What is Foreclosure in Mount Vernon, New York?

Find the right Foreclosure Bankruptcy attorney in Mount Vernon, NY

Foreclosure is a legal process allowing mortgage lenders to take ownership and/or possession of the debtor's real estate (which was used to secure the loan) in the event of nonpayment in Mount Vernon, New York. When a house is foreclosed, it is usually sold at auction shortly thereafter. This is because banks usually want to get rid of the property as soon as possible, even if it means losing some money, and an auction is an easy way to do this.

In every state, including New York, there is an option to go through foreclosure by a judicial sale, which is a procedure in which a court supervises the sale of the property, and makes sure that the proceeds first go the to the holder of the mortgage, then to anyone else who may have a lien on the property, and finally to the debtor if anything is left. In some states, original mortgages are treated as "non-recourse" loans, meaning that, at most, the lender can take ownership of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the debtor for the remaining balance once it sells the house. You should consult a lawyer in Mount Vernon, New York to find out if this is the case here. This usually does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in New York?

Most importantly, you must not ignore the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be honest with them. You should keep in mind that banks usually don't want to take your Mount Vernon home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will keep you from defaulting.

If you believe that foreclosure is imminent, there are some other options. For example, you might be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can get, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. There is also the option of a "short refinance," which forgives a significant portion of your mortgage debt, and refinances the rest.

How Can A Mount Vernon, New York Attorney Help?

If you think foreclosure is imminent, a good Mount Vernon, New York attorney might be your best hope for staving it off. Even if keeping the house proves impossible, a good lawyer can minimize the financial effects.

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Life in Mount Vernon

Mount Vernon, New York is a city in Westchester County, and borders The Bronx, a borough of New York City. It has a population of approximately 69,000 people, making it the 8th most populous city in New York state.

For a city of its size, Mount Vernon, New York is extremely diverse, with dozens of different ethnic groups comprising a significant percentage of the population. Owing to this, the city's motto used to be "A City That Believes," an allusion to the dozens of places of worship in the city, covering about 25 different denominations.

Of particular note is the city's Brazilian Community. It comprises more than 10% of the city's population, and is heavily concentrated in a large neighborhood which is characterized by many businesses and restaurants that cater to the community. The Brazilian community's presence in Mount Vernon can actually be felt back in their hometowns, in Brazil. Because most immigrants come to American to make more money, which they can send back to their families. This money has significantly increased the standard of living in several towns in Brazil.

The city's legal community of Mount Vernon reflects the city's diversity. Mount Vernon, New York lawyers can handle just about any case that might walk into their office. If you have a legal problem, you shouldn't hesitate to contact a Mount Vernon, New York lawyer today.

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