- Real Estate
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- Personal Injury
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Foreclosure Plaintiff / Lender Representation
Both individuals and businesses often offer loans incident to the sale of their real estate to a purchaser in consideration of a future stream of income. This loan is called a purchase money mortgage and offers comparable enforcement mechanisms to a traditional mortgage loan. Except, unlike a bank, you are not in the business of servicing loans and require tailored counsel to make your business decisions in weighing whether you should pursue a default in Court or negotiate a settlement. You tried to help the buyer and now they are neglecting their responsibilities. Lieb Attorneys will fight for your rights on either the underlying promissory note or in obtaining an Order of Reference and Judgment of Foreclosure to conduct a foreclosure auction.
Foreclosure Defense / Borrower Representation
Lieb Attorneys know the Courts, the applicable statutes and your situation. Our team has lectured attorneys, brokers and real estate professionals throughout the State on the foreclosure process, the Making Home Affordable Program, the Real Property Actions and Proceedings Law (RPAPL), Robosigning, Mortgage Electronic Registration System (MERS), and much more.
Lieb Attorneys will help determine a case strategy which may include a Bankruptcy petition filing. As a result of your filing you will receive an automatic stay that will delay any scheduled foreclosure auction and give you time to plan your exit.
To be clear, if you just defaulted, you will not wake up tomorrow morning with your possessions on your front lawn. If you act quickly you may be able to retain your home with a lower monthly mortgage payment. Lieb Attorneys are intimately familiar with the Making Home Affordable Program and its offerings to protect you in this difficult time. The key to foreclosure defense is to go on the offensive and to force the banks to prove that they have followed all of the rules in bringing their action. If you work smart, you can prevent a deficiency judgment, which can otherwise follow you around for the next twenty (20) years of your life.
Protect your credit and get a jump start on purchasing a new house. This foreclosure workout / settlement option occurs where a bank accepts less than it’s owed in full satisfaction of your outstanding indebtedness. Lieb Attorneys work with your real estate agent to convince the bank that they should accept the offer on your home. We know the workings of Equator and have lectured on the Home Affordability Foreclosure Alternatives Program (HAFA).
When you face a temporary hardship, the Lieb team will negotiate with your mortgage servicer (bank) to postpone the foreclosure under an agreement that lets you get back on your feet.
Sometimes you had enough and want to gracefully exit the foreclosure nightmare without an auction. In this option, the Lieb team can help negotiate with your lender to have the deficiency judgment waived and let you move on with your life.
The hallmark solution for foreclosures, a modification may be available where your mortgage payments are reduced to achieve a thirty-one (31%) percent front-end debt-to-income ratio and you can keep your home.
New York State requires judicial foreclosure. If you receive a document that states Help For Homeowners in Foreclosure; Summons or Complaint (RESPA, TILA, FHA, DPA and FDCA).
Lieb at Law, P.C. only offers workout / modification services incident to the foreclosure process and our role as New York State Licensed Attorneys and Counselors at Law in the Courts of the State of New York. No services are offered as a Distressed Property Consultant pursuant to NY RPL §265-b.