are other options available to you, and at James J. Quail & Associates, P.C., we are ready to help you understand those options.
What Happens to You After a Foreclosure?
If the lender has taken your home in foreclosure in the natural flow of events, you expose yourself to the possibility of a deficiency judgment. This represents the difference between the amount of your loan and the amount the lender was able to sell the property for. Given the recent drop in home values through Nassau and Suffolk Counties, this could be a considerable sum. A judgment may result in the lender garnishing your wages or automatically taking payments from your bank account.
This could have numerous negative consequences, including:
- Failure to qualify for future loans
- Inability to qualify for credit cards
- Excessively high-interest rates
How Our Firm Can Help You
At James J. Quail & Associates, P.C., our Massapequa real estate lawyers understand your concerns. We can assist you in dealing with the repercussions of foreclosure. As a foreclosure defense firm serving the Long Island area, we have been able to help homeowners mount effective defenses on predatory lending practices.
We have helped clients:
- Obtain loan modifications that lower their monthly payments to something they can afford
- Get reductions on loans they have been upside-down on to get mortgage payment reductions that reflect current property values
- Avoid deficiency judgments
Contact our real estate attorneys in Massapequa to discuss the ramifications of foreclosure. Schedule your free 30-minute consultation today.