Foreclosure touches real estate from two directions. For owners facing foreclosure, the goal is to protect the property and find a way out. For buyers and investors, foreclosed and distressed properties can be opportunities, but they carry legal risks that ordinary purchases do not. We represent clients on both sides.
Foreclosure defense
New York is a judicial foreclosure state: a lender must file a lawsuit and obtain a court judgment before a property can be sold. That process gives homeowners and property owners real opportunities to defend themselves, but only if they respond in time.
- Responding to the lawsuit. Filing a timely answer that preserves your defenses. Missing the deadline can forfeit important rights.
- Challenging the lender’s case. Lenders must prove they have the right to foreclose and that they followed New York’s strict notice requirements. Defects in standing, notice or timing, including statute of limitations defenses, can lead to dismissal.
- Settlement conferences and loan modifications. For many residential cases, the court holds mandatory settlement conferences. We negotiate modifications, forbearance agreements and other alternatives with the lender.
- Exit strategies. When keeping the property is not realistic, we negotiate short sales, deeds in lieu of foreclosure and more time to relocate, and try to limit any remaining debt.
- Commercial foreclosures. Defending owners of mixed-use and commercial properties, and addressing personal guaranties that often accompany commercial loans.
Foreclosure closings
We represent buyers, investors and sellers in transactions involving distressed property:
- Short sales, where the lender agrees to accept less than the full loan balance
- Bank-owned (REO) purchases, reviewing the bank’s often one-sided contract and “as-is” terms
- Foreclosure auction purchases, reviewing the terms of sale, title and occupancy before you bid
- Pre-foreclosure sales, helping owners sell before a judgment is entered, while protecting them from predatory “rescue” schemes
Our approach
If you have received a foreclosure notice or complaint, the most important thing is to act quickly. We review your situation, explain your options in English or Chinese, and pursue the path that best protects your home, your investment and your finances.