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Exceptional Legal Representation Throughout
Long Island and New York, Since 1993.
CALL FOR A FREE CONSULTATION
Exceptional Legal Representation Throughout
Long Island and New York, Since 1993.
Foreclosure Attorneys in nassau and suffolk to Brooklyn and Queens
Foreclosure solutions must be tailored and strategically combined to fit each client’s unique financial situation, maximizing their chances of saving their home.
Many homeowners fell behind on their mortgages due to the 2020 recession caused by the coronavirus. Initially, lenders were accommodating, offering temporary payment suspensions. However, as arrears have grown, many lenders now require a resolution—either through an approved loan modification or a long-term reinstatement plan that typically extends beyond a year.
This new foreclosure risk emerges while unresolved cases from the 2008–2014 financial crisis continue to impact homeowners, especially in Brooklyn and New York. That earlier crisis resulted from aggressive mortgage borrowing and lending, leaving behind lingering foreclosure cases and long-term mortgage struggles.
Now, the Covid-19 recession has created a new wave of homeowners in arrears or facing foreclosure in an economy that has yet to fully recover. Some are struggling due to pandemic-related furloughs, layoffs, and lockdowns, while others have been dealing with ongoing mortgage issues that worsened during the downturn.
This situation is particularly concerning because it is unfolding before the previous foreclosure wave has been fully resolved. However, homeowners may have better chances of keeping their homes due to various programs, policies, court rulings, and laws—some established during the last recession and others newly introduced in response to Covid-19 financial hardships.
For homeowners facing foreclosure, seeking reliable legal advice as early as possible is crucial. Foreclosure attorneys can provide clarity on available options, as guidance from mortgage lenders is often misleading or inaccurate.
A strategic approach to preventing foreclosure often involves a combination of legal defense and negotiation. Homeowners struggling with mortgage arrears or foreclosure must gain both time and leverage to maximize their chances of saving their home. Various foreclosure remedies—such as bankruptcy, negotiated settlements, mortgage modifications, and foreclosure lawsuit defense—often work together to strengthen a homeowner’s position. Our firm represents clients in all types of foreclosure proceedings.
New York State’s One-Action Rule
Under New York law, lenders must choose between seeking a money judgment or foreclosing on the secured property. While they may later have a limited right to recover any shortfall, they cannot pursue both remedies simultaneously.
Lenders typically prefer a money judgment when the property lacks sufficient equity—such as cases where a secondary mortgage is subordinate to an under-secured first mortgage. However, foreclosure is the usual course of action when significant equity exists in the property, making it a more viable option for the lender.
Because this choice affects numerous legal rights, a strong foreclosure defense is essential to protecting homeowners and maximizing their chances of retaining their property.
There are several foreclosure solutions available, each tailored to different financial situations. These options include:
We guide and defend our clients throughout the foreclosure process, evaluating solutions based on their financial goals and the current status of foreclosure proceedings. To determine the best course of action, we consider:
Foreclosure Solutions We Offer
1. Negotiated Mortgage Modification Agreement
Before or during foreclosure, homeowners can renegotiate loan terms to make payments more manageable. A modification may include:
Although a successful modification can stop foreclosure, lenders are not obligated to agree, so legal action may be necessary alongside negotiation.
2. Litigated Foreclosure Defense
Once a homeowner is served with a Summons and Complaint, they have 20 to 30 days to file a response. Foreclosure defense involves:
Litigation aims to identify legal flaws in the foreclosure process, buy time, and increase negotiation leverage for the homeowner.
3. Chapter 13 Bankruptcy: Repayment Plan for Mortgage Arrears
Unlike a mortgage modification, Chapter 13 bankruptcy is a court-enforced repayment plan that immediately halts foreclosure through an automatic stay. Under this plan:
This is ideal for those who can afford the repayment schedule but need immediate foreclosure relief.
4. Voluntary Sale of the Property (Short Sale)
If a home is “underwater”—meaning the mortgage balance exceeds its market value—a short sale may be a solution. This process involves:
If approved, the lender accepts the lower sale price as full payment, preventing foreclosure.
5. Refinancing the Property
For homeowners with sufficient equity, refinancing or securing a reverse mortgage may help pay off arrears and avoid foreclosure.
