Q&A with Attorney Peter J. Ryan on Foreclosure Prevention
Q Can you tell us a bit about your background and experience in real estate and foreclosure matters? A Certainly. I’m an attorney licensed in Connecticut and New York, with over a decade of experience focusing on real estate and foreclosure issues. Since the 2008 Financial Crisis, I’ve closed thousands of real estate transactions and assisted hundreds of homeowners in avoiding foreclosure through strategies like short sales, loan modifications, and deeds in lieu of foreclosure. I also mediate and actively defend foreclosure actions in New York and Connecticut, both in mediation and litigation. Q What is the primary goal of banks when it comes to foreclosure avoidance programs? A Banks engage in foreclosure avoidance programs primarily to minimize their own losses, not out of a desire to help homeowners. They participate in these programs when it’s financially more beneficial for them compared to pursuing a costly foreclosure. It’s crucial to keep expectations realistic, as banks can and do reject applications if they don’t meet their criteria. Q What are the most important factors to consider when submitting documents for foreclosure avoidance programs? A Two key factors are thoroughness and speed. Submitting documents promptly and completely is crucial. There’s no practical difference between submitting none of the required documents or submitting nearly all of them—banks won’t start processing until they have a complete set. If some documents expire while you’re gathering others, you must update the outdated ones to avoid delays. Q How should homeowners handle communication with their bank during the foreclosure process? A Don’t wait passively for the bank to contact you. After submitting your documents, actively follow up to ensure that everything was received correctly and is being reviewed. Delays in communication can result in missed opportunities or extended foreclosure processes. Q When should a homeowner seek professional advice regarding foreclosure? A Seeking professional advice should be a priority, especially if you’re actively facing foreclosure. Professional guidance is crucial because there’s always
the risk of losing your home during the process. Even if the process is moving along successfully, attempting to come to an agreement with the bank does not prevent foreclosures and may not even delay it. A professional can provide invaluable
assistance and strategy to navigate these complex situations. Q Do you have any final advice for home- owners dealing with foreclosure issues? A Absolutely—there’s no substitute for professional advice. If you’re facing foreclosure, it’s vital to consult with a knowledgeable attorney or advisor as soon as possible to explore all available options and protect your interests. Peter Ryan is a valued community member and has been an invaluable resource to our Case Management Department. For more detailed guidance, Schoke JFS Director of Case Management, Hannah Pollack, LCSW, recommends checking out Peter’s book How to Avoid Foreclosure: A Step-by-Step Guide to Loan Modifications, Short Sales, and Deeds in Lieu , available on Amazon.
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