What To Do if I’ve Been Served with a Foreclosure Notice?

If you’re served with a foreclosure notice, the first thing that you should do is contact your attorney. Your attorney will have you bring in the paperwork, determine whether or not the notice is accurate. A debt validation letter can be sent out to the creditor to determine how much is owed, how much of that is principal, how much of that is interest and ask for the underlying documentation on which the mortgage is created. The promissory note has to be produced. If it cannot be produced, the creditor is going to have a very, very difficult time in foreclosing on the mortgage. The creditor essentially then has the obligation of going into court and asking the court to reproduce, recreate this note based upon terms and provisions which are generally very favorable to the consumer at that time.

This informational blog post was brought to you by Randy H. Gugino, an experienced Buffalo NY Bankruptcy Lawyer.