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The Foreclosure defense information on this page is provided by New York Commercial Litigation Lawyer, Marc A. Rapaport. Mr. Rapaport has more than twenty years of experience handling commercial, real estate, and employment disputes in New York State and Federal Court.

 FAQ

 Foreclosure Defense Information: Responding to a Foreclosure Summons
 

We provide you with easy-to-use foreclosure
defense kits to protect your family and
save your home!

Why is it helpful for a homeowner to request a "workout" or modification of an existing mortgage?

When is it advisable to request a pre-sale ("short sale") of my home for less than the amount owed?

What if I am unable to sell my home?

What is does it mean to ask for a forbearance?

The Importance of Answering a Foreclosure Complaint

Why is it helpful for a homeowner to request a "workout" or modification of an existing mortgage?

Lenders are increasingly responsive to requests by homeowners for modification of mortgages. The lender can modify your mortgage to extend the length of your loan or take other steps to reduce your monthly payments. One solution is to add the past-due amount into your existing loan, financing it over a long term. Depending on your situation, your lender may be willing to lower your interest rate, lower your monthly payment, or enter into a repayment agreement for missed payments. Because foreclosures involve enormous costs and losses for lenders, lenders are frequently willing to enter into arrangements that will enable you to save your home. Our Workout Request Letter is available for immediate download in MS Word format.

When is it advisable to request a pre-sale ("short sale") of my home for less than the amount owed?

If catching up on your payments is not realistic, your lender might agree to put a foreclosure on hold to give you some time to sell your home. Your lender may allow you to sell your home for less than the amount of your mortgage. A lender is not required to agree to a short sale. However, because so many homeowners owe their lenders more than the value of the properties, short sales have exploded during the past year.

What if I am unable to sell my home?

If your property cannot be sold, a lender may permit you to "give back" your property in exchange for forgiving your debt. This is frequently described as a "deed in lieu of foreclosure." This option may not be available to you if there are multiple liens (HELOC, second mortgage) on your home. In addition, this will negatively affect your credit record, although probably not severely as a foreclosure.

What is does it mean to ask for a forbearance?

Forbearance allows you to delay payments for a short period, with the understanding that at the end of the forbearance period, another option will be used to make your account current. Our Workout Request Letter includes a forbearance request.

Why should I file an Answer to my lender's foreclosure complaint?

Homeowners are often surprised that even when circumstances seem hopeless, they are able to successfully prevent lenders from obtaining judgments of foreclosure. Frequently, lenders are unable to find the appropriate documentation that is legally required for them to obtain a judgment of foreclosure. Lenders must produce original documents and records, including the promissory note, disclosure statements, all documents involved in the loan and settlement, as well as all records involving payments, posting of payments, and calculation of credits, interest, finance charges, and late fees. Often there are errors. Because of the multiple sales of the debt instrument, these documents are frequently unavailable. By downloading an Answer, you can put pressure on the lender and, quite possibly, save your home. Hundreds of thousands families who are behind on their mortgage can avoid foreclosure simply by filing an Answer with the Court. Our inexpensive Answer to Foreclosure Complaint forms are: (a) easy-to-use; (b) written in plain English; and (c) available for immediate download.


   

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