Defending the Fort: Hiring a Foreclosure Attorney
The home is probably the most important tangible investment that a person will ever make in his life. More than just a symbol of independence, the home is testament to the fact that he can put a roof to his own head. This place will bear witness to the most important moments of his life. Mementos of different milestones are kept in this abode to serve as proof of his achievements. Most importantly, a home is where a person starts a family. A threat to the house, hence, is a threat to the family.
In the same way that not all, if any, families have a chest of gold hidden in their coffers, not all families can afford to pay for a house in full. Fortunately, there are other options that people can take when purchasing a house. One of which is getting a loan from a reputable banking institution. Banks will then check if a person has enough monthly income to pay for loan amortizations. Aside from income, the banks will check whether a person is a good creditor by looking at his credit history. Upon approval, banks will require an asset to serve as collateral for the loan.
Typically, borrowers are updated with their initial payments for the monthly amortization but sometimes due to unstable economy, rainy days come unannounced. As a result, several companies downsize, consequentially resulting to mass layoffs if only to survive. As fate would have it, some borrowers are forced out of their job, making them unable to pay their amortization dues.
Threat of Foreclosure (in Long Island, New York)
Like a thief in the night, foreclosures in New York do not necessitate sending a notice. The mortgage contract usually contains the amount of time after a payment is due, when the lending institution can start to file a case for foreclosure. The court will, however, send a subpoena asking for the borrower’s presence in court. Unless, the lending institution sent an advance notice, this is the first time the borrower is notified of a threat of foreclosure.
Long Island has seen myriads of unique foreclosure cases filed by banks and other lending institutions. What many borrowers fail to realize is that timing is essential if they still want to defend their property. The first course of action that should be taken is hiring a dependable Long island foreclosure lawyer. After receipt of subpoena, the borrower is given, at most, 20 days to respond or appear before the court. This window of opportunity must be maximized by not only compiling pertinent documents, but to initiate a dialogue with the lending institution to restructure the loan that will enable the borrower to pay his dues in terms compatible with his current income.
Failure to give a swift and aggressive defense allows the court to rule in favor of the lending institution prompting the sale of the mortgaged property.
Building a Sound Defense
Without the help of a competent Long island foreclosure lawyer, it is almost impossible to build a sound defense strategy. Most banks have the luxury of being represented by a good crop of legal minds in the country so the only way to fortify the defense is by having equally good legal experts man the fort. Their expertise makes them capable of handling the intricacies of the ensuing legal battle.
Involving a Long island foreclosure lawyer early on can spell the difference between coming out of the scuffle victorious or being crushed to pieces. There are existing alternatives to foreclosure and several channels for recourse. Only an experienced Long island foreclosure lawyer can determine which strategy can better protect the house and hence, the family.