6. Chapter 7 Bankruptcy: Debt Elimination
Homeowners struggling with foreclosure often face other financial burdens. Filing Chapter 7 bankruptcy can:
This is beneficial for those needing debt relief to free up income for future mortgage payments.
Each foreclosure solution has unique advantages, and the right approach depends on individual financial circumstances. Seeking legal guidance can help homeowners protect their rights, assets, and financial future.
The Law Office of Ronald D. Weiss, P.C. can file an application on behalf of clients in ongoing foreclosure actions, especially when a foreclosure auction is approaching. In suitable cases, this may involve filing an Emergency Order to Show Cause, an emergency Chapter 13 bankruptcy, or a Chapter 7 bankruptcy to stop the foreclosure sale. These legal actions are designed to protect the client’s rights, provide additional time, and create opportunities to resolve financial challenges or settle outstanding debt.
The majority of foreclosure cases involve residential properties where homeowners or borrowers have fallen behind on mortgage payments. These loans typically span 30 years, featuring either fixed or adjustable interest rates, depending on market conditions at the time of origination. However, not all foreclosures follow this conventional pattern, as any lienholder or secured lender with a real estate interest may initiate foreclosure.
At The Law Office of Ronald D. Weiss, P.C., we specialize in real estate law, foreclosure defense, bankruptcy law, mortgage modifications, negotiations, and estate administration. Our extensive experience enables us to assist clients facing various foreclosure situations. Below are some common alternatives to standard foreclosure cases:
Reverse Mortgage Foreclosures
Reverse mortgages allow seniors to borrow against their home’s equity without monthly payments, with repayment typically due upon their passing. While beneficial, these loans can lead to foreclosure if property taxes go unpaid or the home falls into disrepair. Additionally, foreclosure may occur after the borrower’s death if heirs cannot refinance or sell the property in time. We defend foreclosure actions on behalf of borrowers and their heirs, exploring options such as Chapter 13 bankruptcy, refinancing, or selling the home.
Business Loan Foreclosures
Small business owners often use their personal residences as collateral for business loans. If they experience financial hardship and fall behind on payments, they risk foreclosure. Unlike traditional home loans, business loans typically carry higher interest rates and stricter terms. We assist clients in defending against foreclosure by negotiating with lenders, exploring restructuring options, and ensuring all possible remedies are pursued.
Tax Lien Foreclosures
Many senior homeowners, even after paying off their mortgages, struggle with high real estate taxes. Despite NYS STAR tax relief programs, financial challenges or declining health can lead to unpaid property taxes and foreclosure. We frequently defend tax lien foreclosures and represent clients in court. In many cases, Chapter 13 bankruptcy allows homeowners to repay tax arrears over 60 months, preventing foreclosure.
Judgment Lien Foreclosures
Homeowners often carry debts beyond their mortgages. When creditors obtain a court judgment, unsecured debts can become a lien against the property. In severe cases, a court may allow foreclosure based on a judgment lien. We defend clients in court proceedings, negotiate settlements, and work to vacate unfair default judgments to protect their homes.
Condominium and Gated Community Foreclosures
Condo units and gated community homes can face foreclosure due to mortgage defaults. However, legal service issues may arise when notices are not directly delivered to homeowners. If notices are served to a doorman, security guard, or front desk, questions may be raised about the validity of the foreclosure process. We challenge improper service and defend homeowners in foreclosure actions related to condominiums and gated communities.
Home Improvement Loan Foreclosures
Predatory lenders often target seniors and low-income homeowners with high-interest home improvement loans, sometimes for substandard renovations. Failure to repay these loans can lead to foreclosure. We defend such lawsuits by challenging the loan terms, scrutinizing the quality of services provided, and negotiating settlements to prevent foreclosure.
Foreclosure Due to the Death of the Borrower
When a homeowner passes away without a will, surviving family members may struggle to claim ownership, resulting in mortgage default and foreclosure complications. Lenders must identify and serve legal heirs before proceeding with foreclosure. We assist families by managing estate administration, determining rightful ownership, and defending against foreclosure actions. If a will exists, we expedite the legal process to transfer ownership, enabling the new owner to seek loan modifications, Chapter 13 bankruptcy, or other foreclosure prevention solutions.
For families with multiple heirs, coordinating with lenders can be complex. Our firm specializes in resolving such matters through litigation, surrogate court representation, and negotiations to help preserve homeownership.
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