New Hyde Park Foreclosure Defense Lawyer
If you are facing foreclosure, you are not alone. In 2019, one in every 2.713 homes in New York was in foreclosure. As likely the most significant financial investment in your life, the equity in your home is an invaluable asset. Furthermore, owning your own home is part of the American Dream and a place that has more than just financial value to you and your family. Losing it is an economic, emotional, and psychological loss.
The good news is that you have options. At John Lehr, P.C., we can help you understand your rights and explore your options for avoiding foreclosure. Our firm has assisted thousands of clients in New Hyde Park, Nassau County, Queens, Brooklyn, Long Island, and the Tri-State area in skilled foreclosure defense strategies.
Arrange for a free initial consultation with our New Hyde Park foreclosure defense attorney to discuss your options. You can reach us online or at (516) 550-5467.
Foreclosure in New York
Our clients face foreclosure for a variety of reasons. Some have lost their jobs, while others have experienced a sudden illness or divorce. No matter why you face the kind of excessive debt that threatens to take away your home, our seasoned foreclosure defense lawyer can analyze your situation to decide on the most effective strategy to intervene on your behalf.
How to Avoid Foreclosure
Several ways to avoid foreclosure in New York are available. The best option for you will depend on your unique circumstances. At John Lehr, P.C., we can help you explore your options and determine your best course of action.
Some of the most common ways to avoid foreclosure in New York include:
Reinstatement: This involves paying the entire amount owed, including any late fees and penalties, to bring the mortgage current. This is the best option if you can pay the whole amount owed.
Forbearance: This involves your lender temporarily reducing or suspending your mortgage payments. This is a good option if you are experiencing temporary financial hardship, such as a job loss or a medical emergency.
Loan modification: This involves permanently modifying the terms of your mortgage through your lender to make the payments more affordable. This is a good option if you are experiencing a long-term financial hardship, such as a permanent reduction in income.
Refinancing: This involves replacing your current mortgage with a new one with more favorable terms. This is a good option if you have a good credit score and enough equity in your home to qualify for a new mortgage.
Selling the property: This involves selling the property to pay off the mortgage. This is a good option if you have enough equity in your home to pay off the mortgage and cover the costs of selling the property.
Deed in lieu of foreclosure: This involves voluntarily transferring the property to the lender to satisfy the debt. This option is good if you cannot sell the property or refinance the mortgage.
Bankruptcy: This involves filing for bankruptcy to obtain an automatic stay, which will temporarily stop the foreclosure process. This is a good option if you are facing foreclosure and need more time to explore your options.
Bankruptcy Options for Stopping Foreclosure
If you are facing foreclosure, you may be able to stop the foreclosure process by filing for bankruptcy. When you file for bankruptcy, an automatic stay goes into effect, prohibiting your creditors from taking any collection actions against you, including foreclosing your home. This means the foreclosure process will temporarily stop, giving you time to devise a plan.
Two main types of bankruptcy can help you stop foreclosure:
Chapter 7 bankruptcy: This is also known as “liquidation” bankruptcy. When you file for Chapter 7 bankruptcy, a bankruptcy trustee is appointed to liquidate your nonexempt assets and use the proceeds to pay off your debts.
However, most of your assets, including your home, will be exempt, so you will not lose your home. Chapter 7 bankruptcy can help you eliminate unsecured debts, such as credit card and medical debt, so you can use your income to pay your mortgage.
Chapter 13 bankruptcy: This is also known as “reorganization” bankruptcy. When you file for Chapter 13 bankruptcy, you will propose a repayment plan to repay your debts over three to five years. The repayment plan will be based on your income and expenses to make it affordable for you.
Chapter 13 bankruptcy can help you catch up on your missed mortgage payments and avoid foreclosure. It can also help you eliminate unsecured debts, such as credit card and medical debt, so you can use your income to pay your mortgage.
If you are facing foreclosure, you may be able to defend against foreclosure by challenging the foreclosure in court. Several defenses to foreclosure may be used, and the best defense will depend on your unique circumstances.
At John Lehr, P. C., we can help you understand your rights and explore your options for avoiding or challenging foreclosure with the best plan that meets your needs.
Contact John Lehr, P.C. at (516) 550-5467 to get started today.
I retained John Lehr as co-counsel in connection with a Chapter 11 bankruptcy proceeding. He is a very competent and capable attorney.- William Cortellessa
I thank God for someone like John. He is an amazing attorney. I had a judgment against me and he gave me a free consultation. He told me exactly what I needed to do. A lot of great advice.- Mike
I'm advising you if anybody going through a bad situation in bankruptcy please consult him cause we can only thank him from the bottom of our hearts.- Bobby
I would call John Lehr at least 5 times a day. He was patient, and very professional in handling my inquiries with ease and clarity. He gave me such peace of mind through my turbulent time. I have referred him to many people because I feel he is such a strong, caring, and professional lawyer.- Mike
Mr. Lehr was punctual and professional. He exceeded all expectations and met all the deadlines I had requested of him. He was able to explain the steps that would be taken in a clear and concise manner that was easily understandable. I would hire again.- Eric
He was extremely professional and promptly responded to all of our concerns. My wife and I are eternally grateful for his service and I hereby recommend Mr. Lehr without reservation.- John
I consulted with John on a complex matter, and he took the time to review the entire docket, asked very relevant questions to indicate he had a good grasp on the case, and gave me very practical solutions on dealing with the matter.- Neil
I was very pleased with Attorney John Lehr’s professionalism, courteousy, and how organized and fast he worked on my case.- John