This can happen for any number of reasons, but the end result is the same: your financial situation is such that you have not been able to keep current on your Mortgage. Each Mortgage has specific language about when the Bank may begin a foreclosure proceeding. For instance, we often see mortgages that say if a homeowner falls more than 3 months behind on payments, the Bank can begin foreclosure proceedings....more
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 certifi ed mail, in addition to fi rst-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. ...more
This is a letter sent by the Bank to the Borrower before a foreclosure proceeding is filed in Court, pointing out that the terms of the Mortgage have been violated due to nonpayment. You will typically be given 30 days to pay the delinquent amount and any associated late fees....more
These documents will be the first notice you will receive that a foreclosure case has been started with the court....more
This is a written statement you may choose to prepare in response to the Summons and Complaint. Typically, an Answer is only done when you feel you have legal claims against the Bank....more
This is an opportunity for you to sit down with the Bank at your local courthouse to try to work out an alternative to foreclosure so that you may keep your home. You will find out about the time and date of the Settlement Conference in a letter sent to you by the Court....more
It is possible that you and the Bank will work out an arrangement allowing you to keep your home. If this happens, the Bank will file a document called a “Cancellation of Lis Pendens” that will end the foreclosure proceeding in the court system....more
If you and the Bank cannot agree on an alternative to foreclosure, the foreclosure will be allowed to move forward in the court system. An “Order of Reference” will likely be granted to the Bank. This allows the Bank to obtain a “Judgment”, which will then allow them to take ownership of the house after an auction....more
These are the events that occur after Judgment has been entered. Unless a last-minute deal with the Bank is reached, this stage will end with the house being sold at a public auction to the highest bidder and you will have to move out of your house. ...more