Financial challenges are always tough for New York families. Worrying about which bills to pay, dealing with the harassment of debt collectors and creditors, and trying to find ways to improve their financial outlook can all take a serious toll of families’ sense of security and peace of mind. The risk of foreclosure generally ratchets the stress and pressure up considerably, however, because people fear losing their home, which is often their greatest investment.
We understand that people end up facing foreclosure for many different reasons. In the majority of cases, it is due to completely unexpected circumstances like job loss, dramatic increases in expenses, the failure of wages to keep up with the cost of living, etc. We also know that banks and lenders are often responsible for creating many of the situations that now burden homeowners, due to predatory lending practices and the extreme declines in home values that no one could have predicted.
Fortunately, many homeowners have more options than they realize. Chapter 13 bankruptcy is one option that homeowners can use to prevent or stop a foreclosure due to delinquent payments. Filing under Chapter 13 essentially lets homeowners restructure their payments so that they are able to catch up on delinquent payments and maybe even negotiate more favorable terms on other loans or mortgages tied to the home.
Homeowners should also be aware that challenging or fighting the foreclosure is one of the first steps to prevent foreclosure. Our firm can help homeowners who wish to challenge the bank’s right to foreclose, which then forces the bank or lender to prove every element of its case for foreclosure. Because this process generally takes quite a long time, it gives homeowners a chance to get back on their feet while remaining in their homes and also holds the banks and lenders accountable for their own wrongful or illegal actions when they made the mortgage, sold it to investors or attempted to foreclose. Please visit our website to learn more about how we can assist you in your effort to keep your home, stop foreclosure and hold banks accountable for their actions.