You have 20 days to respond to a foreclosure summons if you are served personally. If they serve someone else who lives in the house or you receive it in the mail, you have 30 days.
What Is The Foreclosure Process In New York?
For residential property, typically, clients are served with a summons and complaint. They have the right to seek a settlement conference. In fact, it’s mandated in New York State that if they file or have their attorney file a notice of appearance, there’s a mandatory settlement conference where the court will see if there’s a possibility that the bank could restructure the loan. If they cannot make the payments, they’re probably going to have to consider an option such as a sale or a short sale. Normally, if they decide against any of that, they can delay a foreclosure for a year or more. Ultimately, if the bank has not committed a fraud or done any wrongdoing and the person simply cannot afford the home due to a loss of employment, they’re probably going to be foreclosed upon within 18 months.
Once Foreclosure Proceedings Have Begun, Do I Have Any Chance Of Staying At My Home?
You have a right to a mandatory settlement conference and if you can demonstrate that you can afford to make future payments, it is possible that the lender will offer a loan modification where the arrears may either be partially forgiven or tacked onto the back end of the mortgage, so that at the end of the mortgage you have a balloon payment due.
How Can A Foreclosure Defense Attorney Help Me?
If you’re facing foreclosure, even if you have no employment and you are not qualified to remain in the home, a foreclosure defense attorney can buy you the time needed to obtain replacement housing. A foreclosure defense attorney could potentially help you do a short sale, where the bank will give you some money for you to secure replacement housing. It allows you to exit the property in a more graceful and less embarrassing manner.
Should I Try To Work With The Mortgage Company Or Bank Prior To Hiring An Attorney?
If you have a basic understanding of your real estate loan and you feel competent enough to explain your situation, you could always try to speak to the lender and see if they will offer you a modification. In many instances, just the fact that you have an attorney will make the lender work a little harder to offer something to you. Most the banks want to do the honorable thing and keep people in their homes. The sooner you get an attorney involved, the better.
For more information on Foreclosure Defense Actions In NY, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (212) 748-9477 today.
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