Foreclosing on a home is never an easy decision. But when you do decide that it's the best decision for you and your family, it’s imperative that you refresh your knowledge of home foreclosure laws. In fact, foreclosure lawyer Robert A. Schwartz of Rochester, NY, highly recommends learning as much as you can about any changes in the law before making the decision to go through with a foreclosure.

In fact, here are three important things you need to know about recent changes in foreclosure law:

• Cure Dates Have Been Extended: In home foreclosure law, the term “cure” refers to the period between filing for foreclosure and the sale of the home. Previously, the cure date was a mere 46 to 60 days. Now, in most states, the cure date ranges from 110 to 125 days.
• Redemption Periods Have Been Reduced: The redemption period is a length of time during which you may have the opportunity to redeem your property after foreclosure. Prior to changes in the law, this period was around 75 days. In most states today, that period has been reduced to zero days, meaning that the state does not have to offer you any more time to redeem the property.
• Loan Modification Is An Option: If you’re in the midst of a home foreclosure, you can now opt to modify your loan in a variety of ways. Depending on your situation, you may qualify for extension and refinancing options that can help you pay off some debt or hold on to the property.

To learn more about the legal services provided by Robert A. Schwartz, including bankruptcy and bankruptcy assistance, be sure to give his office a call at (585) 334-4720. You can also visit the website to see a full list of his practice areas.