What is Foreclosure in West Babylon, New York?

Find the right Foreclosure Bankruptcy attorney in West Babylon, NY

Foreclosure is a judicial procedure 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 West Babylon, 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 simple way to do this.

In all states in the U.S., including New York, there is an option to go through foreclosure via judicial sale, in which a court supervises the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that may have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In numerous 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 debtor for the balance, if the sale nets less than the amount due. You should consult an attorney in West Babylon, New York to learn the details of the law here. You should also know that this rarely applies to loans that have been refinanced.

How Can I Avoid Foreclosure in New York?

First, and most importantly, you should not dismiss the issue. Failing to respond to foreclosure calls from your lender will not make an issue go away. You should stay in touch, and be forthright with, your creditor as much as possible. It is necessary to remember that banks don't really want to own homes in West Babylon. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will allow you to keep paying them in the long run.

If you can't work anything out with your lender, or have become totally unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt may be forgiven. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.

How Can A West Babylon, New York Attorney Help?

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

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Life in West Babylon

West Babylon, New York is located in Suffolk County, New York. The beautiful city is home to close to 45,000 residents, and a very popular place to visit on the East Coast. West Babylon is situated on eight square miles. The city of West Babylon has some famous faces that once called it home, including: Geraldo Rivera and Dan Deacon.

One of the more notable aspects of this city is the West Babylon School District. Comprised of five elementary schools, one middle school, and one high school the district has been the recipient of the Healthiest School in America award. With the stress on education and health it is no wonder that West Babylon has a thriving professional community, and a very active city. From golf courses to running trails to camping excursions, the city has a lot to offer both residents and tourists alike.

West Babylon lawyers are some of the best in the business, specializing in a range of issues to help serve their client. In addition to great lawyers, West Babylon also has fantastic doctors, accountants, and businessman. West Babylon is one well-rounded city!

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