Foreclosure is one of the most unwanted and fearful act that people do not expect in their lives. The big problem is that nowadays is more and more common because of the financial crisis which has had an effect all over the world.
A lot of people are or were behind their mortgage payments and they know it how bad is it. How can we stop or let’s say prevent the whole thing? It is a good question. You can prevent it if you buy your house in the moment when you have chosen it. But there are a lot of people who cannot afford such thing. So they turn to loans and try this way to own a house. The problem occurs when an unexpected event just appear like high gas price, wedding, death, divorce or even lost of the job. In such kind of situations you cannot pay your loan as you calculated so the problems appear quite quickly.
If you cannot pay you can even lose your house. But the lawyers are those people who can stop this event. They can find or advice you several options to help you in bad financial times. In New York lawyers thing that people have the right to do whatever they can not to lose their houses and not to be mislead by the mortgage lender. New York lawyers have the possibility to examine the alternatives for foreclosure, can find solutions for short sales or even loan modification. There is also a type of solution called deeds in lieu Foreclosure. This is a solution when the borrower cannot sell the house or cannot pay the mortgage.
As a solution he can send a letter to the lender and get into negotiations. It is very important that both parts have to enter in this procedure voluntary. This way of solution can offer even advantages for both parts. They have to come to an agreement. The deeds in lieu solution cannot guarantee that you do not have some extra financial costs but it is better that an exact foreclosure. Even for the lender is better, because he can save the time and money which he would spent to the repossessing of the property.
These are the best solutions in New York city for those who have such problems with the mortgage, but the advice is not to get in such situations and save some money every day.