Menu
After 120 days of delinquency and another 90 days after the pre-foreclosure notice, the lender can file a foreclosure lawsuit. The sale date has to be at least 45 days after the filing. Additionally, the lender has to file a notice that says that they properly served the homeowner with the correct documents
Once the homeowner receives the complaint, the summons, and the accompanying financial assistance information, a prompt answer is expected. Without an answer or appearance, the court will default for the lender — approving the auction. The answer can be an Order to Show Cause with your defense. It’s best to consult a foreclosure/real estate attorney for the answer
Within 60 days after the lender files the proof of service, both parties are required to meet for a settlement conference. You meet with the lender, advisably with an attorney, and the parties try to find a resolution.
If an agreeable resolution is reached, then the settlement process begins. Once a settlement has been reached, the lender has to drop the suit with the court within 150 days. If a resolution isn’t reached, or if you didn’t come to the meeting, the suit continues in court. Parties are expected to litigate in front of a judge to proceed.
Both parties litigate their cases in court, and the judge comes to a final judgment after hearing both sides. If you don’t appear in court, the judge will default for the lender, and the auction is ordered. You have lost the case, and once the house is auctioned, you’ll be evicted from your home. The lender will sell the house to the highest bidder, mitigating their losses from the defaulted mortgage.
In New York, the Right of Redemption requires payment of the delinquent amounts any time before the sale is finalized. By paying the debt directly to the lender or the court, you can halt the foreclosure — saving your home. The delinquent amounts include the principal, the interest, and other affliated costs, such as court fees.
Everyone’s circumstances are different, but in general, working with an attorney during the foreclosure process
comes with definite advantages. Here are some of the ways that we can help:
You may be eligible for a loan modification that could extend the term of your loan or lower the interest rate, which will stop the foreclosure process and leave you with a reduced monthly rate.
Borrowers have the option of modifying their defaulted mortgages. This can help you pay off the delinquent amount and save your home. You can delay the principal so you can make a balloon payment that’s due on a later date. Lenders may forgive a portion of the delinquent amount — either on conditional or unconditional terms.
By citing Right of Redemption (see above) or filing an Order to Show Cause (establish that the lender has violated the law or breached your contract), we can set the sale date aside.
Just because the house is foreclosed doesn’t mean you have to move out. The sale date must pass before the eviction process can begin. For the sale date to be finalized, the court must approve the foreclosure and order the auction. Even after the court order, auctioning could go on for months before a sale is made. Since the eviction process doesn’t start until the above process is completed, you can remain in your home. Until everything is said and done, you can continue staying there.
Get to know your Foreclosure Defense Attorneys
Thanks to the Professionalism and Outsanding Customer Sevice demonstrated by The Law Office of Yuiry Moshes. I've completed many Real Estate Transactions in my years as a NYS Licensed Salesperson and Real Estate Broker. I congratulate your organization for the attention to detail and integrity you company displays.
We had a great experience with the office of Yuriy Moshes during the purchase of our home. Mr. Moshes or his colleagues were quick to respond to any questions or concerns during the process. I would not hesitate to recommend them to others. Thanks a lot!
Hired Yuri to help me through coop purchase process. Yuriy and his staff answered all my questions promptly, I've had attorneys in the past that once paid would take their time and de prioritize your mails, etc..Not the case here. My initial purchase wound up folding week before scheduled closing date due to seller negligence. Almost a year later, I received same level of effort from Yuriy second time around, closed, and am very happy with professionalism and expertise provided.
517 Brighton Beach Avenue, 2nd Floor Brooklyn, New York 11235
111 Northfield Avenue, Suite 208A West Orange, New Jersey, 07052
322 W. 48th Street, 6th Floor New York, NY, 10036
888-231-4891
We are here for you on evenings, weekends and holidays and will work around your schedule to defend your rights.
