Best Foreclosure Lawyers in Buffalo

About Foreclosure Law in Buffalo, United States

Foreclosure is a legal process by which a lender seeks to recover the balance of a loan from a borrower who has stopped making payments. This process allows the lender to take possession of and sell the secured property. In Buffalo, New York, like the rest of the state, foreclosure laws are a mix of federal and state regulations with a judicial foreclosure process, meaning the process must move through the court system. The aim is to ensure that borrowers are treated fairly and given ample opportunity to address their defaults before losing their homes.

Why You May Need a Lawyer

There are several situations where you might require legal assistance regarding foreclosure:

• Facing Foreclosure: If you have received a foreclosure notice, a lawyer can help you understand your rights and options.
• Loan Modification: Negotiating with your lender to modify your loan terms can be complex and a lawyer can help facilitate this process.
• Bankruptcy Consideration: If you are considering bankruptcy as a way to stop foreclosure, legal advice is critical.
• Understanding Government Programs: There are federal and state programs designed to help homeowners avoid foreclosure. A lawyer can guide you through the application process for these programs.
• Legal Representation in Court: Foreclosures in New York are judicial, meaning they occur through the court system. Legal representation can help you navigate court procedures effectively.

Local Laws Overview

New York State has specific laws that apply to foreclosures, which are especially relevant in Buffalo:

• Judicial Foreclosure Process: Lenders must file a lawsuit to initiate foreclosure, providing borrowers with a chance to contest.
• Notice Requirements: Lenders must provide multiple notices, including a 90-day notice of default, before commencing foreclosure proceedings.
• Mediation Programs: Buffalo may offer homeowner mediation programs to encourage settlements without formal proceedings.
• Right to Reclaim: Borrowers have the right to redeem their property prior to the sale by paying the full loan balance and associated fees.

Frequently Asked Questions

What is the first step in the foreclosure process in Buffalo?

The foreclosure process typically begins with the lender sending a notice of default to the borrower after several missed payments, followed by a 90-day pre-foreclosure period according to New York State law.

Can I stop foreclosure once it has started in Buffalo?

Yes, you can potentially stop foreclosure by paying the amount owed, negotiating a loan modification, applying for foreclosure prevention assistance, or filing for bankruptcy.

What can I do if I receive a foreclosure notice?

If you receive a foreclosure notice, it's important to act quickly. Contact a foreclosure attorney to discuss your options, such as loan modification or filing for bankruptcy.

How long does the foreclosure process take in Buffalo?

The foreclosure process in New York is lengthy due to the judicial process, often taking several months to over a year to complete.

Is it possible to get my property back after a foreclosure sale in Buffalo?

In New York, once a foreclosure sale is completed, the borrower's right to reclaim the property is greatly limited. However, prior to the sale, you can redeem the property by settling the full debt amount.

Are there any government programs available to help me prevent foreclosure?

Yes, there are federal and state programs available. It is advisable to check with local housing counselors or a foreclosure attorney for specific programs that can assist you.

Do I have to move out immediately after a foreclosure notice?

No, receiving a foreclosure notice does not mean immediate eviction. The process needs to go through the court, and the property must be auctioned before eviction proceedings can start.

How can a foreclosure attorney help me?

A foreclosure attorney can guide you through legal proceedings, negotiate with lenders, help explore foreclosure alternatives, and represent you in court if necessary.

What happens if my home is sold for less than what I owe?

If your home is sold in foreclosure for less than the owed amount, you might be responsible for the deficiency unless it is waived by the court or through negotiation with your lender.

Can filing for bankruptcy halt the foreclosure process?

Yes, filing for bankruptcy can temporarily halt foreclosure proceedings due to the automatic stay that stops most collection actions against you.

Additional Resources

For those seeking additional information or resources related to foreclosure in Buffalo, consider reaching out to these organizations:

• Legal Aid Bureau of Buffalo: Provides free legal assistance in civil matters to low-income residents.
• New York State Department of Financial Services: Offers resources and guidance for homeowners facing foreclosure.
• HUD-Approved Housing Counseling Agencies: Can provide information and assistance on foreclosure prevention options.
• Buffalo Urban Renewal Agency: Offers programs that may assist homeowners struggling with foreclosure.

Next Steps

If you are facing foreclosure or need legal guidance, it's important to take action promptly. Start by consulting with a qualified foreclosure attorney who can assess your situation and provide tailored advice. Check for local legal aid services if you require low-cost assistance. Ensure that you gather all relevant documents, including loan statements and foreclosure notices, before your consultation. By being proactive and informed, you can explore potential solutions to protect your home.