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Real Estate

Whether you are buying or selling a home, Lavotshkin Law Group can help you with your transaction. At Lavotshkin Law Group we can guide you through the complicated paperwork and process involved in a real estate transaction. By enlisting the help of our law firm, you can be assured that you will receive personal attention from experienced real estate attorneys. The presence of an experienced and hard working real estate attorney will help put your mind at ease. Since we only practice New York and New Jersey real estate law, our attorneys are experts on the purchase and sale of homes in these locations.

If you are looking for guidance during the process of buying or selling a home, please contact us today for a free consultation.

Foreclosure Prevention

When you fall behind on your mortgage payments, you can expect most lenders to react quickly. Below is a general time line of what may occur following your first late payment and ending in foreclosure.

Day 1-15: A mortgage payment is missed.
Day 16-30: A late charge is assessed on payment. The loan servicer (the company that processes your mortgage payments) will send you a notice or otherwise attempt to make contact with you.
Day 30-60+ If your mortgage is for a home you live in, the lender or loan servicer must send you a pre-foreclosure notice at least 90 days before commencing foreclosure. This 90-day window gives you the opportunity to try to work with your lender to find an alternative to foreclosure. The notice must tell you how much you must pay to bring the loan current.  It must also give you the names and telephone numbers of at least five government approved not-for-profit housing counseling agencies serving the region where you reside.
Day 45-60: The loan servicer will send a “demand” or “breach” letter pointing out that terms of the mortgage have been violated. You will be given 30 days to pay the delinquent amount and the late charge.
Day 90+ The servicer will begin the process of bringing a legal action for foreclosure. This may include referring the loan to its foreclosure department, hiring an attorney to initiate foreclosure proceedings, recording a formal notice of foreclosure or “lis pendens” with the court and serving you with notice of the action through a “summons and complaint.” These proceedings can take 7-9 months.
  Once a summons and complaint has been served on you and the lender files proof of service with the court, the court is required to schedule a settlement conference within 60 days. This is an opportunity for you to meet face to face with your lender or lender’s representative to reach a resolution of the case. You should try to meet with a housing counselor or attorney prior to the conference. You should bring proof of income such as your two most recent pay stubs and most recent tax return to the conference.

You will also have to respond to the summons and complaint. If you do not respond, the court can rule against you and schedule a foreclosure sale. If you do respond, the court will rule on whether a foreclosure can occur based on the evidence presented. If the court rules against the borrower (you) a foreclosure sale is scheduled.

  The sale usually occurs at least 4 months after the court ruling. A notice of sale is published in a general circulation newspaper once a week for at least 4 weeks prior to the sale.

 

The foreclosure process in New York currently takes about 445 days (15 months) from the date of the first missed payment to the sale of the home. *It is not uncommon for foreclosure in New York to go beyond 3 years.

Foreclosure sales in New York are by public auction, usually at a county courthouse. The home is sold to the highest bidder and anyone, including the lender, may bid. Once payment is made and the sale is complete the winning bidder takes ownership of the property.

Once a sale is complete, you have no right of redemption.  You lose your house.

WE MAY BE ABLE TO PREVENT THE LOSS OF YOUR HOME

Modification / Lower Payments

A mortgage/loan modification is similar to a mortgage refinance in that the objective is to find you a more affordable mortgage payment using Government funds. The Lavotshkin Law Group may be able to help you “modify or change” the terms of your existing mortgage to as little as 2%. The economy turned the housing market upside down, and many homes are under-water. Meaning, you may owe more then your house is worth. Decreasing home values have made mortgage refinancing often impossible. However, the US Government has created a number of programs over the past few years to help  people save their homes during these tough economic times. There are ways however to save your home and avoid foreclosure and here at Lavotshkin Law Group we will use valuable experience help you prepare your case and negotiate with your lender and we will take a dedicated approach to help you save your home. Our staff will help you renegotiate the current status of your home mortgage loan and lower your payment and interest rate, eliminate missed payments; bringing your mortgage current and even lower your future mortgage payments. Other options include Short Sales, Deed in Leu of foreclosure, and reverse mortgages.

