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lee s asked:
how long does it take bfore your home goes into Foreclosures , and how does the whole process work on long island new york after you stop your payments also what is the best way to delay it or prolong it ,
how long does it take bfore your home goes into Foreclosures , and how does the whole process work on long island new york after you stop your payments also what is the best way to delay it or prolong it ,
Tags: Foreclosures, Long Island, Long Island New York
May 26th, 2007 |
May 27th, 2007 at 2:22 pm
It varies from state to state I live in MI and I just filed bankruptcy. You many want to CONSIDER it, not do it just think about it. Talk to a lawyer because 9 times out of 10 the mortgage company or bank will not listen anyways. I believe once you are 3 payments behind they can start foreclosure. If you want to keep your house like I said consider bankruptcy, if you don’t care, then don’t pay and you may possibly have up to a year to live there before they throw you out, but don’t make any payments. Once the foreclosure goes into effect, the house will be put up on the market as an auction and you will be evicted by the local Sherriff. They can and will take all your stuff and put it on the front lawn for the entire neighborhood to scavenge through. It’s a serious thing and not to be taken lightly, it will also ruin your credit. I filed bankrtupcy because of c. card debt but had to give up a car which is okay since I have another car but I affirming my home as a debt and intend to keep it even under Chapter 7.
May 30th, 2007 at 8:31 pm
If your payments are 60 days late they can start procedings…at 90 days they can sell your house at auction. Once your house sells at auction you have 6 months to bring the mortgage payments current, pay all fees and penalties, and sometimes requalify for the loan. If you meet all the conditions you get to keep the house, if you don’t they sell the house and you are required to move (some laywers recomend staying put, and making the new owners evict you, but come one, you defaulted and someone else bought the house fair and square, why make them spend a bunch more money getting you out). Once the sale is complete the morgage company will let you know what your deficiancy amount is and most go to court right away to get a judgment against you to pay it or garnish your wages (because usually with forclosure you can’t pay and they know it so they start judgment right away).
There are several ways to avoid, or delay forclosure. Most mortgage companies will send you something saying they are considering forclosure and they let you know of your options, here is a link from HUD (they are a government program that deal with forclosed homes) that will give you options on avoiding forclosure…http://www.hud.gov/foreclosure/index.cfm
Good Luck
June 2nd, 2007 at 5:37 pm
the following link details the foreclosure laws and timelines for each state
good luck
June 5th, 2007 at 4:12 am
In New York the foreclosure process can take 12-18 months from beginning to end. New York is a judicial foreclosure state meaning the foreclosure process is handled through the costs. It is alot to detail here but it starts with a Notice of Default which is sent to you after 90 days or being deliquent and is published in the local newspaper. After this the bank may require that you pay the loan off in full and you will be given a deadline to do so. If this is not done then you will be taking to court and your only defense is that you dont owe the money. The judge will then issue a judgment against you and allow the house to be sold. A Notice of Sale is publised in the papers for 4 weeks prior to the sale. Then the home is sold at auction and the buyers must evict you of if no one bids it reverts to the bank and the bank evicts you. If the home sells for less than the mortgage then a deficinency judgment can be issued against you for the balance. I hope this helps. I know somewhat how you are feeling as my parents home almost went into foreclosure when i was a teenager.