Foreclosure Frequently Asked Questions
- What is foreclosure?
- What are some of the options that the law office of Michael J. Croston, Esq. can offer a homeowner who is in or facing foreclosure?
- Which one is best?
- What is the cost for a consultation on a foreclosure matter?
Foreclosure is the legal process whereby a mortgage lender sues a homeowner to compel them to sell their property. The law allows this when a mortgage lender has not been paid as required by a promissory note that was executed at a closing.
What are some of the options that the law office of Michael J. Croston, Esq. can offer a homeowner who is in or facing foreclosure?
Some of the options that a person has when facing foreclosure are as follows:
- 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 on your mortgage by having them accept as full payment for your loan, all the proceeds from the sale of your house, after customary expenses (broker, title and legal fees).
- 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.
- Foreclosure defense: This is where you exercise you legal right to defend the foreclosure lawsuit by making sure that the mortgage lender proves their case and complies with all required rules and regulations under New York State law.
There is no easy or best answer when facing foreclosure. The best advice is to consult with an attorney to review your specific situation, as each one is unique
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 that 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 all bank correspondence and/or legal notices or papers with which you were served. If you have any questions, please feel free to call me at 631-474-0900.