Bankruptcy offers relief for individuals and businesses facing overwhelming financial challenges, such as those resulting from the 2020 pandemic, job loss, or excessive debt due to reasons like divorce or medical bills. It provides protection from creditors’ collection actions, including wage garnishments and lawsuits like foreclosures. Seeking advice from an experienced bankruptcy attorney early on is crucial to navigating the process effectively and determining if bankruptcy is the right solution for your circumstances.

When faced with Foreclosure Defense needs, ignoring the issue hoping for delay is detrimental. Immediate action is crucial.

In recent years, many New York homeowners fell behind on mortgage payments due to various reasons like illness or job loss. This often prompts lenders to initiate legal action, leading to homeowners receiving court summonses indicating foreclosure intentions.

A loan modification presents an early and viable solution to circumvent foreclosure, empowering property owners to retain their home or other assets. Unlike a refinance, which involves paying off the existing mortgage with a new one, a loan modification entails altering the terms of the loan agreement. This adjustment enables borrowers to address payment challenges before they escalate, thereby averting potential financial crises.

During the probate of a will, the judge’s role is to verify that the will was executed correctly by the individual and witnesses, that the individual was of sound mind when signing the will, and that no undue influence was exerted in its creation. In a probate case, the executor named in the will submits a petition to the Surrogate’s Court, accompanied by the original will. This petition typically includes the date of death, beneficiaries named in the will, potential heirs-at-law if the will is deemed invalid, and an estimation of the estate’s value. All interested parties, including beneficiaries and potential heirs-at-law, are informed about the probate process.

As an alternative to foreclosure, a short sale arises when a financially distressed homeowner sells their property for less than the outstanding mortgage balance. This arrangement necessitates lender approval to accept less than the owed amount, resulting in forgiveness of the remaining balance and release of the lien against the home, often absolving the borrower from further liability on the loan.

Whether prompted by a potential buyer or advice from a real estate agent, initiating a short sale mandates seeking reputable legal counsel. This ensures a clear understanding of the process and safeguards your interests by ensuring proper handling of the transaction.