2019 is a new year and an opportunity for a fresh start. For New Yorkers who are facing foreclosure, however, the new year can bring a high level of uncertainty about the future. If you're facing foreclosure in New York state, the legal team at Monachan Law has several suggestions to ease the stress of the lawsuit.

Don't Ignore the Paperwork

Being served with foreclosure papers can seem like a bad dream. Whatever you do, though, don't ignore the paperwork that you were served. Failing to respond to the foreclosure action will only hurt your case, and can strip you of any recourse that you have against a flawed foreclosure action. Be sure to tackle the issue head-on, no matter how stressful it may be, by enlisting the help of an experienced foreclosure defense attorney as soon as you receive your foreclosure paperwork.

Look into Alternatives

While you may be facing foreclosure, it's important not to give up or lose hope--alternatives may be available which can allow you to avoid the foreclosure proceeding. These alternatives include the following.

• Applying for a loan modification: A loan modification is essentially a permanent replacement mortgage which takes the place of the mortgage you are unable to afford. These modifications often provide more affordable payment plans by lowering the interest rate, extending the length of the mortgage, or offering a lower payment while requiring a balloon payment at the end of the loan's term. Be sure to have an attorney review any loan modification that you sign, however, as the terms of a loan modification are oftentimes not in your best interest.
• Refinancing your loan: you may be able to escape your foreclosure action by refinancing your loan through a new lender and escaping from underneath the grasp of the company who has placed you in foreclosure. This is often difficult to do, however, because of the impact of a foreclosure on your credit score.
• Filing for bankruptcy: although a drastic measure, filing for bankruptcy can sometimes help those who are faced with foreclosure due to an overbearing amount of debt. Filing for bankruptcy can have a devastating impact on your credit score and ability to purchase items, however, so it's important to speak with an attorney before making the decision to do so.

Seek Legal Representation

Attempting to defend against a New York foreclosure action is extremely difficult, and should not be attempted on your own. Your home--along with your peace of mind--is at stake. Seeking legal representation from a seasoned foreclosure defense attorney is one of the best decisions that you can make in a foreclosure action. Your attorney may be able to assert legal defenses that can help your case, and in some cases, can even file a counterclaim against the company who is suing you.

If you're facing foreclosure in New York, you can count on Melvin Monachan to provide the representation you need to defend against your foreclosure action. Don't wait until it is too late to secure the legal help you deserve--to speak with Melvin Monachan about your foreclosure, fill out an online case evaluation form or call (347) 620-0565 today.