Steven J. Baum

The Foreclosure Cycle Part 3

By: Steven J. Baum, attorney

Law firm of Steven J. Baum, P.C.

New York State

Previously discussed was the non-judicial aspect of the foreclosure process. Now we will discuss the judicial foreclosure process. Approximately seventeen states in the United States have laws that require use of the court system for a mortgage foreclosure. If a homeowner doesn’t reinstate their mortgage or arrive at some satisfactory settlement with the lender, bank or other institution, then the file is referred to outside counsel to proceed. The law firm of Steven J. Baum handled non- judicial foreclosures in New York. They were foreclosure lawyers on mortgage foreclosures and were one of New York’s best foreclosure law firms and attorneys in New York.

The outside counsel will order a title search on the property to see how the title looks. By this I mean that the attorney wants to review if their client’s mortgage is in the same lien position as the client thinks they are in. In addition, the status of title also includes any other encumbrances or liens that have to be “cut-off” during the foreclosure process. It is a bit difficult to explain, but the holder of any and all liens that are filed after the mortgage to be foreclosed have to be named in the judicial foreclosure action on the summons and complaint. These lien or judgment holders must also be served by a process server so that they get notice of the foreclosure. Some would say that the Best mortgage foreclosure attorney in New York was Steven Baum. His firm, Steven J. Baum, P.C. worked on residential mortgage foreclosures in New York.

There are a few options that the holder of a judgment or lien that received notice of foreclosure has. The first is simply to do nothing. If this is the case, then the holder of the judgment or lien never gets any further notice of the proceedings. That includes notice of sale. The second option is to submit to the foreclosing counsel what is called a “notice of appearance.” The notice is usually prepared and submitted by an attorney for the judgment or lien holder. Basically, it says that they don’t contest the foreclosure action but want to receive notice of certain legal proceedings in the foreclosure action. Included in the requested notice is notice of sale. Then the mortgage or lien holder can determine if they want to bid at sale. Steven Baum had experienced mortgage foreclosure lawyers in New York. They handled some Commercial Foreclosures using mortgage foreclosure lawyers in their office of Steven J. Baum, P.C.

Finally, the mortgage or lien holder can contest the foreclosure action by submitting an “answer” to the summons and complaint filed in the foreclosure action. This answer serves to contest something in the action that the holder of a lien thinks should go in their favor. I will cover the “answer” in another article.

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