Stage 2: The 90-Day Pre-Forclosure Notice

Under New York State law, the Bank is required to send you a notice at least 90 days before the start of a foreclosure proceeding. Typically, the Bank will send this out when you are somewhere between 30 and 60 days behind on your payments. Notices must be sent to the last known address of the borrower by registered or certified mail, in addition to first-class mail. The letter must state the number of days you are behind on your mortgage, the amount of money owed and the telephone number of the Bank. It also must provide a list of at least five government approved housing counseling agencies in your area.

What does this stage mean?

The timing of when you will receive a 90-Day Pre-Foreclosure Notice varies from case to case, but typically if you fall 30 or more days behind you will likely receive this letter. Under New York State law, this letter is required to be sent to you. The Bank must wait at least 90 days from sending this letter before they begin a foreclosure action against you. This 90-day window gives you the opportunity to try to work with the Bank to find an alternative to foreclosure. This notice must tell you how much you must pay to bring your loan current. It must also provide the names and telephone numbers of at least 5 not-for-profit housing counseling agencies serving your county.

• This is an example of what a 90-Day Pre-Foreclosure Notice looks like. 90-DAY PRE-FORECLOSURE NOTICE
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What Should I do?

If you have recently received this letter, we strongly urge you to do one of two things:

1. Contact a local housing counseling agency and make an appointment to meet with them, as they can help you through the process of working with the Bank without any cost to you;

OR

2. If you choose not to utilize the services of a housing counseling agency, contact your Bank directly. The longer you wait to work with your Bank, the harder it will be for you to keep your home!

Additional Resources

Settlement Conference Forms Guide Glossary