Binghamton Foreclosure Lawyers

Find the right Foreclosure attorney in Binghamton, NY

Foreclosure Law in New York

Foreclosure in Binghamton, 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 state, including New York, homeowners have the option to go through what is known as a foreclosure by judicial sale. Basically, 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.

Some states treat mortgages as "non-recourse loans." A non-recourse loan is one that is secured by the borrower's property, but for which the borrower is not personally liable. Basically, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.

How to Possibly Avoid Foreclosure in Binghamton, New York

It's very important that you engage in continued communication with your bank. Lenders are surprisingly willing to make accommodations if it means they still get paid something, but in order to accommodate your situation, they have to know about it.

You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they probably aren't scheming to trick you into giving up your home. This isn't out of altruism, it's due to the fact that foreclosure is almost never as lucrative for the bank in the long run than a mortgage that is paid in full over a period of years or decades, with interest accruing the whole time. For a bank, a foreclosure is simply a last resort to cut their losses.

Because banks don't particularly enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. However, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.

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 Binghamton, New York real estate attorney help?

If you are facing foreclosure in Binghamton, 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 Binghamton

Binghamton is the county seat of Broome County in the state of New York. With a population of 47,000, it is considered the cultural center of the "Greater Binghamton" area, also known as the "Triple Cities" metropolitan area. It was settled as early as 1802 and officially incorporated as a city in 1867. Currently Binghamton is known for being a city with a rich history of technological innovation. The city is the birthplace of companies like IBM, Link Simulators, and Dick's Sporting Goods. Binghamton University is also located nearby and is an important contributor to the economy and educational atmosphere of the Triple Cities area.

Residents of Binghamton enjoy the city's many urban and rural trails, which are suitable for bicycling and walking. One of the more popular urban trails is the Downtown and Northside River Walk, which winds past many of the town's main attractions. Binghamton also boasts a number of fitness and recreation facilities.

Notable Binghamton residents have included musical composer Frederick Ayres and author Liam Murphy. Binghamton has also made several appearances in many films, TV shows, and books.

Lawyers practicing in Binghamton, New York typically file their cases in either the Binghamton City Court or the Broome County Courthouse. The Binghamton Supreme Court Law Library has proven to be of great assistance for many Binghamton lawyers. Binghamton lawyers practice in a wide variety of legal fields and topics.

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