How Long Do I Have If I Received A Foreclosure Summons In Complaint?

Foreclosures can last for anywhere from six months to several years. Among other factors, the length of time will depend on whether or not the case is defended and fully prosecuted, how aggressive the plaintiff’s firm is and in what county it takes place.

What Should I Do If I Have Received A Foreclosure Summons In Complaint?

If you have received a summons and complaint, then a formal action has been commenced by the bank. You should contact an attorney to defend the case, because it’s really not something that an individual should handle on their own. Your home is a substantial asset which needs to be protected, and there is a lot of technical and legal information that you would need in order to have the case properly defended.

At What Point Should I Get An Attorney Involved In My Foreclosure Situation?

I think it’s best to get an attorney involved in your foreclosure as soon as you know that you are either behind or not able to keep up with the payments. The sooner that you get someone involved, the lesser arrears you will have to deal with. Some banks sit on these cases for years before filing, at which point you are three to four years behind in arrears. You should most certainly get an attorney involved once the case gets filed in court, because that requires a formal litigation and formal answer.

Should I First Work with An Attorney To Try And Get Out Of Debt Before Hiring An Attorney?

In order to deal with the debt, I think that it is best to either work with a general debt attorney like me, or with a foreclosure defense attorney. Sometimes companies promise more than what they are able to do. A lot of times they will promise the world to someone who is in debt, take money upfront and then not really be able to provide the answers, advice or services that an attorney can give. In addition, they certainly can’t appear in court for you like an attorney can.

What Is Loss Mitigation In Foreclosure Defense?

Loss mitigation in foreclosure generally means anything other than the foreclosure case going the full distance, which would result in a public foreclosure sale. Loss mitigation could be what’s called a deed in lieu of foreclosure, and it could be a settlement of the amount that’s in arrears. It could also be a repayment plan of the amount that’s in arrears. It could certainly be a modification of the mortgage which will allow you to keep the home. There is also something called Cash for Keys, whereby the bank will buy back the house from you for a nominal amount of money and allow you to stay in the home for a period of time. These are all of the things that I have experience with in foreclosure defense cases.

What Is A Consent Foreclosure?

A consent foreclosure is sometimes used with Cash for Keys cases, whereby the bank will pay you a nominal amount in exchange for your consent for foreclosure. As a result of that consent, you are sometimes offered a small amount of money and a date up to which you can stay in the house. The specific amount of money that you will receive, as well as the amount of time that you will be allowed to stay in the house will depend on the particular status of the foreclosure case and the negotiation process with the bank.

What Is The Right of Redemption?

The right of redemption generally means paying back what’s owed at any time. So, if there is a lump sum of money that’s available to a homeowner and there are 12 months in arrears and the borrower wants to redeem the property, then they could use that lump sum to pay the amount they owe and catch up with the mortgage payments. This can be done at any time prior to the foreclosure sale.

For more information on Foreclosure Defense In New York, an initial consultation is your best next step. Get the information and legal answers you’re seeking by calling (914) 230-0040 today.

Glen A. Kurtis, P.C.

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