Short Sales

We can work with homeowners at risk of foreclosure and we want to help you understand foreclosure prevention options and services available to protect your home ownership. One option that is available to those facing foreclosure is a Short Sale. We can assist in negotiating a selling price, and selling your home. A Short Sale prevents individual liability.

Bankruptcy

At LLG we help Debtors, homeowners, workers, and other clients file for Chapter 7 protection. Chapter 7 is the most common type of consumer bankruptcy due to its relative simplicity and cost. It has generally been the option used by those with a small amount of equity in their asset. It is possible to file a chapter 7 bankruptcy before, during or after a modification. If you are facing foreclosure-The foreclosure prevention and bankruptcy can occur at the same time. Let us help you get a fresh start. Its never too early or too late to file.

Bankruptcy is a powerful tool for managing debt. It gives people a fresh start. Some examples of dischargeable debts include:

  • Credit Card Debt
  • Medical Bills
  • Business Debt
  • Unsecured Loans
  • Most Judgments as result of a lawsuit

However, there are several types of debts that cannot be discharged by filing for Chapter 7. Child support, taxes, student loans, and certain types of court-ordered damages awards are not discharged.

Recent Changes in Bankruptcy Law
The Bankruptcy Code was amended in 2005. The changes generated a great deal of discussion among bankruptcy professionals and concerned debtors. We will guide your through The credit counseling requirement which can be met in our office. Call us to learn more about the protections available to you.

To learn more about your rights under federal bankruptcy law, visit our About Bankruptcy section or our blog.

Chapter 11 bankruptcy is referred to as “business reorganization” bankruptcy. It is specifically aimed at relieving the debts of businesses and corporations. Businesses that file for Chapter 11 are able to continue with almost normal operation as a debtor-in-possession.

Lavotshkin Law Group will work closely with financial experts in developing debt restructuring plans that relieve companies of overburdening debt that can interfere with regular business operations. While each case is different, your business may be able to avoid liquidation if a carefully crafted debt reorganization plan is presented and accepted by the creditors’ committee. As a firm dedicated exclusively to bankruptcy –we will help you understand what needs to be done in order to salvage what you have worked hard to build.

Chapter 11 bankruptcy provides a mutually beneficial solution for both businesses and their creditors. The creditors benefit, because they receive a greater percentage of the debt than they would if the business were to be liquidated. The business benefits, because it receives a second chance to continue operating, while still paying a portion of its debts.

The Reorganization Plan

Filing for Chapter 11 bankruptcy can only be successful if you receive the consent of your business’s creditors. The creditors’ committee is presented with a debt repayment plan that typically explains how they will benefit. Creditors will only accept the plan if they believe they will receive more funds under the plan than from liquidation. It is very important that you hire an attorney who is capable of structuring a plan and negotiating with creditors.

The Lavotshkin Law Group can handle Chapter 13 repayment plans and help homeowners stop foreclosure.

If you need time to repay debt, we can help.

Chapter 13 bankruptcy is used most often to prevent mortgage foreclosures. If you are a homeowner and want to keep your house, but need to file bankruptcy, you will most likely want to file for Chapter 13. Filing Chapter 13 bankruptcy permits you retain exempt assets while continuing to make payments. It allows you to:

  • Pay past-due mortgage debts over time to prevent foreclosure
  • Keep valued assets such as your house, car, and boat
  • Pay other debts and loans over a 3-5 year period
  • Stop collection efforts
  • Prevent new debt collection actions from starting

Chapter 13 is commonly referred to as “wage earner” bankruptcy because it is intended for people who have a steady source of income, but need some help to bring their finances under control.

In 2005 Bankruptcy law changes went into effect which changed the way Chapter 13 filings are handled. However, do not be put off by what you may have heard in the media about bankruptcy reform. You can still file and stop foreclosure.

To learn more about your rights under federal bankruptcy law, contact the Lavotshkin Law Group

 

To learn more about your rights under federal bankruptcy law, contact the Lavotshkin Law Group

No-cost 30 minute consultations    718.701.8308 call today

Reduce or Eliminate Second Mortgage

Do you have a second mortgage? Are you behind on your payments? Do you think you cannot keep up with your monthly payments? Call us today for a free consultation.

