Questions About Foreclosure

What is foreclosure?

Foreclosure is legal action taken by the lender to reclaim ownership of a property in order to satisfy a homeowner’s debt. Foreclosure notices are typically served after a homeowner has defaulted on his/her mortgage loan for a period of time. When the foreclosure process is complete, the homeowner will have lost his/her property, and the deed to the property will belong to the bank or lender.

What should I do first after being served with a foreclosure notice?

If you have been served a notice of foreclosure, it is important to act quickly in contacting an experienced Long Island foreclosure defense lawyer. An attorney can protect your rights and provide you with the advice, guidance, information, and resources you need to get through this difficult time.

Is there any way I can stop foreclosure from happening?

Depending on your situation, you may be able to prevent a foreclosure from happening. An experienced foreclosure defense attorney at Jacoby & Jacoby would be more than happy to meet with you to review your situation and determine whether there are steps that can be taken to prevent your home from being foreclosed on. We can help you fight your foreclosure!

What are some alternatives to foreclosure?

There are a number of alternatives to foreclosure you can explore with the help of an attorney at Jacoby & Jacoby, such as loan modifications, short sales, deed in lieu of foreclosure, and bankruptcy.

Will foreclosure affect my credit rating?

Yes. A foreclosure will have a negative impact of your credit rating, which is why it is so important to fight your foreclosure if possible.