Q. I cannot afford my mortgage. How do I avoid foreclosure?

A. Your best first step is to contact an experienced New York foreclosure defense attorney, like Michael H. Schwartz. We can advise you of your options and develop a strong foreclosure defense for you. Among potential options are:

• Loan modification, in which you and the bank agree to a change in terms of the mortgage, which allows you to catch up and remain current with payments.
• Mediation is available in New York after you are sued in foreclosure and is required before the bank can take any further action on the foreclosure proceeding. In mediation, a neutral third party who is trained as a mediator facilitates discussions as you and the lender negotiate terms for paying your mortgage. An experienced foreclosure defense attorney should represent and advise you during meditation.
• Bankruptcy halts the foreclosure process, giving you time to find a solution to your financial troubles. Bankruptcy also allows you to address other debt, such as credit card balances and car loans. A bankruptcy case may allow you to modify the mortgage, reduce the interest rate, extend the payment terms, forbear the arrears, reduce the amount owed, simply repay the arrears over a five-year period or let you walk away from an unwanted home and be debt free with no tax consequences.

New York bankruptcy and foreclosure defense attorney Michael H. Schwartz can assist and advise you in absolute confidence if you are behind on mortgage payments and face foreclosure proceedings. Mr. Schwartz has helped thousands of New Yorkers facing financial problems like yours keep their homes and preserve their future financial well-being.