Telephone: 631-474-0900
Fax: 631-474-2930
Email: croston@optonline.net

Michael J. Croston
Attorney At Law
18 Crescent Drive
Port Jeff Station, NY 11776

Q. What is foreclosure?
A. Foreclosure is the process whereby the bank can take back your house because of the failure to make payments as required under the note that you signed at the closing.
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Q. What are can I do when facing foreclosure?
A. The options that a person has when facing foreclosure are as follows:

1. Loan Modification: This is a process whereby you attempt to change the underlying terms of your loan. It may change your amount that you pay monthly and the length of the loan. In most instances, the underlying mortgage amount due does not change.

2. Short Sale: This is where an attempt is made to settle your account with your mortgage holder for less than the amount that you owe by having them accept as full payment for your loan, all the proceeds from the sale of your house, after expenses (broker, title, legal).

3. Deed in lieu of foreclosure: This is where the bank and you would agree to deed the house back in full settlement of your loan instead of a foreclosure.

4. Foreclosure defense: This is where you exercise you legal right to defend the foreclosure lawsuit by making sure that they comply with all required rules and regulations under New York State law.

5. Bankruptcy: This is where one can file for protection under the Federal Bankruptcy Code by filing either a Chapter 7 or 13 bankruptcy. This can forestall the process and in some instances workout an acceptable payment plan.
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Q. Which one is best?
A. There is no easy or best answer when facing foreclosure. However one should always consult with a qualified attorney before proceeding to do any of the above.
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Q. What is the cost for a consultation on a foreclosure matter?
A. At the law office of Michael J. Croston, everyone is entitled to a FREE CONSULTATION. At this meeting we can review all options to see which works best for you. I would ask you to bring in any and all documents that you have pertaining to your existing mortgage including recent statements, any documents from when you purchased, and any correspondences from the bank to you. If you have any questions, please feel free to call me at 631-474-0900 or email me at croston@optonline.net.
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