Stop New York Foreclosure
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Foreclosure is a very serious matter, your now receiving all sorts of letters in the mail from different companies all telling you that they can help you. They could be all very confusing. If you've noticed, they all want you to do one of the following, so let's go over each of them one at a time.
Just Walk Away
It has come to our attention that some organizations are advising people on the phone and by mailers to home owners, to just walk away and let it go to foreclosure. It appears the organizations behind this campaign may be groups of investors that want to buy your property cheap at auction. This can be devastating for home owners in many states, as the home owner is responsible for the deficiency, which means if you owe $225,000 on your loan, and your home sells for $100,000 at auction, you're on the hook for the $125,000 difference. They can garnish wages to get it. This means the investor gets a great deal and the homeowner gets a huge bill as they are being kicked to the curb.
Private Investors/Lenders:
They will tell you that they will bring your mortgage current and payoff all back fees to save your home, and they will too, for a price of coarse.
In order for them to do that you must " quick Deed" (sign over your home to them in their name). In turn they will gladly lease your home back to you with 15-20% higher payments for maybe 1-2 or 3 years until they have made their investment back. Then they will agree sign your home back to you. Sounds good so far right? But here's the trick.
In the contract that you sign, always somewhere in the fine print. It will say if the leasee (you) are 24 hours late with your monthly payment within the duration of your contract, that the lessee (you) must evacuate the premises. Usually within 5 - 7 days. Over 90% of homeowners that fall for this trick end up losing there homes. These investors all know that you've had payment problems in the past, that's why they prey on homeowners in your situation. Next thing you know your family is out on the street, with no home or hope and the investor just tricked you out of your $150,000 home that cost them only $4,000 to $5,000 so PLEASE BEWARE, don't do it.
New Loan:
you to take out another loan (it sounds good on the surface but you'll pay much, much more in the long run). You have to start of a new loan from the beginning, you eventually lose all of your equity. All of your past payments are just wasted. You gain nothing. Don't fall for it.
Bankruptcy:
Don't do it! It will only save your home temporarily. Big rouble awaits you around the corner. Everyone says "file for bankruptcy it's easy don't worry we can get you squared away". Yea right. Do yourself a huge favor Don't do it!!
If you truly would like to save your home and have your case handled correctly, call the professionals. We will evaluate your case for free and inform you of your rights as a homeowner. We will introduce you to the many options that are available to save your home. To get your free evaluation either fill out a short questionier by clicking here or call now, 1-888-209-1424. | |
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New York Foreclosure Process |
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Foreclosure Process |
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When you develop a definite plan of action with well-timed,
well-informed steps, you can stop the foreclosure process and save your
home. We have outline the foreclose process for the state of
New York. |
| New York
Judicial foreclosure available: Yes
Non-Judicial foreclosure available: Yes
Preferred Method: Judicial Foreclosure
Judicial foreclosure (foreclosure by lawsuit) is the primary method
of foreclosure in New York. Although non-judicial foreclosure is
available, it is seldom used. Non-judicial foreclosure procedures are
sufficiently intricate to lead to potential title disputes. Such
problems might make it very difficult to evict a tenant. Junior lien
holders might also dispute the title and tie the matter up in
litigation. Thus most lenders will elect a judicial foreclosure.
Judicial Foreclosure
Judicial foreclosure begins when the lender files a lawsuit. The
lender will sue the borrower and any person who has a claim to the
ownership or a possession interest. The lender, as plaintiff, has a
summons and a complaint served on the borrower. The summons commands the
borrower to come to court and answer the lender’s complaint; the
complaint is the lawsuit proper, which describes the lender’s legal
and factual basis for foreclosure. A notice of lis pendens must be
filed. The lis pendens is a notice that a lawsuit is pending, the
outcome of which affects title. Often, the borrower fails to answer. In
that event, the court will appoint a referee to compute a figure for the
foreclosure. The court may then sign a judgment of foreclosure and sale.
If the borrower appears and defends against the lawsuit, then the court
will determine the merits of the defense. The referee will need an oral
hearing. If the lender wins, then a judgment of foreclosure and sale
will be awarded.
Typically the foreclosure sale is advertised for 4 to 6 weeks. The
sale is made by public auction to the highest bidder. The lender may
bid, as well. The lender must distribute the proceeds according to the
terms of the judgment signed by the judge. Surplus money will normally
be held by a referee.
Deficiency
If the mortgage contains an express covenant to pay, then the lender
may seek a deficiency judgment against the borrower if the court ordered
sale does not produce sufficient funds. The lender can ask the court for
a deficiency judgment for the amount left unpaid after the foreclosure
sale. The motion for the deficiency judgment must be made within 90 days
after the foreclosure sale. The court must determine the market value
and credit the greater of the market value or the foreclosure sales
price against what remains unpaid on the loan.
Redemption
After the judicial foreclosure, there is no redemption period. This
is true of non-judicial foreclosure, as well.
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