Big Three Suspend Foreclosures – What Does It Mean For You?

The Wall Street Journal is reporting that the big three mortgage lenders have temporarily suspended mortgage foreclosures in some states while they review their files and check for mistakes and screw-ups that they believe have been made. This is nothing new to us – we see bank mistakes and mishandling of files every day. It is new that they would voluntarily suspend things though.

If you have a mortgage in New York that is in arrears or hard to pay, you may want to call or email us for a free telephone consult. If you are already in foreclosure, it may or may not be suspended and, even if it is, the suspension is only temporary and your arrears will continue to accumulate with interest and late charges. Sitting idle is not a good option. We often help clients review their foreclosure and mortgage papers to see if there has been any irregularity that might support a motion to vacate a judgment or sale and get the client their home or property back. We can discuss this by phone, often in the evening and we meet interested homeowners at our Midtown Office weekdays.