“Mortgage Payments & Foreclosure”

What to do if you are behind on your mortgage:

– Loan Modification: reduce the APR or the monthly amount due.

– Debt Consolidation: get a new, lower interest loan to pay off the old loan.

– Debt Settlement: reduce the amount owed via negotiating.

What is foreclosure?

A foreclosure if a lawsuit filed by a mortgage company when a borrower has not made payments. Through the foreclosure, the mortgage company asks the Court to sell the property so the mortgage company can recover its money.

What to do if I am served with papers of Foreclosure?

-Read the Summons & Complaint

-Hire an experienced attorney

-Write an answer to Complaint

-Have your lawyer file your answer with the Clerk of Court (within 20 days)

What is a foreclosure sale?

A foreclosure sale is the legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the property.

What if I cannot afford to keep my house?

-Modify the loan

-Get a Settlement

-File for Bankruptcy protection

What is next?

-Reduce spending

-Always make payments on time

-Restore your credit

Credit restoration is not extremely difficult to do- but it does take time. If you end up filing for bankruptcy, you will have to start over, with bad credit history. First, always pay bills on time to avoid bad credit marks. Second, get a credit card or a CD and only spend what you have, making sure to not go over 20% allotted credit each month. Third, make sure to open a new account every so often and keep up with all payments. The more active accounts (that are up to date) you have, the higher your credit score will be. Lastly, change your lifestyle to a more modest one and slowly add in new rewards and activities over time.


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Fridlin & Associates, P.C. is a financial law firm for individuals and small businesses in metropolitan New York. If you or your business face a problem concerning bankruptcy, debt settlement, loan modification program, the sale and purchase of residential or commercial real estate, landlord/tenant disputes, enforcing your rights as a creditor, the sale and purchase of a business, or employment litigation, Fridlin & Associates stand ready to provide the solution that protects your best interests. We can help you: Eliminate Debt! Stop Foreclosure! File for Bankruptcy! Apply for a Loan Modification Program! Stop Wage Garnishment! Stop Lawsuits! Eliminate Judgments! Eliminate or Reduce the second mortgage on your home! Reduce the mortgage on your investment property to its fair market value! Eliminate your obligation to pay creditors and medical expenses! Eliminate business loans! Release Frozen Bank Accounts! Stop harassing phone calls! Please call 718-372-4400 today for a free consultation. We have appointments available Monday through Friday and your first visit is free. Fridlin & Associates, P.C., also provides legal representation on wage dispute matters under the Fair Labor Standards Act in both federal and state courts. Learn more about Elaine Fridlin and Fridlin & Associates here. If you’re interested in bankruptcy as a potential solution to your debt management problems, you can learn more about bankruptcy for both consumers and businesses here.

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