LLC Formations / Commercial Real Estate

Business/Partnership Agreements

Choosing the best and correct business structure is vital key component to starting a new business or office. This article will address some formation and legal issues that businesses encounter daily. Hopefully it will be of help to new entrepreneurs and existing businesses that want to set up their companies correctly. So there are several types of business entities: partnership, limited liability company, S or C corporation. Each legal entity had different nature of relations with investors, lenders, partners, suppliers, and customers.

The LLC is a relatively new type of hybrid business structure that is now permissible in New York and New Jersey. It is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.

The owners are members, and the duration of the LLC is usually determined when the organization papers are filed. The time limit can be continued if desired by a vote of the members at the time of expiration.

It is highly recommended that an LLC with one or more partners contain an operating agreement. In an LLC, members are owners of an LLC. This is different then a corporation where shareholders own shares of the corporation. An LLC is managed by limited and managing members as opposed to corporations which consist of Shareholders of a corporation, and are orchestrated by the directors/officers of the company.

The Operating Agreement of an LLC is the document most important to its success because it determines, defines, and apportions the rights of the members. Because the various LLC statutes offer so much flexibility, and the default statutory rules do not fit most LLC’s needs, Operating Agreements must be customized through much discussion and agreement between the prospective members, and the careful drafting of an attorney.

Various states may have different requirement regarding the formation of a LLC, corporation or S-corp. For instance, New York has an additional publishing requirement while New Jersey does not. Consult with an attorney to find the regulations and statues that apply to your state.

Depending upon the city where the LLC is operating, a filing with the city may also be required. An S corporation is a corporation that elects to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code of the IRS. The formation typically requires a state filing, obtaining a Federal Tax ID and an S election. The S corporation election must typically be made by the fifteenth day of the third month of the tax year for which the election is intended to be effective, or at any time during the year immediately preceding the tax year. Some states such as New York and New Jersey require a separate state-level S election in order for the corporation to be treated, for state tax purposes, as an S corporation.

It is recommended that you consult attorney and accountant in regards to the entity that suits your business or profession. Choosing the right structure may help limit individual liability, and provide substantial tax savings.

No-cost 30 minute consultations 718.701.8308 call today

Commercial Real Estate

  • Commercial lease drafting
  • Contract negotiating
  • Contracts of all varieties
  • Corporation, LLC and Partnership law
  • Work-outs and restructurings

Lavotshkin Law Group provides our clients with business planning and transactional services and we will work with you to choose the best legal structure for your business. An important aspect of your business is the negotiation and drafting of your commercial lease. We have extensive experience in representing landlord and tenants regarding commercial leases. We have worked to create many limited liability companies, corporations, and partnerships. We advise clients on a broad range of corporate, partnership and limited liability company transactions such as acquisitions and dispositions of businesses, reorganizations and restructurings, and joint ventures. We handle and serve business documents such including but not limited to shareholder agreements, partnership agreements, and limited liability company agreements, operating agreements, acquisition and disposition agreements, confidentiality agreements, employment agreements, and other documents necessary for the management and operation of the business and a new commercial office. We put forth our best effort for every client to help resolve commercial disputes and, whenever possible, create strategies to avoid litigation. We strive to make sure that you are maximizing your dollar for your business space/office. For instance, we are one of the few law firms that account for “lost square footage” when negotiating your lease. Give us a call today to see how we can help you.

No-cost 30 minute consultations 718.701.8308 call today

Credit Card / Medical Debt

If Bankruptcy is not the right option with you, LLG will strive to find you a solution to reduce or eliminate your credit card/medical debt. If you have been sued or if you are being harassed by phone call and/or letters from creditors call us today.

General Practice

Have you been sued? Have you been injured? Call us today for a free consultation.

Additional Services

Lavotshkin Law Group can also provide services for the following:

  • Landlord / Tenant
  • Criminal Law
  • Construction Law
  • Immigration
  • Divorce
  • Personal Injury
  • Malpractice
  • Wills & Trusts
  • Contracts
Call LLG today for a free consultation!
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