A foreclosure is a legal proceeding that is started by a lender after a home owner has failed to pay his/her mortgage. After a home owner has failed to make their payments on time, a lender will serve notice of default on the borrower as required by the loan documents. Call John Crane at (914) 481-3450 for more information about Foreclosure Defense visit at http://www.johncranebankruptcy.com/foreclosure_defense

1. Disclaimer: The contents of this page are general in
nature. Please use your discretion while following
them. The author does not guarantee legal validity of
the tips contained herein.
Foreclosure Defense
Tel: 212-571-1898,​718-509-6542
​914-380-4209, 914-481-3450
www.johncranebankruptcy.com

2. Foreclosure...
• A foreclosure is a legal proceeding that is started by a lender
after a home owner has failed to pay his/her mortgage.
• After a home owner has failed to make their payments on
time, a lender will serve notice of default on the borrower as
required by the loan documents.

3. Foreclosure
• If the borrower does not cure their default by the time stated
in the default notice, the lender can commence foreclosure
proceedings in accordance with the law to take actual
possession of the home.
• If a foreclosure is permitted, the borrower loses title to the
home and the lender becomes the official owner of the home.

4. A foreclosure proceeding...
• A foreclosure proceeding occurs when a lender files a lawsuit
seeking to take possession of your home.
• After the lender commences the action, the borrower is given
a limited time to reply.
• If the borrower fails to reply, a default judgment can be
entered and ownership of the home transferred to the lender
by the court.

5. A foreclosure proceeding
• If a borrower appears in the action, the Court will usually
order the parties to provide each other with whatever
information each has in their possession and over time, listen
to the factual and legal arguments of each party.
• Ultimately, a Judge may make a legal ruling deciding the result
or a trier of fact (jury) could decide the case if an actual trial is
needed.

6. Notice of Lis Penden…
• A Notice of Lis Penden (“Lis Pendens”) is a legal document
that is filed with the County Clerk’s Office.
• This document gives notice to all that there is a pending
lawsuit against the borrower and the property.
• A Notice of Lis Penden is usually filed when a bank or creditor
wishes to initiate foreclosure proceedings against a
delinquent borrower.

7. Notice of Lis Penden
• Once the Lis Pendens is filed, the borrower is served with a
Summons and Complaint.
• These documents give the borrower formal notice that the
foreclosure action has been started.
• In New York State, a borrower then has 20 days to respond if
they were personally served, and 30 days to respond if they
were served in any other manner.

8. If I received a foreclosure notice…
• You should act as quickly as possible to explore any
foreclosure defenses you might have.
• Speak with a qualified lawyer.

9. If I received a foreclosure notice…
• A lawyer will suggest you how to avoid foreclosure, or if
foreclosure is not avoidable, help you protect any and all
rights you may have, including
– the right to sell your home if you have equity in it
– a “short-sale” if it can be negotiated with your lender
– a deed in lieu of foreclosure whereby you can walk away
from the home without any further obligations to your
lender.

10. Contact us:
John M. Crane, P.C.
Bankruptcy attorney, White Plains, Manhattan
​Tel: 212-571-1898,718-509-6542
​914-380-4209, 914-481-3450
www.johncranebankruptcy.com