When Your Lender is Threatening to Take Your Home, Fight Back

When you miss payments on your mortgage you can go into default.  Your lender may then begin the foreclosure process. Normally, in NY your lender would send out an acceleration notice. demanding payment of the entire outstanding loan balance.   While this is frightening, if the homeowner can pay the missed payments, the bank may agree to reinstate the mortgage.  The homeowner would then resume making monthly payments and the bank would collect those payments as if the acceleration clause had never gone into effect.   The amount due is usually the missed payments, plus past due interest, and any legal fees, depending on whether the foreclosure procedure had begun.

Photo by Kat Jayne from Pexels

Sometimes homeowners are not in position yet to reinstate the mortgage.   Because your mortgage is a legal contract or agreement, wouldn’t it make sense to have an attorney negotiate a modification to the original agreement, so you can keep your home at more affordable terms?  The Federal Trade Commission thinks so.  The FTC believes other than you, the homeowner, the only party who should negotiate changes to your mortgage contract is an attorney licensed in the property or homeowner’s jurisdiction.  In New York state, Michael K. Karlson has represented homeowners’ interests for years.  Attorney Karlson’s experience can work for your benefit.  Contact him today at 888-800-6030 or at foreclosurefights.com and get the professional experience you need to save your home.