Dec 15, 2022
A Guide to Stopping the Foreclosure Process in New York provides information on steps and resources that can be taken to prevent foreclosure in the state of New York.
Foreclosure can be a daunting and overwhelming process, but it's important to remember that foreclosure laws have been put in place to protect homeowners like you. And in New York, there are extra protections that residents of other states don't have access to.
Instead of throwing in the towel, explore the options available to you. From delay tactics to working out a payment plan, there are ways to potentially save your home. Take the time to look into these options and see if any may work for your unique situation.
Our team can help you navigate the foreclosure process and come up with a plan tailored to your specific situation. Whether you need more time to find a new place or want to stop the foreclosure process altogether, we've got your back.
Here's a quick rundown of the foreclosure process in New York:
Your lender sends you a 90-day notice saying they're thinking about foreclosing on your home if you don't pay up.
They file a formal complaint with the court and serve it to you.
You've got 20 or 30 days to respond and explain why the foreclosure is wrong.
You and your lender meet with someone from the court to try and find a solution that doesn't involve foreclosure, like a loan modification or repayment plan.
If you can't reach a deal, the case goes to court. If you win, you keep your home. If you lose, your home goes up for auction and the proceeds go to pay off your mortgage.
If you're looking for more information on how to potentially delay or stop the foreclosure process, check out the "Reasons To Delay A Foreclosure" section.
Stay informed and don't give up. Reach out to us if you have any questions or need assistance.