A clear outlook on foreclosure

Right from the time you received the order to turn over your property to the bank, you start to become anxious as to what will you do next, especially if you know in yourself that you will be fighting a losing battle. Several options come to mind, but you are confused whether any of them will prove to be the beneficial.

Below are the some of the questions you may want to ask your Long Island foreclosure defense lawyer regarding these options.

house security1. Can a person still use the house under a seizure order of the bank while the legal battle for its control is underway?

– Yes, as long as there is no final verdict for your property to be transferred to the bank who is claiming it, you can still live in the house. The bank still doesn’t have the right to kick you out of your own backyard, unless they are holding a court order to get you out of there. Also if the Long Island foreclosure defense lawyer handling your case is good enough, the proceedings can be delayed long enough for you to stay on your house for quite some time, even years.

2. Will an individual allowed to rent his or her property while there is a court proceeding ongoing to confiscate the house?

– Yes, This is one of the options people can do to avoid having the property stagnate without actually being used while the courts decide if the property could be sequestered. This is especially true if you want to maximize the value of your home while you are looking for other options to resolve the case.

3. Does filing for bankruptcy can immediately help me resolve the attempts of the bank to capture my property?

– That depends on the main reason why you file for bankruptcy. If your only goal is to fend off the bank from pressing charges on court, this method will not work. Especially because banks who file for property capture these days are cunning enough to check and doublecheck your finances before they acknowledge your claim of bankruptcy and retract the case that they filed.

On the other hand, if you are really struggling to stabilize your finances because of your ballooning debts, then filing for bankruptcy could be a way to get you out of the mess. Just remember that this option is considered as a last resort in fending off the attempts of the bank to seize your property. To be sure that you are informed about the pros and cons of this option, you can talk to your Long Island foreclosure defense attorney to guide you in finalizing your decision to declare yourself bankrupt.

4. When a property seizure order is handed out to my doorstep, when would be the deadline for my response could be filed onto the court to avoid a default loss of the case?

– The time given for your response to be filed on the courts is usually twenty (20) days. When twenty days has passed and the court doesn’t get a response from your side, they will automatically forfeit your power to defend your property and the bank may be given an easier time to process the orders that will kick you out of your property.

These questions regularly come to every citizen faced with this kind of scenario. If you still have other things to clarify, you may call your local Long Island foreclosure defense lawyers so they can answer your inquiries. Most of these individuals give their best to solve your problems without extra charges.

In Criminal Law, a property seizure is the forcible taking of property by a government law enforcement official from a person who is suspected of violating, or is known to have violated.