Experience and Practical Advise When You Need an Alternative to Foreclosure
At the Law Offices of Ardito & Ardito, LLP, we work closely with individuals who are struggling to pay their mortgages, but want to avoid foreclosure. Each of our partners has been providing professional advice with a high level of personal service to people throughout New York City and Long Island for more than a decade.
We always focus on the big picture, looking for creative solutions that meet your individual needs. Contact us to set up a free initial consultation with a lawyer.
Because of our experience, we have extensive knowledge and understanding of a number of alternatives to foreclosure, including:
- Reinstatement
- A short sale of your home
- Loan modifications
- Loss mitigation plans
- Forbearance agreements
- Bankruptcy
We will thoroughly review your situation and help you decide which options are available to you and which will provide you with the most benefit.
Reinstatement of Your Debt
When a foreclosure lawsuit is filed, a notice of lis pendens is filed with the county clerk. If you are able to bring your mortgage current, you want to make certain that the lis pendens is removed from your record and that any liens are canceled. If they are not, you won't be able to sell your house. We will work with you to ensure that all encumbrances are removed once your mortgage has been reinstated.
Short Sale
In a short sale, your mortgage lender agrees to let you sell your house for market value, even though it may be less than you owe on the mortgage. Any amount due in excess of the sale amount is then discharged. Additionally, you may not have to recognize the forgiven part as income for tax purposes.
We will act as your advocate, negotiating with your mortgage lender. We will make certain that all forms are properly completed and that your lender properly discharges any excess amounts.
Loan Modifications
Often, lenders prefer renegotiating the terms of your mortgage, rather than allowing you to participate in a short sale. This can include reducing the interest rate, extending the term of the loan, or changing the payment plan for the loan. We will work as your intermediary with your mortgage lender, negotiating new terms that allow you to meet your obligations.
Loss Mitigation Plans
Your lender may be willing to accept less than the amount in arrears and renegotiate the loan. Our attorneys will help broker an agreement that is in your best interests.
Forbearance Agreements
In many situations, you can get back on track with your mortgage if you can simply get relief from payments for a limited period of time, or if you can get a reduction in your monthly payment for a while. We will work with your bank to show them that you can make your monthly payments if they simply let you get caught up by not having to make full payments for a period of time.
Bankruptcy
From our perspective, bankruptcy is a last resort. If we see no other reasonable option to avoid foreclosure, we will refer you to a qualified bankruptcy lawyer.
For experienced and personalized counsel when you want to avoid foreclosure, contact our law offices in Brooklyn or Franklin Square to schedule a free initial consultation.
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The New York City and Long Island real estate attorneys ofthe Law Offices of Ardito & Ardito, LLP represent clients in communities such as Franklin Square, Brooklyn, Manhattan, the Bronx, Queens, Staten Island, Floral Park, Hempstead, Harlem, Washington Heights, Bed Stuy, Garden City, Park Slope, Fort Greene, Bay Ridge, Flatbush, Elmont, Valley Stream and Great Neck.Nassau County | Suffolk County | New York County | Kings County | Queens County | Bronx County | Westchester County | Richmond County | ||