Foreclosure Defense in Queens
Stall of Stop Foreclosure on Your Home
When a lender attempts to recover an unpaid mortgage balance, they may use foreclosure to repossess your property. Not only do you risk losing your home, but your credit can also be negatively affected, and if you owe more than your home is worth a lender may seek a deficiency judgment against you for the remaining balance due.
If you are dealing with the threat of foreclosure or cannot make your mortgage payments, a Queens bankruptcy attorney can help you during this stressful time.
Foreclosure Defense Options
When fighting to keep your home, there are several approaches you and your attorney can take:
- Chapter 13 Bankruptcy – This will stop foreclosure proceedings and give you the opportunity to create a new payment plan so that you can keep your home.
- Deed in Lieu – Transfer ownership of your property to your lender in lieu of the balance on your mortgage loan.
- Loan Modification – Change the terms of a mortgage loan in order to make the loan payments more affordable and avoid foreclosure.
- Short Sale – Agree to sell the property for less than the remaining cost of the mortgage, with the proceeds going to the lender.
Queens Bankruptcy Attorney – Foreclosure Defense
Your attorney can even review your original loan agreements and make sure that your loan is in compliance with the Truth in Lending Act – if there are any discrepancies, there is a greater chance that your lender can be negotiated with to modify the terms of the loan.