Your home is probably your most valuable material asset, and you have undoubtedly put a lot of your time, money and care into it. Unfortunately, any combination of setbacks, from illness to job loss, can leave you suddenly unable to keep up with your mortgage payments and facing the possibility of foreclosure.
You may do some research and find out that there are ways to save your house, but then you have a choice to make – do you try to figure it out on your own, or do you seek help? So much is at stake; can you risk trying to fix your problem alone? There are many reasons to hire a professional to assist you if you are facing foreclosure:
- The consequences of foreclosure are severe. New York has no redemption period; you have no opportunity to regain your home once the sale is complete, and you must vacate the property. Not only that, but foreclosures remain on your credit report for years, preventing you from getting another mortgage, financing a car or even renting an apartment. In the initial stages of your loan default, doing everything the right way and on time is imperative. If you have experienced guidance, you are more likely to come out ahead.
- Mortgage companies are notoriously difficult when it comes to communication. They may provide you with documents and forms that you do not understand, and then confuse you further when you try to contact them. They may repeatedly ask you for the same documents after you have already provided them. You may find yourself transferred from one representative to another, having to retell your story every time. An attorney can help you navigate the paperwork and will talk to the mortgage company on your behalf.
- The law of mortgages and foreclosures can be very complex, and mortgage companies may take advantage of your lack of knowledge. The mortgage company may send you jumping through hoops and foreclose on the home despite your efforts, because you may have missed a crucial step that you did not understand and that no one explained. Competent legal counsel can provide you with the direction and support you need to stay on top of deadlines and documentation.
Consulting an Onondaga and Westchester County foreclosure lawyer who knows New York’s foreclosure laws and who knows how to communicate with the mortgage company can mean the difference between losing your house and saving it. Mortgage companies will abide by the rules if you have competent legal counsel acting as your representative in negotiations. Attempting to negotiate your own mortgage terms can cost you your hard-earned credit and your property. Theodore Araujo is an experienced Onondaga and Westchester County foreclosure attorney who knows the laws and knows your rights. He has the legal and economic background to help you figure out which option is best for you, whether it is a loan modification or a Chapter 13 bankruptcy. Do not wait until it is too late; contact Theodore Araujo at the Bankruptcy Law Center right away for a free consultation.