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What You Should Know About Foreclosure Defense: An Interview with Alan Gerson of Bruce Montague & Partners

By Alan Gerson

Please tell us a little bit about your firm and the areas of law that you practice.

Bruce Montague & Partners is a firm of five attorneys plus support staff. While we are located in Queens, we practice in all five boroughs plus Nassau, Suffolk, Westchester, and Rockland. We practice real estate, personal injury/medical malpractice, criminal, and traffic.

When is the best time to consult with a lawyer about a possible foreclosure?

A homeowner should consult a lawyer as early as possible when they believe that they may go into foreclosure. It is best to consult a lawyer before the bank starts the formal foreclosure process.

What's one of the most important things for homeowners to know when their home is being foreclosed?

Homeowners should realize that the foreclosure process does not move quickly.

Are there any options available that can help homeowners keep their home (or reduce their losses)?

Homeowners have a number of options. Mortgage Modification may be available, but the homeowner will have to show the bank their financials and prove their ability to pay. If the home is less worth less than the mortgage, a short sale may be the best option. When doing a short sale, the homeowner must make sure that any outstanding balances are forgiven. If the home was their primary residence, there should be no income tax ramifications. A more expensive option that is not guaranteed is to fight the validity of the mortgage or its assignments. While not always successful, this procedure may convince the banks to be more amenable to either a modification of other settlement.

What can people do if a lender doesn't comply with all of the foreclosure requirements?

If the lender does not comply with the foreclosure requirements, there are litigation options available. At the very least, these can delay the foreclosure process for some time.

What are some of the biggest challenges that a homeowner faces during the foreclosure process?

Uncertainty is one of the biggest challenges faced by a homeowner during the foreclosure process. While the bank pays the taxes, the homeowner is still responsible for the water and sewer bill. In addition, if you feel you may lose the house, you have no incentive to maintain it. This can turn into a vicious cycle.

What's the best way for people to contact your firm?

Our firm can be contacted either by phone (718-279-7555), mail, or e-mail. You may also visit our website www.montaguelaw.com for more details about the services that we offer.

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About The Author

Mr. Gerson specializes in the areas of Personal Injury/Civil Litigation, Real Estate,...

Phone: 718-279-7555

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