If you don’t want to succumb to panic, you need to be ready if ever a foreclosure order arrives on your doorstep. Aside from hiring a Long Island foreclosure defense lawyer to fend off the attempt to take away your property, there are also several other things you are allowed to do as long as the legal battle is not over yet. Here are some noteworthy examples:
Offer the property for rental – one of the options that can help with the financial struggle of battling for your property is to find someone willing to rent it, especially if you are not using it as your home while the trial is still in progress. Before you try to benefit from this income-generating strategy though, it would be best to discuss things with your lawyer. After all, there might be very specific clauses in your case that legally prevent you from engaging in such endeavors.
- Answer to the foreclosure order the soonest possible time you can – obviously, it should be your utmost priority to handle the legal dilemma. That means upon hiring a Long Island foreclosure defense lawyer, you need to discuss the contents of the order. Aside from that, you’ll have to come up with a good response within twenty calendar days. If that period has passed and you have not made any sort of reply to the order, your right to defend your property in court will essentially vanish and the bank can get what they want faster.
- Use the property yourself – it is actually practical to live in the property while the court proceedings take place, or while you’re waiting for the final verdict regarding the order to seize your property. Until the court declares that the claim is valid, the bank cannot prevent you from using the property personally. In addition to this, even if you’ve got a good Long Island foreclosure defense attorney on your side, who knows how long the case will take? While having your legal troubles end favorably is the ideal outcome, there’s always the possibility that you will end up without a home. If your lawyer sees that your chances of winning is quite slim, he could still prolong the proceedings while you stay in your property; that way, you’ll have the opportunity to plan where you’ll move if ever you lose in court.
- File for bankruptcy – this is considered a high-risk strategy that may yield an easy resolution given case you are currently facing. However, you need to be extra careful when you declare that you are under heavy financial constrains due to the fact that most banks do not believe someone who immediately claims he or she is bankrupt after receiving a foreclosure order. Seek guidance from your Long Island foreclosure defense lawyer on the steps that you need to follow in playing out the role of someone who doesn’t have any money at all. Remember, filing bankruptcy is an advisable option if you have a lot of debts or if a business establishment you own is in shambles financially and keeping it up and running considerably hinders your ability to settle your home mortgage fees.
As you should have realized from reading this brief article, you shouldn’t merely hire a lawyer if ever you receive a foreclosure order. You need to play an active role in resolving your legal dilemma – in some cases, you might even have to try rather unorthodox solutions and strategies for the sake of increasing your chances of winning in court (or at least surviving the fallout of losing your legal battle).