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.

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He or she must understand that there is a good chance they may need to vacate the property, either at the request of bank, or on their own accord. Real Estate groups like Premier Real Estate NYC will provide a homeowner several options including a short-sale. Premier Real Estate offers homeowners the opportunity to short-sale their property in return for a settlement with the bank.

There have been thousands of short-sale agreements that have taken place across areas like Bed-Stuy, Brooklyn, Bushwick, Brooklyn, and Westchester Country over the past several years. A short-sale is accepted by the bank as a safe way of relieving ones debt owed to the bank. Banks do not want to foreclose upon a property and be forced to sell it in order to regain their investment. Lending institutions in New York City are satisfied with the notion of a short-sale.

Individuals, who seek legal real estate advice early on, will allow themselves more time and choices when confronting their bank in a foreclosure. If time is not on the borrowers side, he or she may have no choice but to foreclosure. One example of how the bank tries to help the borrower is through a bank meeting.

Prior to pursuing the foreclosure, banks in New York send a letter to the homeowner requesting a meeting. prior to . During the exchange, the bank will look for additional income from the struggling homeowner in order for him or her to cover outstanding fees, and the past due payments. Although it may seem like the bank is going to offer you additional time, they do not. Banks need to find ways to collect their debt, and if this means selling your home from underneath, they will.

It is not likely that a homeowner will win without proper legal representation. Homeowners in Brooklyn, NY are provided a public defender to legally defend them against their lending institution; however, it is rare that a homeowner will defeat the legal team of the lending institution. Borrowers who live in New York City, especially areas like Bushwick, Brooklyn, and Bed-Stuy, Brooklyn have the ability to contact a real estate professional or legal team, like Premier Real Estate NYC.

Without strong professional help a borrower will not succeed against the legal representation of the lending institution. Avoiding a foreclosure is the first step, and in order to do so it is recommended that the homeowner contact a legal organization like Premier Real Estate NYC. All New York residents are able to find a solution to a foreclosure.

The first step in avoiding a confrontation with your bank is to be in correspondence with them. The bank will issue notices alerting the homeowner that they are missing consecutive payment deadlines. If the borrower fails to respond to these bank letters, he or she is putting their family and personal interests in jeopardy.

Prior to a foreclosure the homeowner will receive a series of letters from the bank, and in some cases will be asked to meet with the bank. A bank will offer the property owner a way out of a foreclosure based on his or her standing with the bank. In order for the lender to cooperate with the homeowner, he or she must make an effort to find a solution with the bank.

Putting emotions aside at the prospect of a foreclosure is sometimes the most difficult thing when dealing with banks. Premier Real Estate NYC offers professional real estate advice from a legal position as part of a free consultation, and has already helped dozens of potential victims of foreclosure. Without organizations like Premier Real Estate NYC many people would be at a total loss. Banks do not ask for your permission when pursuing a foreclosure.

The first step in avoiding a foreclosure is to seek professional help. You as the homeowner have a number of options. One of the most popular solutions is what is referred to as a short-sale. This process avoids the foreclosure and enables the homeowner to restart his or her life. Premier Real Estate NYC has helped dozens of homeowners in places like Bed-Stuy, Brooklyn, Canarsie, Brooklyn, and other neighborhoods throughout New York City and Westchester County.

A short-sale will only be reached if the homeowner can find a third party investor. Premier Real Estate NYC is the main partner for the homeowner in their negotiation with the bank.

Groups like Premier Real Estate NYC have managed to help dozens of New Yorkers in places like Bed-Stuy Brooklyn, Canarsie, Brooklyn and other neighborhoods in the Kings Borough. For many homeowners, the 2008 housing crisis was the beginning of a financial tailspin.

As many homeowners look for new options to find a way out of foreclosure, many have chosen the route of a short-sale. Many real estate advisors will tell you, do what ever it takes to avoid a foreclosure. This includes a short-sale.

For homeowners who are nearing a potential foreclosure, the best thing to do is contact a real estate professional. The right individual will fill the void of the banks, which often do more harm than good.

Several of the short-sales in Brooklyn have been aided by the lending institution. However, most banks will not allow the home owners to find another way out of their mortgage other than foreclosure. It is common knowledge today that a home owner’s lending institution is on the opposing side of a foreclosure.

