Things You Should Know Before You Walk Away

January 15, 2014 by

Real Estate Foreclosures in New York City: Things You Should Know Before You Walk Away

You’re several weeks or months behind on your mortgage payments and the letters and notices are starting to pile up. Thoughts of losing your home and damaging your credit are causing you and your family enormous stress and you just wish the darn thing would be over already.

But before you pack up and walk away, there are some important things that you should know about foreclosures in New York City, information that could cause you to think twice. [Read more...]

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Facts about Real Estate Foreclosures in New York City

January 13, 2014 by

In the last ten months New York City has seen a tremendous spike in foreclosure lawsuits and auctions. While foreclosure rates dropped in the rest of the country, New York City’s has risen by 25 percent since last year according to the national foreclosures listings company RealtyTrac.

Nassau County in Long Island has been particularly hard hit. People who rushed to buy homes while prices were high are now struggling to pay their mortgages and their taxes. It ‘s estimated that property taxes in the Long Island area average about $9,000 a year.

The resources of the courts are being pulled very thin by this wave of foreclosures, as real estate foreclosure lawsuits now account for a third of all civil cases being filed in New York City. There have been instances of looting abandoned homes reported in Nassau County.

Those who have worked hard to avoid foreclosure in New York City have also recently received some unwelcome news. The Mortgage Forgiveness Debt Relief Act, passed in 2007, is set to expire at the end of the year. [Read more...]

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Real Estate Foreclosures in New York City: What is the Process?

January 13, 2014 by

Real Estate Foreclosures in New York City: What is the Process?

If you’re facing potential foreclosure on your home, you’re probably wondering how long the process will take and what’s involved. How long will it be until you actually have to leave your home, what legal proceedings will you face and will you have a chance to reverse these proceedings?

We’ll start by telling you that because New York is a judicial state, the process of real estate foreclosure in New York City will usually take up 15 months to complete.

The following is a breakdown of what you can expect to happen during these 15 months:

1. About 15-30 days following a missed mortgage payment, your lender will try to contact you or send you an official notice regarding your late payment.

2. Your lender must provide you with 90 days of advanced warning before starting foreclosure proceedings. This gives you time to come to arrangement with your lender and make payment. Typically you will receive this advanced warning 45-60 days following non-payment.

3. Once this 90 day period is over, the next 7-9 months will include the following actions: Your lender will likely pass your file to its foreclosure department and/or attorney to begin foreclosure proceedings. They will submit a notice of foreclosure to the court and you will receive a summons to appear at a settlement conference.

At this conference, the court will determine based on the evidence whether or not a foreclosure is necessary in your case. Usually, if are unable to offer a quick solution to bringing your payments up to date, the court will rule in favor of the lender and a foreclosure sale will be scheduled four months from the date of the conference.

4. The foreclosure sale will be an auction on which anyone can bid. Once your home is sold you will have to move out and you will have not possibility to repurchase is or bring your mortgage up to date.

For more information and to find out how we can help prevent you from losing your home, please register for a free consultation.

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