After the foreclosure process, the bank will likely poses a judgment from the court that permits it to sell your home. If the bank intends to sell your house, you will still be allowed to remain in your home until it is sold. The bank must promote your home through ads in local newspapers, and walk-ins. Since the 2008 housing-crisis many people in New York City are watching friends and family suffer from a rise in unemployment, and rising housing costs.
Foreclosure should not be left as an option. There are too many New Yorkers who simply allow the bank to dictate, and direct their financial future. Premier Real Estate NYC has taken a stand for dozens of homeowners, renters, and borrowers in neighborhoods like Red Hook, Brooklyn, Mott Haven, Bronx, Corona Queens, and other areas in Manhattan, and Staten Island.
Once the initial payment is missed, banks will allow you ninety days to pay any owed mortgage payments prior to the foreclosure process. After this grace period, the lending institution will notify you with a certified letter. This serves as a warning that your lending institution will initiate legal action against you.
Once you receive this warning your bank will contact the court and a file a complaint. You will then be notified that you have 35 days to respond to the bank’s complaint. If the borrower fails to respond, the legal case will move through the court system, and the foreclosure process will begin. At this point, the homeowner should have found legal representation. A homeowner who fails to find a lawyer is putting his or her financial future in jeopardy.