Home ownership is often one of the biggest investments people make in their lives. If you are unable to make your mortgage payments due to financial hardship, an attorney for mortgage can help you understand what options are available to you. Fortunately, you can get help through loan modification programs. However, these programs have very specific requirements that you must meet in order to qualify. A skilled mortgage lawyer can guide you through the process and ensure that your rights are protected.
A mortgage fraud case involves a serious federal crime that can lead to severe penalties including prison time, fines, and the forfeiture of your property. You must be careful not to make any false statements or engage in any other activity that could potentially lead to a mortgage fraud charge. It is also important to have a fierce, tenacious criminal defense attorney for mortgage on your side if you are facing such allegations.
When a homeowner is having trouble making their mortgage payments, they may seek to modify their loans. However, the process can be complicated and is subject to strict regulations. An experienced attorney for mortgage can guide you through the process and help you get back on track with your payments.
Refinancing your mortgage in New York can save you thousands of dollars each year. However, not all refinancing offers are legitimate and some can even be scams. If you are looking to refinance your mortgage, it is essential to consult with a qualified real estate attorney for mortgage who can ensure that all of your legal documents are accurate and in compliance with local, state, and federal laws.
Our staff members are a team of highly-skilled attorney for mortgage, paralegals, and support professionals that work closely with clients to provide the best possible outcome for their cases. In addition to our experienced litigation lawyers, we have a diverse staff of highly-trained paralegals and support professionals who assist with a wide range of matters.
If you are facing foreclosure, you may have several options available to you. These include: negotiating a loan modification, seeking a deed-in-lieu (give up the home and get a new one), filing for bankruptcy, or taking legal action against your lender. An attorney for mortgage can help you decide which option is best for you.
The process of foreclosure is complex and varies from state to state. In New York, the process starts when you are 120 days or more delinquent in your mortgage payments. Once you reach this threshold, your attorney for mortgage will send you a pre foreclosure notice which provides important information about your rights and responsibilities as a borrower. Among other things, this notice informs you that you can contact a housing counseling agency located near you for assistance. This notice is required to be sent by law.
In addition to providing important information about your rights and responsibilities, this pre foreclosure notice also gives you a right to request mediation before filing for foreclosure. Mediation is an informal meeting with a housing counselor, who can assist you with exploring your options and determining the most suitable solution for your situation.
Once you have a good understanding of your options, our attorney for mortgage firm can review your case and prepare an effective strategy for saving your home. The strategies we can use to save your home include stopping or delaying the sale date, citing a violation of federal and/or state foreclosure laws, arguing that the plaintiff is not the legal owner of your mortgage, and more.
We will also explore your claims that the plaintiff failed to follow New York foreclosure laws and procedures, including those related to servicers, heirs and beneficiaries, and the statutory requirement of sending a borrower a list of government-approved housing counseling agencies within 90 days before commencing the foreclosure action. We will also look for any other violations of the law, such as requesting an unreasonable amount for your mortgage debt.
The Foreclosure Abuse Prevention Act takes effect in December of 2022, and it will significantly change the foreclosure process. This new law essentially reverses prior court decisions that permitted mortgagees to undo the acceleration of their mortgage loans and stop the statute of limitations from running by voluntarily discontinuing foreclosure actions or by issuing de-acceleration letters.
In the future, it will be essential for an attorney for mortgage to be well-versed in this new law and its impact on existing foreclosures that are in progress or even completed through a final judgment of sale. It is expected that there will be a significant increase in motions to challenge standing and the statute of limitations, particularly in actions that have already been through the initial phases of the foreclosure process up to and through a judgment of sale.
While courts will look unfavorably upon frivolous attempts to claim predatory lending, the laws will continue to protect victims of true predatory lenders by rescinding their mortgage loans and awarding them substantial damages. As we will discuss in a future article, proving the existence of predatory lending can be very challenging and is best pursued by an experienced attorney for mortgage.
As a New York attorney for mortgage, I can help clients purchase properties with affordable rates. I work to reduce closing costs, as well as protect home buyers from fraud. I also advise on avoiding foreclosure, if possible. I have a strong background in mortgage finance and am knowledgeable about all types of loans and the processes involved. I am also experienced in loan modifications, short sales, and deed transfers.
Closing costs for NYC real estate can be steep, especially for new development condos and coops that have yet to be lived in. These properties often require the buyer to pick up some of the closing costs such as NYC and NY State transfer taxes and sponsor's attorney for mortgage fees. I can help clients negotiate to lower these charges, as well as other closing costs such as title insurance, an inspection fee, a credit report, and other lender fees.
Many people in NYC are struggling to afford housing, especially those living in gentrifying neighborhoods. I have seen firsthand how difficult it is for families to get by. A family of four can spend more than $2,500 per month on rent, plus utility bills and other expenses. Then there is the cost of childcare, annual transit passes, and parking. A typical mortgage payment in the city is around $1,800, and a downpayment can be as high as $30,000.
Refinancing:
If you're behind on your mortgage payments, it may be possible to work out a loan modification with your lender. This can reduce your interest rate or change the term of your loan, and may help you avoid foreclosure. However, the process can be complex and you should consult with an experienced attorney for mortgage to make sure you're able to qualify for a loan modification.
Foreclosure:
Losing your home can be devastating and leave you with no place to live. It can also damage your credit and make it impossible to obtain future housing. For vulnerable individuals and families, it is crucial to have a attorney for mortgage you can trust.
Loan Modification:
If your loan is insured by the federal government through Freddie Mac or Fannie Mae, you may be eligible for a mortgage loan modification. You must meet certain requirements, such as demonstrating financial hardship and showing that you can afford your current house payment. In addition, a loan modification is only available for your primary residence and cannot be used to refinance investment property.
On average, a New York attorney for mortgage charges between $2,000 and $3,000 per transaction. However, rates vary depending on the complexity of the deal and where in NY the property is located. Generally, you should avoid attorneys who ask for an upfront retainer or demand payment in advance of the contract signing. This is illegal in New York, and it could lead to costly mistakes.
Sishodia PLLC | Real Estate Attorney and Estate Planning Lawyer | Asset Protection Law Firm | 1031 Exchange - NYC
600 Third Avenue 2nd Floor, New York, NY 10016, United States
(833) 616-4646