Foreclosure
A foreclosure occurs when your lender gets court permission
to sell your home in order to pay off your mortgage. The
process usually takes 4-9 months. It begins with the lender
filing a document called a Lis Pendens (Notice of Pendency). In
English, this means that the lender has a claim against your
home and is working to take it away from you.
If you are saddled
with debts and afraid that you might lose your home, the
experienced NY bankruptcy law firm of Michael H. Schwartz, P.C., may be able to help you escape mortgage
foreclosure.
“Bankruptcy is your best
battleground,” Mr. Schwartz says. “If you have a home threatened
with foreclosure, we can help you stop the banks.”
If you owe more than the house is worth, your best
option may be to let the house go. However, if your
house does not sell for enough to cover the amount owed
on your loan, you are
liable for the remaining balance.
A Chapter 7 case will
allow you to walk away from the house AND owe the lender
nothing.
Our firm knows how to deal with the
intricacies of mortgage foreclosure in the bankruptcy setting.
Here’s how:
- By filing for a
Chapter 13 bankruptcy -- if you
have a home that is near foreclosure – the NY
bankruptcy law firm of Michael H. Schwartz &
Associates can stop the lenders from harassing you.
This will give you a chance to pay back the payments
that were missed, usually over a course of five
years. In most cases, we can also wipe out your
credit card debt.
Filing for a Chapter 13 bankruptcy is a better
option than attempting to work things out with the
“lender.” The New York bankruptcy lawyer of Michael H. Schwartz, P.C., know that the person
calling you about your debt is probably not the actual
lender, but a servicing company interested in getting
their fees. When a person defaults, the servicing
company reacts by piling on fees and charges. If the
person is miraculously able to reinstate the entire
mortgage and able to pay it all off with one check, the
new payoff amount will still include all of the levied
fees.
“These servicing companies have no incentive to help
you save your house from foreclosure,” according to Mr.
Schwartz. “We don’t play their game because we know the
rules. They’ll run you in circles. All the while the
clock is ticking and they’re racking up more fees.”
As you probably know, when you borrow money from a
bank or any lending institution, you secure it with a
mortgage on your home. What you may not realize is that
if you borrow $100,000, you’re really paying back
$300,000 on a 30-year mortgage. The bank treats this as
a $300,000 asset and sells off the secured transaction
at its full value. The brokers on Wall Street then
create bond funds out of it and these are sold to a
hedge fund -- which may actually bet against them as a
way to make money.
Don’t believe that the “lender” will work things out
with you. Instead, when you find yourself facing
mortgage foreclosure, turn to the NY bankruptcy
attorney of Michael H. Schwartz, P.C.to
help save your home. We’ll put you in
Chapter 13 and
your credit will be no worse. In fact, it will be better
because bankruptcy is a superior alternative to
foreclosure. Bankruptcy is guaranteed to work as long as
you can resume making your monthly mortgage payment and
you can pay back the payments you missed over a
five-year period. Usually after a year of making the
payments, a homeowner can refinance with a reputable
company and get a lower interest rate.
Facing a home foreclosure? Run, don’t walk to the law
office of Michael H. Schwartz, P.C. Contact
us online today.
Michael H. Schwartz, P.C.
One Water Street
White Plains, NY 10601
Phone: (914) 997-0071
(800) 666-9743
(800) On My Side
Fax: (914) 997-0536
The preeminent Rating, achievable only after admission to the bar for at least ten years, indicating the highest level of legal ability and ethics. The pinnacle of professional excellence.
