Foreclosure Overview

Foreclosures Overview

By J. Douglas Barics

If you are facing a foreclosure, you know that your home is at risk. Homeowners have numerous protections under the laws against unfair lenders who in the past abused the process to make exorbitant profits through buying and selling mortgages at discounted rates.

While most creditors will follow the law to the letter, there are enough who attempt to bypass the law. These creditors will also go to great lengths to hide their behavior from the courts.

The best foreclosure defense lawyers will know how to spot these dubious tactics and how to fight them with every tool the law allows. Every win against a creditor who failed to comply with the law means the less of a chance they will repeat that behavior against someone else.

At the Law Office of J. Douglas Barics, we have the experience to spot questionable lending practices and mount a proper defense. But even if your creditor is following the lending rules to the letter, you are still entitled to the numerous protections afforded to homeowners which cannot be ignored. If your creditor has attempted to take a shortcut around these protections, it may mean your foreclosure case could be dismissed.

Do you need representation in a Foreclosure Action on Long Island or New York City?

An Overview of Foreclosures

What you need to know about Foreclosures in New York

What is a Foreclosure?

A foreclosure is a legal proceeding commenced by a lender to enforce payment on a loan by forcing a sale of the mortgaged property.

How Does a Foreclosure Work?

A foreclosure starts with the lender sending a 90 day notice.
If the homeowner fails to pay the past due amounts, the lender may commence a foreclosure action.
The foreclosure part will hold a mandatory settlement conference
If an agreement cannot be reached the lender will often file a motion for summary judgment, asserting there is no need for a trial.
If the lender wins the summary judgment, a foreclosure is granted.
If the homeowner shows the need for a trial, the court will set a trial date.
If a foreclosure is granted, the home is sold off to pay the loan.

What Gives a Lender the Authority to Force a Sale of a Home in a Foreclosure?

The right to foreclose exists by the contract between the lender and the home owner. When a homeowner agrees to borrow money, they agree to give the lender the right to foreclose in the event of non payment.

Who Pays the Lawyer Fees in a Foreclosure?

Under the mortgage agreement, the homeowner is normally responsible for paying all legal fees if the foreclosure is granted.
Under New York Law, the homeowner is entitled to the same right if they win on the merits.

Is there help for people who represent themselves?

Help for self represented defendants in a foreclosure action is available at NY Courthelp.

Contact Our Foreclosure Lawyer Today

At the Law Office of J. Douglas Barics, we have the skills and knowledge to handle any foreclosure, no matter how challenging or complex. With over 25 years of experience, we can bring to you the services of a large firm at a fraction of the cost. When you need a skilled foreclosure attorney located in Suffolk County, call The Law Office of J. Douglas Barics.

For a free phone case consultation or to schedule an office meeting, call 631-864-2600.