Without real help, a property will be issued to the bank for them to sell. A property that is foreclosed upon by the bank will also require the homeowner to pay for all acquired penalty fees. Credit is ruined in a foreclosure, and money that was thought to be safe is no longer. Foreclosures in areas like Westchester, NY and Brooklyn, NY have attracted media coverage and state attention.

A recent report stated that Westchester County has been hit the hardest by foreclosures after Hurricane Sandy. Many homeowners in Westchester, NY have been surprised to see the lack of help from their banks.

Only 71 percent of working-age men are actively looking for work or have found a job. This is a major drop off from the past. After many national disasters, the male population is usually first to bounce back. It is not the case anymore. 2014 will see women hold more jobs than men. The Institute for Women’s Policy Research estimates that over 90 percent of women, who had lost their jobs since the 2008 housing-crisis have found new employment. Measure this number against the male work sector at only 68 percent, and you can see a unique trend in U.S. employment.

Although the male work sector was hit the hardest after the housing market collapse, they were expected to see more opportunity in the wake of the large stimulus granted to the banks by the federal government.

More and more men seem to be dropping out of the work force. Women are not. It seems that when you compare the two sexes, the female job seekers are more aggressive and active. The U.S. jobless numbers for men are beginning to resemble countries in Europe like Spain, and Italy.

Many men prior to the 2008-housing crisis purchased many homes, and one has to wonder what percentage of these men are currently unemployed. The contrasting numbers of employment between men and women in the U.S. makes one realize how difficult the economic situation really is for millions of people today.

With the increase of foreclosures, borrowers are curious what the new mayor, Bill de Blasio, is seeking to do with the jump in foreclosures throughout New York City. The lending institutions will not change their foreclosure structure in light of the rise of real estate foreclosures.

The borrower will receive several notices from the bank, which enables him or her, to negate the foreclosure by meeting numerous bank demands. Some of these demands include finding new sources of revenue through, work, loans, or other angles, which the borrower has not yet explored. The bank does not have the borrowers best interest in mind, and it may lead the homeowner to climb into further debt in order to satisfy the mortgage.

Real estate foreclosure in New York City is in need of companies like Premier Real Estate NYC. It has helped people from areas in Bed-Stuy, Brooklyn, who were overwhelmed by the decrease in employment and rising cost of living in their neighborhoods. Areas near Myrtle Avenue, Nostrand Avenue, and further towards Flatbush Avenue have seen a major shift in demographic, and the cost of living. Although there are many renters in this area, many individuals decided to buy the property they were renting prior to the 2008 housing-crisis.

After the downturn in the U.S. economy, many of these homeowners had opted into balloon rates. Balloon loans increase the payment in order to decrease it towards the beginning of the mortgage. Once the 2008 housing-crisis hit New York City, many homeowners were left at a loss. Much of the equity had been diminished by the national housing-crisis, and many of these homeowners were unable to refinance of use their home as collateral.

Many banks will be interested to hear your plans, and expectations on how you will avoid foreclosure. Some banks will go out of their way to find early solutions for the homeowner, many will not. Most borrowers are left on their own to find a solution, and many borrowers wait until it is too late. There are many payment options, and the borrower needs to check with his or her lending institution on a regular basis for new programs.

Companies like, Premier Real Estate NYC are tasked with finding programs for borrowers. Banks are often negligent in many cases with homeowners in need of help. Homeowners who have survived the 2008 housing-crisis, and Hurricane Sandy deserve more help from their lending institution.

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.

The foreclosure process can be completed quickly, especially if the homeowner is not aware of his or her rights. Many banks will not go out of their way to explain which rights the homeowner possesses. It takes a company like Premier Real Estate NYC to show the homeowner what choices they have.

Once the borrower foresees a financial crisis with his or her bank, it is time to find professional help. There are many factors that go into saving someone from foreclosure. For homeowners living in areas like Red Hook, Brooklyn, or Bed-Stuy Brooklyn, it is common knowledge that the housing landscape has changed for the worse. Many residents in Brooklyn have found little, to no answers from their elected officials, or housing councils on what is being done for the average homeowner in the midst of rising unemployment and inflation.

Companies like, Premier Real Estate NYC have worked with dozens of residents in neighborhoods like Red Hook, Brooklyn and Bed-Stuy Brooklyn, to offer free legal advice and a chance for them to fully understand their options in the face of the vibrant housing market in Brooklyn. Without professional help, borrowers, homeowners, and renters will be at a loss against large lending institutions, and banks.