Foreclosure Questionnaire: Brooklyn and Staten Island foreclosure issues

Below is a questionnaire based on foreclosure cases that I have dealt with over the past couple of years. Some of these stories may sound familiar to you and may be similar to a situation you are dealing with now. Each question below has a "correct answer" or at least a better answer; however, the results of this survey are not to be construed as legal advice, nor should the most popular answer be considered the best answer.

If you have a question about your situation or would like to know the best answer for the questions below, send me an email at nmoccia@nicholasmoccialaw.com or leave a comment below.

Your neighbor discovers his primary residence was sold at a foreclosure auction yesterday. He worries that the bank will change the locks and throw his furniture out on the lawn.

Your parents are snowbirds--they spend half the year in NY, and half the year in FL. Their house is in foreclosure, but was not sold at auction yet. Your parents heard from a friend at BINGO that foreclosures in NY take "forever" and not to worry.

Your daughter has $50,000.00 in credit card debt. The credit card company is willing to settle with her and accept $10,000.00 in full satisfaction of the debt. The credit card company suggests that she pay them instead of her mortgage. She will have to miss two mortgage payments to make the deal work. The credit card company tells her this is the best deal she's going to get.

You apply to your bank for a loan modification, but you are denied because you are current in your payments. The bank recommends that you intentionally default on your loan in order to get accepted for a loan modification.

Foreclosure law is a specialized practice area that should be entrusted to a professional who handles foreclosure cases on a daily basis. This is not a do-it-yourself type project as perhaps a small claims case might be.

I have successfully litigated and settled foreclosure matters in Manhattan, Brooklyn, Queens, Bronx and Staten Island. Your exit strategy may include the following:

1. loan modification
2. short sale
3. deed-in-lieu of foreclosure
4. dismissal of the case
5. buy time

All of these exit foreclosure exit strategies may be available; however, the further along your case proceeds, the more difficult it may be to get a satisfactory settlement. The exit strategy you choose has much to do with your own personal goals. Some people want to keep their home at any cost; others want to just walk away and make a clean break.