As a homeowner in New York, it is important to understand the foreclosure process and what steps you can take to avoid foreclosure. This blog post will provide an overview of how the foreclosure process works in New York, and how you can protect yourself from losing your home.
What is Foreclosure?
Foreclosure is a legal process where a lender takes ownership of a property if the borrower fails to make payments on their mortgage loan. The process begins when a homeowner defaults on their mortgage by not making payments or otherwise violating their loan terms. At this point, the lender can initiate foreclosure proceedings, which typically involve filing court documents with the local court system.
Foreclosure Timeline in NY
Once foreclosure proceedings have been initiated, there are several steps that must be taken before the property is sold at auction. First, the lender must file for a judgment of foreclosure with the courts. This usually takes about 45 days from when the papers were filed. After that, there will be a notice of sale issued by the courts to alert homeowners that a public auction will be held within 90 days of the filing date. During this time period, homeowners may have an opportunity to work out an agreement with their lenders or pursue other options such as bankruptcy or loan modification. After those 90 days are up, if no agreement has been reached and no legal action has been taken by either party, then the home will be sold at auction and handed over to new owners.
Protecting Yourself Against Foreclosure
The best way to protect yourself against foreclosure is to stay on top of your mortgage payments and contact your lender immediately if you are having trouble making them. Lenders may be willing to work out payment plans or offer other assistance programs that could help you avoid foreclosure altogether. Additionally, it’s important to talk with an attorney who specializes in real estate law so they can advise you on your options and help represent you throughout this difficult process.
No one wants to face losing their home due to foreclosure but understanding how it works can help homeowners take action quickly if they find themselves facing this situation. The key is staying on top of your payments and being proactive about discussing potential solutions with your lender before things get too far along in the process. If you’re concerned about facing foreclosure in New York, talking with an experienced attorney who specializes in real estate law can help give you peace of mind during this difficult time. Dealhouse is a local cash home buyer. We have an expert team that deals with foreclosure houses in New York. Please contact us to discuss your issue and possible solutions. We buy any house; please see how our home buying process works.