New York Attorneys Offering Foreclosure Alternatives
If you are facing the possibility of home foreclosure, you are not alone. In today's challenging economy, an increasing number of Hudson Valley residents are falling behind on payments and risking the loss of their homes. Fortunately, help may be available for you during this tumultuous and heart-wrenching time.
At the law offices of Michael A. Fakhoury, Esq., P.C., we understand these concerns whether you are seeking to avoid foreclosure and keep your home or are simply looking to avoid further debt. We will take the time to discuss the available options and work to guide you down the path that is best for your finances and personal well-being.
Contact our Dutchess County Foreclosure offices for understanding and proactive foreclosure representation. We offer a free consultation to discuss your options. Se habla español.
Mortgage Modification to Avoid Foreclosure
In a financial system dealing with bankruptcies, foreclosures, and evolving laws, banks and other mortgage lenders may be willing to work with homeowners to keep them solvent. Our role in this process is to protect your rights while negotiating a plan that fits your best interests.
To avoid foreclosure and a deficiency judgment, loan modification may be your best alternative. In working with your bank or whichever party owns the mortgage, our foreclosure attorneys may be able to change your mortgage plan to reduce payments and forgive late fees. Pursuing this alternative may also help you avoid having to file for bankruptcy.
Filing Bankruptcy to Avoid Foreclosure
Given your particular circumstances, filing for bankruptcy could be your most feasible option for debt relief and foreclosure avoidance. While some homeowners will not qualify for Chapter 7 bankruptcy, a Chapter 13 bankruptcy can help you to save your property. Under Chapter 13, debtors are given three to five years to "catch-up" on past debts. Filing for bankruptcy also puts a stop to any foreclosure action that is currently underway.
Simply Walking Away from It All
It is possible to walk away from your house if you choose to. This will result in a judgment against you for the amount you owe to your mortgage company. However, filing for Chapter 7 bankruptcy can eliminate the judgment, leaving you potentially debt free. It is important to consult with an experienced lawyer before taking any action that can limit your financial opportunities in the future.
Contact Our Law Offices for a Free Consultation
Contact our Dutchess County foreclosure lawyers or at 845-765-3626 to schedule a free consultation regarding your bankruptcy and foreclosure alternatives.