Home Foreclosure: No one wants to get their homes set up for foreclosure. It’s a tough thing to face when all of the precious memories a family has made in a home will be gone away in an instant because of failing to regularly pay the mortgage. But let’s face it, life is tough and it’s not always the case. That there is always money to spare on the side in order to fulfill financial obligations.
However, the reality is that payments have to be made in order to keep a home. Even if the going gets tough and the times have not been treating you well, at the end of the day. What matters is the mortgage is settled one way or another. As to how the former politician President Theodore Roosevelt put it, he said, “No man is above the law and no man is below it: nor do we ask any man’s permission when we ask him to obey it.”
With that being said, the foreclosure process in the entire United States has a pretty straightforward standard that it follows. Let alone for some added (or removed) technicalities here and there that vary per city and per state. In New York specifically, when you acquire a piece of residential real estate. The most likely scenario is that you would have to sign two documents: (1) a mortgage, and (2) a promissory note.
If the borrower fails to make mortgage payments. New York law states that the foreclosure process cannot begin until after 120 days since the mortgage has been classified as delinquent. Moreover, if a New York residence is inhabited by the borrower.
Which can be either a one-to-four family dwelling or a condominium unit. The law states that the borrower should be notified of the impending foreclosure at least 90 days before. This period is known as the “preforeclosure period”.
During the preforeclosure period, a lot can happen. Lenders will send letters, bills, and notices to the borrower to remind them of their missed payments. On the other hand, borrowers who are notified of their delinquency also have several options to choose from.
While there are choices available such as filing for bankruptcy. Negotiating new terms with the lender of your property via an arbitration hearing. Or even refinancing with another lender. Another way to address the issue is to undergo a legal process to defend your property from being seized.
The most likely scenario during the later part of the foreclosure process is. That the lender will file a suit with the courts in order to settle the dispute. The borrower would then be given the summons to appear in court in order to defend his/her side of the case (Home Foreclosure).
Prime Real Estate Consultants, a firm that tackles many cases such as foreclosures. Suggests that summons and complaints should be answered within 24 hours because of their 30-day expiration period. Afterward, a settlement can be reached between the borrower and the lender. Which does not have to end in putting the house up for sale such as reaching an agreement to make three trial payments under the new housing terms in order to dismiss the foreclosure case once and for all.
With over 20 years of experience, Prime Real Estate Consultants has sufficient expertise with real estate concerns such as foreclosure defense. You may reach them through their official website.