What is Foreclosure in Niagara Falls, New York?

Find the right Foreclosure Bankruptcy attorney in Niagara Falls, 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 Niagara Falls, New York. When a house is foreclosed, it is typically sold at auction shortly thereafter. This is because banks typically 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 many states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in Niagara Falls, New York to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in New York?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be forthright with them. You should keep in mind that banks typically don't want to take your Niagara Falls 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 no deal can be worked out, or the mortgage payments have become prohibitive, you might consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders usually treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency might be forgiven. You might also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Niagara Falls, New York Attorney Help?

If you are facing the possibility of foreclosure, a good Niagara Falls, New York real estate attorney can help. At the very least, they will be able to inform you of your legal options.

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Life in Niagara Falls

Niagara Falls, New York is a city in Niagara County. It is named for the famed waterfall on the Niagara River, where the town is located. It is right across the river from the city of Niagara Falls, Ontario, Canada. Both cities are named for the falls, and form an international metropolitan area. Niagara Falls has a population of about 55,000 people.

The economy of Niagara Falls is largely driven by tourism. Also, the falls provide more than enough hydroelectric power to power the town, giving it a cheap and effectively unlimited energy source. This led to the growth of industry in the town's early days. Modernly, however, tourism (with the falls being a major attraction for visitors from around the world) is the driving force of the local economy. However, this has not been enough to create real prosperity, since the departure of heavy industry. Over the last 40 years, Niagara Falls, New York has experienced severe economic hardship. However, there have been signs of improvement in recent years, and city officials and businesses are working very hard to ensure that this forward momentum continues.

If you live in Niagara Falls, New York, and need a lawyer, chances are good that you can find one. Niagara Falls, New York lawyers are able to handle just about any case that can be thrown at them.

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