Federal Laws & Foreclosures
Bankruptcy & Foreclosure Attorneys, Lawyers | Nassau County, Suffolk County, NY
There are two significant pieces of federal litigation that have a major impact on foreclosures. These two laws are the bankruptcy statute and the Soldiers and Sailors Relief Act.
Bankruptcy
When an individual files any type of bankruptcy action he or she receives an automatic stay. This automatic stay stops the foreclosure proceeding and all other types of litigation from moving forward. Until the bankruptcy court concludes its litigation or the financial institution obtains permission from the bankruptcy court to continue the foreclosure action cannot proceed.
Soldiers and Sailors Relief Act
The Soldiers and Sailors Relief Act protects individuals who have mortgages who are on active duty in the Armed Services of the United States. This law provides that the service member can apply to a court to set aside a default judgment in a foreclosure proceeding. The mortgage holder when it brings a foreclosure lawsuit must file an Affidavit with the court stating that the individuals they are suing are not on active duty in the Armed Services of the United States of America.
If a court finds that the homeowner’s ability to pay the mortgage has been impacted by their service in the Armed Forces the court can stop the foreclosure proceeding from going forward as long as they are on active duty.
Protect Your Rights!
The best way to ascertain whether you have a defense to a foreclosure proceeding is to contact a qualified, experienced foreclosure defense lawyer. Feel free to call us for a free consultation at 1-800-344-6431, or in Queens, Kings, Richmond and the Bronx at 718-350-2802. You can also reach us in Nassau or Suffolk County at 516-561-6645.
Bankruptcy & Foreclosure Lawyers, Attorneys | Suffolk County, Nassau County, NY
The Law Offices of Elliot S. Schlissel. Feel free to call us for a free consultation at 1-800-344-6431.
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