Long Island Real Estate Law Firms, Markotsis & Lieberman P.C., Answers The Top 3 Questions About Foreclosures
HICKSVILLE, N.Y., Oct. 29, 2019 /PRNewswire/ -- Foreclosure on one's property can occur due to multiple reasons. These include, but aren't limited to, a change in one's employment, marital status, and most commonly, unforeseen medical expenses. Despite how it may appear, foreclosure doesn't have to be complex. To help with the process, Long Island real estate law firm, Markotsis & Lieberman P.C., answers the top 3 questions about foreclosures.
If a home is in foreclosure, can it still be salvaged?
Depending on the situation, as well as the location, one's home can be salvaged early in the foreclosure process. A redemption period, for those that don't know, is a set period when an individual can pay off any debt associated with their home. It's important to note, though, that redemption period rules vary from state to state. In New York, there is no redemption period, meaning that a previous owner cannot recover their property after the foreclosure sale has occurred. Other states have their own guidelines regarding redemption periods, so consult a local attorney to learn more.
What are the advantages and disadvantages of purchasing a foreclosed home?
For those that are looking to purchase foreclosed homes, there are numerous advantages and disadvantages to note. A foreclosed home may be recommended because it can potentially be purchased at a lower price, depending on how keen a buyer is to negotiate with an agent. Furthermore, the buying process tends to be short, so moving in is seamless. However, foreclosed homes must be purchased as they stand, meaning that any necessary renovations or repairs must be paid out of pocket. A buyer may not be aware of structural problems, including leaks, until they are settled in. Keep these details in mind if there is interest in a foreclosed home.
What can one do to prevent their home from falling into foreclosure?
The easiest way to avoid foreclosure is to make mortgage payments as required, though there are other steps that should be taken. If a payment is missed, one may receive a call weeks later reminding them of the payment in question. Ignoring this call can lead to financial turmoil, specifically among those that lack the means to cover their mortgage payments. In this instance, contact the servicer. From there, alternative repayment or reimbursement plans can be discussed. By disregarding notices that detail missed payments, the problem will only worsen.
To learn more about foreclosures, consult a local real estate law firm. They will be able to help navigate the various pitfalls associated with the foreclosure process, ensuring its seamlessness for all parties involved.
About Markotsis & Lieberman, Esq.: Markotsis & Lieberman, P.C. is a general practice law firm. Practice areas include real estate, litigation (commercial and civil), business formations, agreements and transactions, and wills, trusts and estates. Our team of seasoned attorneys are here to guide you through every step of the legal process providing personalized attention to every client. When you're facing a complicated legal situation, our team of legal experts is there to fight for your rights.
SOURCE Markotsis & Lieberman, P.C.
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