[NY] [NY] How do I work out a deal with my mortgage lenders in order to keep my house?
My house was in foreclosure due to back mortgage payments. I was able to put off the auction by filing for bankruptcy. I want to work out a deal with my mortgage lenders in order to keep my house. What should I do? I was told I need both a bankruptcy lawyer and a real estate lawyer. I can barely afford one attorney, let alone two.
P.S. I live in Brooklyn, New York. What would be a flat rate to hire an attorney to handle this for me?
10
3
Solved
Filing for bankruptcy was an excellent strategic move to stop the foreclosure auction. This action triggered an automatic stay, which immediately halts all collection actions, including foreclosure proceedings. This has bought you valuable time, but the next steps are crucial to keeping your home long-term.
Legal Strategies to Keep Your Home
1. Chapter 13 Bankruptcy Option
Chapter 13 bankruptcy is designed for people with regular income who want to keep their assets, including their home. It allows you to:
- Create a 3–5 year repayment plan to catch up on mortgage arrears
- Continue making current mortgage payments
- Potentially reduce or eliminate other debts
- Prevent foreclosure as long as you follow the payment plan
2. Loan Modification Within Bankruptcy
Many bankruptcy attorneys in Brooklyn also handle loan modification negotiations. This approach can:
- Reduce your monthly payments
- Lower your interest rate
- Extend your loan term
- Sometimes reduce the principal balance
- Move missed payments to the back end of the loan
Do You Really Need Two Different Attorneys?
The good news is that you likely don’t need separate attorneys.
Many law firms in Brooklyn specialize in both bankruptcy and foreclosure defense, offering combined services that can save you money. These attorneys understand how bankruptcy and mortgage negotiations work together to help homeowners in your situation.
Here are some Brooklyn-based firms that handle bankruptcy + foreclosure defense / loan modifications:
- David I. Pankin, P.C.
- (888) 664-1858
- 48 Willoughby Street, 2nd Floor, Brooklyn, NY 11201
- Law Office of Ronald D. Weiss, P.C.
- (631) 271-3737
- Brooklyn office available for consultations
- Law Offices of Schlissel DeCorpo
- (718) 350-2802
- Brooklyn/Queens locations
- The Law Office of Gregory Messer
- (718) 717-2368
- Located near U.S. District Bankruptcy Court, Brooklyn
- Moshes Law, P.C.
- (888) 445-0234
- Offices in Manhattan and Brooklyn
For combined bankruptcy and foreclosure defense/loan modification services in Brooklyn:
- Chapter 13 Bankruptcy: $3,500–$5,500 (flat fee)
- Loan Modification: $2,500–$4,000 (flat fee)
- Combined Services: $5,000–$8,000 (discounted)
Many attorneys offer payment plans and free consultations. Some firms will work with you based on your financial situation.
Next Steps
- Contact several attorneys from the list above for free consultations.
- Ask specifically about combined services and flat fee arrangements.
- Bring documentation to your consultation, including:
- Mortgage statements & payment history
- Foreclosure documents
- Bankruptcy filing info
- Proof of income
- Property value info
Your situation is challenging but not hopeless. Many Brooklyn homeowners have successfully used bankruptcy protection + loan modifications to save their homes.
Working with one attorney who understands both bankruptcy and mortgage law will likely be more cost-effective and strategically cohesive. Most of these firms offer free consultations, so you can explore your options without any upfront cost.
0
Loan Agreement Template
Create Document
Full Conversation
Hello, my house was in foreclosure due to back mortgage payments. I was able to put off the auction by filing for bankruptcy. I want to work out a deal with my mortgage lenders in order to keep my house. What should I do? I was told I need both a bankruptcy lawyer and a real estate lawyer. I can barely afford one attorney, let alone two.
P.S. I live in Brooklyn, New York. What would be a flat rate to hire an attorney to handle this for me?
Lexi, Chatbot
I’m sorry to hear about your situation with the foreclosure and bankruptcy filing. Have you already consulted with a bankruptcy lawyer regarding your case?
No, I’ve spoken to a legal consultant.
Lexi, Chatbot
Are you looking for a real estate lawyer specifically to negotiate with your mortgage lenders and help you keep your house?
I don’t know, I’m just trying to keep the house and work out a deal.
Lexi, Chatbot
Is there anything else the Real Estate Lawyer should know before I connect you? Rest assured, they’ll be able to help with negotiating with mortgage lenders.
