Mount Vernon Foreclosure Lawyers

Find the right Foreclosure attorney in Mount Vernon, NY

Foreclosure Law in New York

Foreclosure in Mount Vernon, New York is a process that allows a lender to take possession of the property that was used to secure their loan, in the event that the borrower fails to repay it.

When individuals are facing foreclosure, it usually involves a house. The bank will take the house with the intent of selling it at an auction, hoping to cover whatever's left on the mortgage, giving them at least a chance to break even on the loan.

In every U.S. state, including New York, a borrower has a right to a judicial sale of their foreclosed property. A judicial sale is simply an auction overseen by a court. The purpose of this is to make sure that the lender takes reasonable steps to sell the home for the highest possible price, and to ensure that the homeowner has an opportunity to bid on the house, if he or she is able. It is in everybody's interest for the bank to get the highest price possible for the house, even the borrower's. If the house fetches a higher price than what's left on the mortgage, the buyer can keep what's leftover. On the other hand, if it fetches less, the buyer might have to pay the deficiency.

In some states, original mortgages are known as "non-recourse" loans, making the above problem a non-issue. This basically means that once the mortgaged property is sold by the lender, the debt is discharged, even if the sale nets less than the remaining balance on the mortgage. The borrower will simply have to write this off as a loss. However, this usually does not apply to refinanced or second mortgages.

How to Possibly Avoid Foreclosure in Mount Vernon, New York

First and foremost, you need to communicate with your lender, and not ignore the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be honest with your lender, and stay in touch with them as much as possible.

Throughout all this, you should remember one thing: the bank doesn't really want your house. After all, banks aren't real estate speculators, they're primarily money lenders. They stand to make a great deal of money if you are able to make your mortgage payments until it's paid off. They're likely to make much less if they're forced to sell your house.

If you experience a sudden change in your financial situation, your lender, in an effort to prevent you from defaulting, might be willing to accept lower monthly payments, at least temporarily.

Finally, there is the "short sale." Usually considered a last resort, a short sale results in the borrower losing their home, but discharges almost all of their remaining mortgage debt. If the house is worth far less than the balance of the mortgage, this might be a good option. In New York, when a house is sold in a short sale, the proceeds go to the lender. If it sells for less than the mortgage balance, whatever's leftover is forgiven. If it sells for more, the surplus goes to the homeowner.

Can a Mount Vernon, New York real estate attorney help?

If you are facing foreclosure in Mount Vernon, New York, and want to do everything practicable to save your house, the assistance of a good real estate lawyer might prove invaluable.

Talk to a Real Estate Law Attorney now!

Life in Mount Vernon

Mount Vernon, New York is a city in Westchester County, and borders The Bronx, a borough of New York City. It has a population of approximately 69,000 people, making it the 8th most populous city in New York state.

For a city of its size, Mount Vernon, New York is extremely diverse, with dozens of different ethnic groups comprising a significant percentage of the population. Owing to this, the city's motto used to be "A City That Believes," an allusion to the dozens of places of worship in the city, covering about 25 different denominations.

Of particular note is the city's Brazilian Community. It comprises more than 10% of the city's population, and is heavily concentrated in a large neighborhood which is characterized by many businesses and restaurants that cater to the community. The Brazilian community's presence in Mount Vernon can actually be felt back in their hometowns, in Brazil. Because most immigrants come to American to make more money, which they can send back to their families. This money has significantly increased the standard of living in several towns in Brazil.

The city's legal community of Mount Vernon reflects the city's diversity. Mount Vernon, New York lawyers can handle just about any case that might walk into their office. If you have a legal problem, you shouldn't hesitate to contact a Mount Vernon, New York lawyer today.

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