An attorney at Jacoby & Jacoby may be able to help save your home from foreclosure. If your lender has threatened foreclosure or if you have been served a notice of foreclosure, an attorney at Jacoby & Jacoby can help. It is important to remember that you have options. By consulting an attorney at our firm, we can thoroughly review your situation and determine what can be done so losing your home isn’t your only option.

These are trying times for many homeowners throughout New York. Adjustable rate mortgages and subprime loans have left many homeowners unable to pay their mortgage, and facing foreclosure.

Jacoby & Jacoby is a New York law firm that is dedicated to helping clients who are facing overwhelming debt and foreclosure. A Chapter 13 bankruptcy may be a viable option if you are facing foreclosure, as it can immediately stop foreclosure proceedings and allow you to pursue a payment plan, where you can keep your home. A Chapter 7 bankruptcy may also be an option to explore if your home is entering foreclosure. When you file for bankruptcy before the final foreclosure deadline, the lender has no choice but to stay foreclosure proceedings until given approval by the Court to resume.

Managing Partner Richard Jacoby gives a brief overview of Chapter 7 Bankruptcy and the importance of hiring a dedicated Long Island bankruptcy lawyer to assist with your case.

Our bankruptcy lawyers are always prepared to help you, so contact our firm today! Call 631-289-4600.

A lawyer can help you save your home. By reviewing your unique situation, a Long Island bankruptcy lawyer can determine what your options are at this point. Although foreclosure proceedings may take many months, it is important to act quickly. You will have more options and will be able to make a decision that will have the best result on your financial future.

Your lender may be wiling to explore other options regarding your mortgage, rather than foreclosure. Your attorney can help you by discussing these options with the lender. Short sale, deed in lieu of foreclosure, loan modification and payment plans are all potential options which may help you avoid foreclosure and bankruptcy.

A provision in bankruptcy law called automatic stay prevents most forms of creditor collection activity, including collection calls, repossessions, foreclosures, evictions and court cases. Except in rare circumstances (discussed below), the automatic stay goes into effect the moment you file the bankruptcy case.

Because borrowers tend to hold out hope until the last minute, foreclosures often take place shortly before the scheduled auction time. In days past, it was often a race to the courthouse: the bank representative would run to the county courthouse to hold the foreclosure sale while the borrower’s attorney would dart to the federal courthouse to stand in line to file a client’s bankruptcy petition.

Today, that race isn’t so hectic. Lenders still have to be present at the courthouse to conduct a sale but the vast majority of bankruptcy petitions get filed online. Even if the auction went through, a bankruptcy filing would void any sale the bank holds as long as the debtor (bankruptcy filer) filed the bankruptcy case before the foreclosure sale took place (or in some stats, before the bank recorded the foreclosure sale deed the county land records).

Both a Chapter 7 bankruptcy and a Chapter 13 bankruptcy will trigger the automatic stay and stop foreclosure. However, filing a Chapter 7 matter will only allow temporary relief because the stay will lift after the court closes the case—usually four to six months after filing. For a more permanent fix, you’ll need to file a Chapter 13 bankruptcy.

FOR MORE INFORMATION CALL JACOBY & JACOBY AT (631) 289-4600.

Why Choose Jacoby & Jacoby?

Experienced and Qualified Representation

When you work with a New York bankruptcy lawyer at Jacoby & Jacoby, you have the benefit of our years of experience and our extensive resources, all at your disposal as you face these trying times. The stress and emotions associated with mounting debt may leave you feeling hopeless and lost. Thankfully, with the help of a lawyer at our firm, you can begin to take control of your finances and experience much needed relief.

By discussing your situation with an attorney at our firm, you can decide whether bankruptcy is right for you. You can learn what your options are. When you work with an experienced attorney at Jacoby & Jacoby, you will have the support and legal counsel of a professional who will know what to do to help. Finally, you can experience relief from creditors. You can stop worrying about losing your possessions or your home.

Contact our firm today, and learn more about the many ways that we can come to your aid. Call Jacoby & Jacoby at (631) 289-4600.

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