I been trying to find someone to help me. Have very little cash, nearly to live. Received letter from bank lawyer stating I owe 301,000.00. Called and asked how this works the answer I received was Suffolk county is over loaded, my paper work is under many others,they don't even know who I am. However am very worried I have 3 grandchildren that am raising. My children also live here with me. What do I do?
You need to call a lawyer. I usually charge very little money for the initial part of the process. You also need to determine how much money you have to put toward housing, and whether you can or should keep this home.
These are the types of cases we frequently sue the lender on. You may be able to demonstrate fraud or other wrong doing, which could lead to a major adjustment of your mortgage.
No attorney client relationship is created by this response. Actual actions will depend upon detailed client interviews. Attorney is licensed in California.
Foreclosure takes away property from its lawful owner in order to pay back (partially or fully) a debt. If you bought a home with a mortgage (or trust deed) on it and you don't make the payments (or break other conditions of the loan), the lender may go through foreclosure to take the property away from you. Although the law of foreclosure differs in each state,"Judicial foreclosure" is used when the debt instrument is a mortgage and is more commonly used in NY.
Regardless, foreclosure haS as ITS goal an
extinguishment of all inferior liens, and a transfer of the
property to the lender who is foreclosing.
Prior to commencement of a foreclosure action the lender (secured party) will usually demand payment in full. The lender will typically base the demand upon the borrower's default of some material term in an underlying agreement, most of the time, failure to make payment in accordance with the terms and conditions of a mortgage.
What is clear is that because the law does not consent to the
taking of real or personal property lightly, it tends to be a long
process, and sometimes a cumbersome and complicated one. If it is successful, the liens on the property are extinguished and ownership is forever lost. (There are certain exceptions permitting an equity of redemption).
If the foreclosing party proceeds judicially, the debtor will
be served a summons, complaint, and notice of pendency of action,
sometimes referred to by its Latin name, lis pendens. This notice
is designed to be filed with the land records, to give a clear,
unequivocal warning to anyone who might wish to search the records,
or purchase the property, that it is the subject of a foreclosure
proceeding. If someone buys after the lis pendens is filed, they
take subject to the foreclosure -- and their likely loss of various
rights, including ownership.
Subject to the different procedures required in accordance
with the civil procedure laws of each State, there are certain
common elements with every foreclosure action.
a LAWYER MAY BE ABLE TO ASSIST YOU IN delaying the foreclosure or in resolving it -- even by modifying the mortggage,. Good luck!
There are orginzations out there that may be able to help you communicate with your lender to explore a possible loan modification or other solution. Be very weary of people asking you for a bunch of money to get you a loan modiciation. You may also wish to speak with a Chapter 13 bankruptcy attorney about whether you can structure a bankruptcy plan to bring the loan current. (Chapter 7 will not do this for you!) If you are served with a complaint, you will need to hire an attorney - and quickly. I know that's is very scary. Exercise your common sense as you speak with professionals in your area to get ideas. Good Luck!
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