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Foreclosure & Loan Modification

A borrower who cannot keep up with his or her mortgage payments faces potential foreclosure which permits the lender to seize the property, evict the homeowner, and sell the home. In some cases, a lender may work with the borrower by refinancing or modifying the loan, or agreeing to a short sale. If the lender is unwilling, however, the homeowner may still be able to stop the foreclosure by filing for bankruptcy. Our experienced attorneys can advise you of all your options.

There Are Ways to Fight Foreclosure

Many clients come to our office having long struggled to pay their mortgages. Although hope springs eternal, they find their efforts rewarded with foreclosure papers. Caught between aggressive predatory banks and the prospect of homelessness, the commencement of a foreclosure action is a difficult time for our clients to see possibilities and solutions.

Fortunately there are answers when you are facing foreclosure. We can review your circumstances and identify the best outcome for you. Depending on your situation, we may advise that you pursue one of the following three strategies.

Foreclosure Defense

New York is a judicial foreclosure state meaning that your bank must file a lawsuit to finalize the foreclosure on your home. It will hire an expensive lawyer and pay handsomely to aggressively reach that end. At our firm, we believe you deserve the same zealous advocacy as the banks. After all, in many ways you have more to lose.

Banks do not always behave fairly. We will thoroughly review the foreclosure documents and check for irregularities. It is not unusual for banks to take risks on the assumption that their debtors will not consult with an attorney. For that reason, we will see if the bank took the steps required by law or opted for a shortcut.

If your lender breaches any of its obligations, we can defend you in court against the foreclosure.

Our office has a reputation with the banks for aggressively litigating foreclosure cases. With Sorid Law Firm on your side, your lender may become more likely to drop the idea of litigation and work with us to help you keep your home. But if negotiation is not possible, we are also ready to present a well thought-out case and make the best effort possible to successfully defend you against the foreclosure action.

Loan Modification

While fighting your foreclosure, we will likely also try to arrange for a loan modification. This is a negotiation process where the terms of your loan are changed to better reflect your current financial circumstances. Families face lay-offs, new jobs with decreased pay, or must subsist on one income instead of two after a disability. These are just a few of the scenarios where a loan modification may prove helpful.

However, banks will rarely negotiate with borrowers directly so hiring an attorney to open this dialogue is essential to securing a loan agreement that works better with your finances.

Short Sale

Not all people want to keep their homes. If you are not employed, for example, it may be impossible to work out a loan modification. Parties to a divorce may want to move on and that often means selling the family home.

However, if you owe more than your home is worth, you could find yourself liable for a deficiency judgment even after you no longer own the home. A deficiency judgment is the difference between the amount owed on the mortgage at the time of sale and the price for which your home sold. The same can happen if your home forecloses and the sale price at auction does not cover the loan. In these scenarios, we can negotiate a short sale with the bank where they forgive the difference between the sale price and the loan. This way, you can move forward without worrying about carrying a debt on your former home.

Contact Sorid Law Firm today and we can help you find the best option for your difficult situation in the Long Island, Brooklyn, Queens and surrounding area. You can reach us at (516) 223-8000.

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358 RXR Plaza, Uniondale, NY 11556
| Phone: (516) 223-8000

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