The meeting provides the homeowner a chance to meet the lender face to face. This is one of the last ditch efforts by the bank to save the homeowner from a foreclosure. The bank will make gestures, and provide real solutions, and attempts to resolve the crisis.

If the settlement process fails to produce a favorable result for both the lender and the homeowner, then the lender will move ahead through the court system. Prior to the 2008 housing crisis, banks were usually granted a judgment against the homeowner.

Following the whirlwind of foreclosures over the past few years, some states have increased the pressure on lending institutions, and in some cases, homeowners have defeated the motion by the lending institution. Usually the lender wins in the courts.

A Judgment of Foreclosure and Sale is issued after the judgment. This gives the lender the right to sell the property at auction. Once this is issued a Notice of Sale is then published, followed by an auction sale.

This robust process can consume a homeowners life, and destroy not only their financial situation but can also ruin their credit for years to come. In order to avoid the foreclosure process contact Premier Real Estate NYC today and receive a free consultation and find out what options you may have. Don’t give up, there are ways to resolve your financial concerns.

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