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Experiencing the foreclosure process can be challenging, especially if you have reached the point of the foreclosure sale and your home is set to be sold. Thankfully, even if the foreclosure sale is nearly final, you may still have time to save your home. Read on to learn more or fill the form below to get free consultation.
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Ultimately, foreclosure is a process that allows a mortgage lender to take over a home and sell the home in order to recoup the amount the borrower borrowed, as well as other fees and costs. The foreclosure sale happens at the end of the foreclosure process. During a foreclosure sale, the home under foreclosure is sold to the highest bidder so that the lender can recover as much as possible of the money they lent to the borrower. If your home is nearing the point in the foreclosure process at which it may be sold, you may still have the ability to save your home, especially with the help of an experienced New York foreclosure attorney. At the Law Office of Yuriy Moshes, we know how to help. Read on to see how you may be able to save your home.
In some states, there is a period after the foreclosure sale during which you can still pay off the amount owed on the loan and save the home. In New York, once the foreclosure sale is finalized, and the deed is recorded, you technically cannot reverse the foreclosure sale. When the foreclosure sale is finalized, the person that made the highest bid on your home will technically own your home. However, you can stop the foreclosure sale before it is finalized. How? Through the right of redemption.
The right of redemption refers to a homeowner’s ability to satisfy the loan during the period between when a judge orders the foreclosure sale to take place and when the foreclosure auction actually is finalized. To “satisfy” the loan, the homeowner must pay the total amount owed on the loan to the lender, including any fees, costs, and interest. However, the right of redemption after the foreclosure sale is forever gone. You lose your home, unless you can somehow show that the foreclosure process was completed incorrectly. A skilled foreclosure attorney can help you protect against losing the right or redemption and losing your home. At the Law Offices of Yuriy Moshes, our attorneys know the New York foreclosure process and they want to help you protect your home. Call us today to see how we can help, or fill out our online form for a free consultation.
Setting aside a foreclosure sale refers to when the borrower files an Order in court asking the lender to “Show Cause.” This means that the borrower believes that there was something amiss during the foreclosure process and believes that the lender must show why the foreclosure process was accurate and fair. If the lender cannot demonstrate that the foreclosure process was conducted fairly and accurately, then the foreclosure sale could potentially be reversed. Setting aside a foreclosure process is very complicated and not easy to do, but the right attorney can make it happen. Our experienced foreclosure attorneys at the Law Office of Yuriy Moshes can assist with this process as well.
The foreclosure redemption period refers to the period of time in which you can still save your home by paying off the amount owed to the lender. In some states, you can still pay off the balance owed and “redeem” your home even after the foreclosure sale is finalized. In New York, you cannot redeem your home after the foreclosure sale is final. But, the foreclosure redemption period by state will vary.
In states that allow for the borrower to redeem their home even after the foreclosure sale, the homeowners can only pay off the loan and redeem the home because a statute allows them to do so. So, some refer to the period when the home is still redeemable after the sale as the “statutory redemption period.” In New York, the redemption period does not continue after the foreclosure sale ends, though, unlike the states with extended redemption periods. In New York, you must pay off the balance on the loan before the sale is over, or the redemption period will end.
The cost to redeem your home depends on how much you owe and what other fees and costs the lender has incurred during the foreclosure process. The best way to determine how much it will cost to redeem your home is to contact an experienced foreclosure attorney.
Typically, the procedure to redeem your home is fairly straightforward, in New York: you pay the amount owed. But, sometimes lenders and borrowers may disagree about exactly how much is owed. An experienced foreclosure attorney can also help determine if the lender is asking for too much money or if there may be ways to cut costs during the redemption process. Either way, when paying off the amount owed you can typically either pay the lender directly or pay the purchaser your home the amount they paid to buy it.
Setting aside a foreclosure sale is much different, and much more complicated than simply paying the balance owed before the redemption period ends. Setting aside a foreclosure sale is also a relatively rare occurrence. To set aside a foreclosure sale, you must show that there was some fundamental flaw in the foreclosure process, such as those listed below:
In a judicial foreclosure state, you typically must wait until the judicial part of the foreclosure process is complete, then you file a motion to void the foreclosure sale. Since New York is a judicial foreclosure state, this is exactly what must happen here. In New York, you must file a “Show Cause” Order after a judge makes a final determination in your foreclosure case.
The Show Cause Order allows the borrower to demonstrate any defects that are apparent in the foreclosure process. At this stage in the foreclosure process, an experienced New York foreclosure attorney will be critical to saving your home. Generally, you must have an attorney if you wish to set aside a foreclosure sale because setting aside the foreclosure sale requires you to go to court and explain why the process was conducted incorrectly,
In nonjudicial foreclosure states, the process for setting aside a foreclosure is only slightly different. First, the home will be foreclosed upon based on whatever process the state’s statutes set forth. Then, the homeowner must file a lawsuit to void the sale. The lawsuit will be filed in the state in which the foreclosure was finalized. This is not how the foreclosure process works in New York, though.
Regardless of whether you are in a judicial or nonjudicial foreclosure state, you must have grounds to set aside the foreclosure sale in order to successfully set aside the foreclosure and save your home. Below are some common gounds for setting aside a foreclosure sale:
An irregularity in the foreclosure process can be fatal to the lender’s ability to foreclose on your home. Each state has established its own procedures and rules for properly foreclosing on a property. If the lender does not follow the state’s procedures, the foreclosure may be set aside.
A skilled foreclosure attorney knows the state’s foreclosure laws and knows when the foreclosure process has gone awry. In New York, the attorneys at the Law Offices Yuriy Moshes know exactly where to look in the foreclosure process to find irregularity in the foreclosure process and potentially save your home. Contact us today and see if we can help you!
At the end of the day, a mortgage is really just a complicated contract. Like any contract, when one party doesn’t follow through with the terms of the contract, the contract can often be voided. The same goes for mortgages. When lenders fail to comply with the terms of the mortgage agreement, the lenders may end up voiding their ability to foreclose on the property.
Sometimes a foreclosure sale can be set aside if the sale price is extremely low in comparison to the property’s value and/or the amount owed on the mortgage, or the lender takes advantage of the foreclosure sale to make money in an unfair manner. Typically, setting aside the sale for an inadequate sale price also requires some other type of misaction on the part of the lender.
Stopping or reversing a foreclosure sale is possible, especially with the right help. At the Law Offices of Yuriy Moshes, we know New York’s foreclosure laws and we want to help you ensure that your rights under the law are protected.
If you are in the middle of the foreclosure process, or even if you have just received your Notice of Default and the foreclosure process has just begun, do not hesitate to contact our team. We are here for you.
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