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Foreclosure law in the United States, including Rochester, is a legal proceeding through which a lender recoups a loan or mortgage that has not been paid. When homeowners can no longer afford their mortgage payments, foreclosure allows the lender to reclaim the property, sell it, and use the sales proceeds to pay off the mortgage debt. Both federal and New York state laws apply to foreclosures in Rochester, offering certain protections to property owners.
Engaging a foreclosure law attorney when dealing with foreclosure can be essential for several reasons. Firstly, if you're unable to keep up with your mortgage payments, an attorney could help negotiate modifications, repayment plans, or other solutions with your lender. If your lender has initiated a foreclosure action, a lawyer can help you defend yourself in court, manage paperwork, and fight for your rights. A lawyer can also inform you of any potential alternatives to foreclosure, such as short sales, deeds in lieu, and loan modifications.
New York state law provides several protections for homeowners facing foreclosure. For example, the lender must send a pre-foreclosure notice at least 90 days before starting the foreclosure process. This notice must offer information about how to cure the default and provides a list of government-approved housing counseling agencies. Also, in New York, all foreclosures are judicial, which means the lender must file a lawsuit in state court to foreclose. There are opportunities for loan modification conferences and potential defenses that an experienced attorney can utilize on your behalf.
The foreclosure process in Rochester can take from 13 months to many years, depending on the specifics of the case and the court's workload.
Yes, it's possible. An attorney may be able to help negotiate with your lender, obtain a loan modification, or use legal strategies to delay or stop the foreclosure. Bankruptcy, for example, can halt the process.
After a foreclosure, the lender sells the property, usually at a public auction. If the sale price doesn't cover the mortgage debt, the lender may be able to pursue a deficiency judgment against you for the difference.
New York law doesn’t provide a statutory right of redemption, which allows a homeowner to reclaim a property after a foreclosure sale. However, you usually have the opportunity to redeem the property before the sale.
Yes, in some cases, you can negotiate a ‘short sale’ with your lender. A short sale allows you to sell the home for less than the remaining mortgage debt. It doesn't save your home, but it can reduce your financial burdens.
The New York State Department of Financial Services provides information and assistance for people facing foreclosure. The Legal Aid Society of Rochester also offers free advice and can sometimes provide legal help. The Empire Justice Center is another local organization that offers foreclosure prevention services.
If you're facing foreclosure, take action immediately. Reach out to foreclosure prevention counselors, attorneys, and relevant resources like the above-mentioned organizations. It's critical to understand your rights under the law and explore all possibilities, including loan modifications, refinancing, a short sale, or bankruptcy. Don't ignore the problem as it can lead to more significant difficulties. Remember, the sooner you begin to address this issue, the more options you will have available to you.
