Foreclosure Prevention

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Commonly Asked Questions about Foreclosure Prevention

How do you turn around a foreclosure?

You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the bank) to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.

Which one is the best way to prevent foreclosure?

8 ways to prevent foreclosure Dont ignore the problem. At the first sign of financial trouble, contact and inform your lender. Mortgage forbearance. Mortgage repayment plan. Loan modification. Deed-in-lieu of foreclosure. Short sale. Short refinance. Refinance with a hard money loan.

How long does it take for a house to go into foreclosure in NY?

It takes at least 6 to 8 months for a fore- closure lawsuit to go from summons and complaint to auction even if you ignore the court case. In reality, however, the process is taking much longer. If you file an Answer and appear at the mandatory settlement conference, it is taking lenders 1 to 3 years to foreclose.

What is the new foreclosure law in NY?

New York law provides that a lender has six years to commence a mortgage foreclosure action from the earlier of (i) the date that the lender accelerates the loan based on a borrower default or (ii) the maturity date. The most common default is, of course, a borrowers failure to make timely loan payments.

What action could temporarily stop a foreclosure?

Final answer: Declaring bankruptcy can temporarily stop a foreclosure by activating an automatic stay on collections, giving the borrower time to address debts during the bankruptcy process.

How do I delay a foreclosure in NY?

At the settlement conference, the parties will discuss different methods of how to stop the foreclosure proceedings. These methods will include paying the back due amounts all at once, setting up a payment plan, selling the home quickly in a short sale, utilizing a deed in lieu of foreclosure, and many other options.

What is the new law for foreclosure in NY?

The new law amends New Yorks election of remedies law to provide that once a foreclosure action is barred by the statute of limitations, a loan owner or servicer is prohibited from bringing any other action to recover the same part of the mortgage debt, including both another foreclosure action and an action to

How to avoid foreclosure in NYS?

Ways to Stop Foreclosure in New York Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. Applying for Loan Modification. Reinstating Your Loan. Plan for Repayment. Refinancing. Sell Out Your Home. Short Sale. Deed In Lieu of Foreclosure.