No.
Darryl
Good day! It’s a pleasure to assist you today.
Hello, I’m Darryl Shaper, attorney with AskALawyer. I understand you’re in a difficult situation with your home in Brooklyn, New York, facing foreclosure. You’ve taken the smart first step of filing for bankruptcy to pause the auction, and now you want to negotiate with your mortgage lenders to keep your home. You’re also concerned about needing both a bankruptcy attorney and real estate lawyer when finances are already tight.
DISCLAIMER: The following information is general legal guidance and not formal legal advice. No attorney-client relationship is established through this interaction.
Darryl
Filing for bankruptcy was an excellent strategic move to stop the foreclosure auction. This action triggered an automatic stay, which immediately halts all collection actions, including foreclosure proceedings. This has bought you valuable time, but the next steps are crucial to keeping your home long-term.
Legal Strategies to Keep Your Home
1. Chapter 13 Bankruptcy Option
Chapter 13 bankruptcy is designed for people with regular income who want to keep their assets, including their home. It allows you to:
- Create a 3–5 year repayment plan to catch up on mortgage arrears
- Continue making current mortgage payments
- Potentially reduce or eliminate other debts
- Prevent foreclosure as long as you follow the payment plan
2. Loan Modification Within Bankruptcy
Many bankruptcy attorneys in Brooklyn also handle loan modification negotiations. This approach can:
- Reduce your monthly payments
- Lower your interest rate
- Extend your loan term
- Sometimes reduce the principal balance
- Move missed payments to the back end of the loan
Do You Really Need Two Different Attorneys?
The good news is that you likely don’t need separate attorneys.
Many law firms in Brooklyn specialize in both bankruptcy and foreclosure defense, offering combined services that can save you money. These attorneys understand how bankruptcy and mortgage negotiations work together to help homeowners in your situation.
Here are some Brooklyn-based firms that handle bankruptcy + foreclosure defense / loan modifications:
- David I. Pankin, P.C.
- (888) 664-1858
- 48 Willoughby Street, 2nd Floor, Brooklyn, NY 11201
- Law Office of Ronald D. Weiss, P.C.
- (631) 271-3737
- Brooklyn office available for consultations
- Law Offices of Schlissel DeCorpo
- (718) 350-2802
- Brooklyn/Queens locations
- The Law Office of Gregory Messer
- (718) 717-2368
- Located near U.S. District Bankruptcy Court, Brooklyn
- Moshes Law, P.C.
- (888) 445-0234
- Offices in Manhattan and Brooklyn
For combined bankruptcy and foreclosure defense/loan modification services in Brooklyn:
- Chapter 13 Bankruptcy: $3,500–$5,500 (flat fee)
- Loan Modification: $2,500–$4,000 (flat fee)
- Combined Services: $5,000–$8,000 (discounted)
Many attorneys offer payment plans and free consultations. Some firms will work with you based on your financial situation.
Next Steps
- Contact several attorneys from the list above for free consultations.
- Ask specifically about combined services and flat fee arrangements.
- Bring documentation to your consultation, including:
- Mortgage statements & payment history
- Foreclosure documents
- Bankruptcy filing info
- Proof of income
- Property value info
Your situation is challenging but not hopeless. Many Brooklyn homeowners have successfully used bankruptcy protection + loan modifications to save their homes.
Working with one attorney who understands both bankruptcy and mortgage law will likely be more cost-effective and strategically cohesive. Most of these firms offer free consultations, so you can explore your options without any upfront cost.
Darryl
Hope the information was clear! Have a nice rest of your day.
Darryl
1,269 satisfied customers
5 lawyers online now
11
2
Answered 3 days ago
Disclaimer
By messaging AskaLawyer.com, you agree to our Terms and have read our Privacy Policy.
The information provided on AskaLawyer.com is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and timeliness of the information presented, we make no guarantees regarding its completeness or applicability to your specific circumstances.
Use of this website does not create an attorney-client relationship between you and AskaLawyer.com or any of its attorneys. Communications through this website, including any responses from attorneys, are not privileged or confidential. For advice tailored to your individual situation, we recommend consulting a licensed attorney in your jurisdiction.
AskaLawyer.com disclaims any liability for actions taken or not taken based on the content of this site. We are not responsible for any third-party content that may be accessed through this website. Reliance on any information provided herein is solely at your own risk.
