If you are facing a mortgage foreclosure action in Buffalo, Rochester or anywhere in Western New York, we can assist you in a number of ways:
1. We can file an answer to the foreclosure action. There is almost always a defense available. For example, if your mortgage was assigned or transferred, it is possible that the original paperwork was lost. This may not permanently postpone the foreclosure action, but you are entitled to view the original promissory note if it is available. Even if we cannot assert a true legal defense, the court does have the power to grant “equitable relief” such as a temporary delay in the foreclosure process. The filing of an answer will slow down the foreclosure action by a few months (sometimes longer).
2. We can represent you at the mandatory settlement conference. Every homeowner is now entitled to a settlement conference with a representative from the mortgage lender. This is an opportunity to discuss repayment options that may be available, including loan modifications. It is important that you have competent legal representation at this conference because it is likely the single best chance you will have to come up with a with an affordable repayment plan. Our newest staff attorney, Joe DeMarco, actually worked for a foreclosure law firm before joining our office and has siginficant experience in the loan modification and loss mitigation process.
3. We can file a chapter 13 bankruptcy to help you get caught up on the mortgage. If you do not meet the criteria for a loan modification, you can most likely file a chapter 13 bankruptcy to deal with the back mortgage payments. In chapter 13, you will get up to five years to get caught up the mortgage. Chapter 13 will also help you get elminate or consolidate most other debt. This is extremely important to make sure that you are able to stay current on the mortgage in the future. For more information about chapter 13, please download a copy of our bankruptcy guide here