Unfortunately, people often find themselves in unstable financial situations and they can no longer pay the mortgage on their house. You might get a notice of intent to foreclose, meaning that you have missed enough payments that you can no longer own your house and have to give up the title. The first step when you have been served with a notice of intent to foreclose is to contact an attorney immediately. They will take a look at all of your finances and determine whether or not you can take control of the situation and find a way to keep the title of your home. The longer you wait to contact an attorney, the worse your situation may end up. In a difficult legal or financial situation, it is always in your best interest to act as soon as you can so the issue does not worsen to the point where you can no longer salvage it.
When you can no longer afford to keep your home, it will go into foreclosure. Your home will be auctioned off in something known as a sheriff sale. Whoever buys your home during this sale will actually have to pay the remaining balance left on the mortgage in full. Most people cannot accept this responsibility and the bank generally will end up having to buy back the house themselves.
The law office of Weinstein, Chase, Messinger & Peters serves Brooklyn and the greater New York area with effective legal services regarding personal injury, medical malpractice, real estate and estate planning. If you need our help, contact Weinstein Chase, Messinger & Peters for you free initial consultation.