If you have been served a notice of foreclosure, do not wait to see what happens. Do not avoid the situation or ignore it, you need to act quickly and defend your legal rights. It is important to act as soon as possible as you have only a small window of time to file an answer to the foreclosure and fight to keep your home.
But keep in mind there may be other options to help you save your home. A chapter 13 bankruptcy allows you to pay back the mortgage arrears and a loan modification allows you to alter the terms of the mortgage to make the monthly payment more affordable. You may be able to work with the bank to lower your mortgage payment and interest rate and extend the time to pay back the mortgage.
We make the bank prove its case. We search for legal violations by the mortgage broker, original lender, appraiser, loan servicer, and law firm representing the bank. We make the bank or mortgage holder prove that they actually own the mortgage and note, have legal standing to file the lawsuit, and have the evidence to prove the loan was properly transferred between each of the entities that owned the mortgage at different times. We assert all affirmative defenses and counterclaims that we know of and conduct discovery to support any claims our client may have against the bank or any other entity involved in the lending process.
Generally, in New York a foreclosure could take a year or two and with the right attorney defending your case you may be able to buy more time in your home.