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.

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.