A Foreclosure Notice Isn't Terminal: Five Ways to Keep Your Apartment

Aug. 6, 2014 — "Foreclosure" is a four-letter word for most co-op and condo owners, but after you're done cursing your bank, your bills, your finances and a cold and indifferent universe, take heart: There are "5 Reasons a Foreclosure Notice Doesn’t Mean You’ll Lose Your Home," writes attorney Steven Wagner, a principal of Porzio Bromberg & Newman, in BrickUnderground.com. These range from the technical — "Your lender doesn’t actually own your mortgage," since many loans have been repackaged and resold — to the folksy-but-true — "The bank messed up," which covers a multitude of sins and slip-ups. Since the article also gives you defenses that could help you keep your apartment, homeowners should read this piece on foreclosure forthwith. (And so should boards, since a bank's mishaps can scuttle a board's foreclosure filing against those in serious arrears, a financial threat to any cooperative or condominium.)