Real Estate Services

Foreclosure (fôr-klo’zh?r) A proceeding in which the holder of a mortgage seeks to take the home because borrower has defaulted on payments.

If you are a Long Island homeowner concerned about a foreclosure issue, you already know that your family’s home is at risk of being taken away from you. You may also know how upsetting and stressful this experience can be.

Although the definition seems to overlook these impacts of foreclosure, this office never does. If protecting your home is important to you, it is important to us. Don’t allow your home to be taken without a fight. You need a thorough foreclosure defense. Avoiding a foreclosure can also prevent additional damage to your credit score.

As a borrower, you have rights provided to you under lending laws. Our Long Island foreclosure defense attorney investigates the conditions of your home purchase to ensure your rights have not been violated. In addition to your rights, there are also significant time restrictions, which may limit your ability to defend this action.

1. Signing over your property title to another company

The claim made is that after the mortgage has been brought current, this company will re-transfer the property back over to you. Often times, however, this company claims any equity in the property and allows the property to be foreclosed. As the house is no longer in your name you will not have the ability to prevent the foreclosure process.

2. High-interest second mortgage

Other companies will offer a second mortgage where there is equity in the house. They will loan up to 70% of the available equity and can charge interest as high as 18%. These loans are offered with the expectation that the borrower will not be able to maintain the payments and will allow this second lender to take the home from you.

When facing Long Island foreclosure, you do have options available to you. However, you must avoid the pitfalls of potential scams and act quickly to have the best results in your foreclosure defense.

The Law Office of John Caravella, P.C. offers a free initial consultation to see if we may be able to defend you. Call to set up a no obligation appointment today. Contact a Long Island foreclosure defense attorney.