Navigating the closing process on a home, going through a foreclosure, or modifying a home loan can all be challenging. There are many more steps to these processes than you might have realized as you try to “steer the ship” on these issues alone.
But you don’t have to. If you are looking for an attorney for real estate advice in New York, we can help.
Long Island Residential Real Estate Closings
Where do you stand to benefit from Long Island residential real estate closings?
Our Long Island real estate attorney is here to help you every step of the way with your residential closing. Real estate closings are the last step involved in a real estate transaction. There are several essential parts to the closing process that you need to be aware of.
Home Inspection
A home inspection is critical before moving into your home. You will want to get a professional home inspector that can search for damage or issues in the house. They have to have a license and are subject to regulations under New York law.
If a client asks for proof of their licensure, home inspectors must provide it. If you believe they are not meeting the required regulations, you should discuss this with our Long Island real estate law firm.
Lien Review and Title Search
A title report ensures that there are no restrictions or liens on the property. In other words, you want to ensure that there won’t be limits on your use of the property and that there aren’t any outstanding claims against the property.
Transfer of Ownership
Finally, the seller will transfer ownership through multiple closing documents. These include but are not limited to a promissory note, deed, mortgage, security instrument, and deed of trust. After all relevant documents are exchanged and signed and you make necessary payments, you have finalized the closing. The buyer then becomes the new owner of the property, and the seller officially transfers ownership from the seller to the buyer.
If you want a smooth real estate closing process, reach out to a New York lawyer for real estate advice.
Foreclosures
We help Long Island Residents in dealing with foreclosures.
Required 90-Day Notice
Under New York law, lenders have to give you a 90-day notice of foreclosure before it begins. Keep in mind that the home has to be occupied by the owner and that this applies only to residential mortgages. It does not apply to commercial ones. This notice should let you know a few different pieces of information, including:
- The mortgage lender’s telephone number,
- Contact information for the NYS Department of Financial Services,
- How much you have to pay,
- How many days you have been in default,
- A series of counseling groups, and
- Notice that a case can begin if it is not resolved in 90 days.
It is crucial to know that if your notice is missing some of these items or was not sent to you, you may have a defense.
Foreclosure Defenses
A handful of other typical foreclosure defenses may be available to you. These can include:
- There was improper service of process,
- You or someone who lives with you is on active military duty,
- There was an instance of fraud during the loan process,
- You have made a full or partial payment,
- The homeowner had a lack of mental capacity, or
- There is a lack of standing on the part of the plaintiff.
There are others available, and you ought to reach out to a real estate attorney. Our lawyer can assist you in examining every possible defense for your particular circumstances.
Foreclosure Case Structure
If the plaintiff brings a foreclosure case, it could last for around two-and-a-half years. This is an average, and the time frame could be longer or shorter depending on your circumstances. It is important to know the fundamentals of a foreclosure case. The following are the main steps in the case:
- The summons and complaint,
- The answer,
- The settlement conference, and
- The sale of the home.
A real estate lawyer can help you to ensure that you go through every step conscientiously.
Loan Modifications
Get back on track with restructured and modified home loans.
We understand that sometimes it can be difficult to make payments on home loans. It can be even harder trying to search for a new loan.
Loan modifications allow you to create more manageable payments on your loan. This is a change to a loan that already exists, so you don’t have to find another. In New York, you will have to create this modification with your lender. The reason these modifications are allowed is to curb foreclosure.
Avoiding foreclosure is beneficial for you but also for banks. Banks do not want a foreclosure to happen! So it is in your best interest to look into your options.
You will first need to check whether you qualify for a loan modification. These qualifications include having a legitimate financial need and having the home as your main residence. They also include having enough funds to make affordable payments on your mortgage.
Also, you will have to get in touch with your loan servicer. Your loan servicer might make a detrimental error that could get your loan modification denied. This can include not following loss mitigation procedures outlined by federal law. It is crucial to contact an experienced Long Island real estate lawyer if you believe this might have occurred.
The ways that you can modify your loan include requesting extra years to pay the loan. In addition, you could have the principal balance lowered. Also, you can possibly decrease your interest rate.
Modifications are one way you can restructure home loans. If you have more questions, consider reaching out to a Long Island real estate attorney.
How We Can Help
If you are searching for an attorney, the Law Office of Andrew M. Lamkin, P.C. has the expertise you need. Our Long Island real estate lawyer practices Long Island estate litigation, New York estate planning, and more. For a free consultation or for more details, call us at 516-605-0625 or email us at andrew@lamkinelderlaw.com. Also feel free to contact us via our website’s online form.