White Plains Foreclosure Lawyers

Find the right Foreclosure attorney in White Plains, NY

Foreclosure Law in New York

Foreclosure in White Plains, New York is a process that permits 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.

If an ordinary consumer faces foreclosure, it typically involves a home that was purchased with a mortgage from a bank. The bank will typically try to sell the house at a public option, with the hope of at least covering the remaining debt, to avoid taking a large loss.

In every state, including New York, homeowners have the option to go through what is known as a foreclosure by judicial sale. Essentially, this means a court will oversee the sale of the house to ensure that the bank makes reasonable efforts to sell it for as high a price as possible (to help avoid a deficiency that the borrower may have to pay), and to ensure that any money which might be left over from the sale (after the balance on the mortgage is paid) goes to the borrower.

In many states, mortgages fall into a category of loans identified as "non-recourse loans." This means that, if the house is sold by the lender, the entire debt is eliminated, even if the sale price was less than the remaining balance on the loan. While the loss of one's home can be personally devastating, treating a mortgage as a non-recourse loan at least means that the homeowner will be more or less free to move on with their life once the property is foreclosed and sold.

How to Possibly Avoid Foreclosure in White Plains, New York

To prevent foreclosure, communicating with your lender is key. Let's face it - if you're in a case where foreclosure looks like a possibility, your life is not going to be easy for some time. While it's challenging to step up and acknowledge unpleasant facts, doing so will make your life much easier in the long run. If your lender is aware of your situation, it's far more likely that you'll be able to work something out with them.

You should remember that the bank doesn't really want your house. They approved a mortgage hoping to make a profit from interest, and that's what they'd much rather do. They aren't in the business of buying and managing real estate. Therefore, banks will sometimes go to surprising lengths to accommodate your financial hardship, especially if it's temporary.

If you face sudden expenses, such as medical bills or a lawsuit, which put a serious but relatively short-term strain on your finances, you should notify your lender instantly. You might find that they are willing to accept lower payments, if this will keep you from defaulting.

Lastly, there is the "short sale." Typically 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 choice. 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 White Plains, New York real estate attorney help?

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

Talk to a Real Estate Law Attorney now!

Life in White Plains

White Plains is located in Westchester County, New York. It is an affluent county that is home to around one million people. It is just north of New York City. Surrounding areas include the Hudson River, Harrison, Long Island Sound, Scarsdale, and Greenburgh. Per the 2010 census, White Plains itself has a population of 56,853 people.

Top employers include the Starwood Hotels, ITT, Bunge, Combe, Alliance Bernstein, Dannon, Krasdale Foods, Nine West, Vimeo, Acadia Realty Trust, AboveNet, Heineken, and Nokia. Naturally, to support all these corporations, White Plains is home to excellent and qualified attorneys who are there to serve the legal needs of residents and businesses.

Popular sites include the White Plains Armory, the Percy Grainger Home, and the Jacob Purdy House.

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