Foreclosure Timeline in Flatbush, NY

The foreclosure timeline is defined as the actual date of the legal foreclosure process through all of its stages. Most states, including New York, follow the federal Real Estate Settlement Procedures Act (RESPA). RESPA requires that foreclosing entities provide notice to the homeowner of their intent to foreclose on the property.

In many cases, lenders will allow a homeowner three months or year to make arrangements with the lender to keep the home and pay down the mortgage. This allows the homeowner to find employment and begin paying down the principle while making arrangements with the lender. 

When It’s too Late to Stop Foreclosure in NY state

Foreclosure is a horrible thing. It leaves behind damage to credit, can affect your future, and leave you without a roof over your head and a fresh start. The lender will generally act after 90 days since the homeowner made the last payment. 

Once 90 days have passed, the lender problems a delinquency notice to the homeowner. The homeowner can make a couple of points. They can either pay the home loan quantity and avoid the foreclosure circumstance entirely. They can proceed not production any payments, which will lead to the lender seizing the property.

After 120 days have passed and the borrower made no payment, the lender is required to issue a notification that shows their intention to seize on the property. After this, the foreclosure lawyer will post a notification in a lawful paper of the intended sale. The notice period will run for five weeks, and the property costs a public auction. Throughout the five-week notice period, the homeowner can stop the foreclosure by making up all missed out on resettlements (consisting of late fees and attorney costs) or working with a lawyer to hold the foreclosure process.

Chapter 7 Foreclosure Timeline

If you have fallen behind on your mortgage payments, you may be wondering how much time you have to get caught up before the Chapter 7 foreclosure timeline hits. The good news is that you do not need to worry about being in the dark any longer. An excellent resource for getting information about your rights in Chapter 7 foreclosure is your bankruptcy attorney.

Bankruptcy attorneys understand all of the complexities involved with this type of foreclosure and will be able to give you the most accurate information possible. If you are too late to stop a foreclosure sale, there are other resources available that can help you save your home. 

  • Don’t ignore your mortgage payments, and do everything you can to catch up. 
  • Talk with an attorney to stop the process and prevent the bankruptcy proceedings from going on too long.

If you fall behind too far, you may want to consider filing for Chapter 7 foreclosure protection. This protects you from the Chapter 13 bankruptcy process. Chapter 13 bankruptcy is another complicated process that has negative consequences. By working with a qualified bankruptcy attorney, you can minimize your negative impact and ensure that you receive the best solution possible.

Difference Between Chapter 13 and Chapter 7 

Unlike a Chapter 7 bankruptcy that just hold-ups a foreclosure, a Chapter 13 bankruptcy filing may eliminate the risk of foreclosure by allowing you gradually obtain captured up on past-due resettlements for years. At the same time, you must continue to make your regular monthly payment. Don’t file the Chapter 13 bankruptcy prematurely, and instead pursue options to change your resettlements discussed in the previous phase. But you don’t want to wait too long and certainly should file the Chapter 13 bankruptcy before the foreclosure sale.

When choosing between Chapter 7 versus Chapter 13, you should talk to attorney at first. You also need to leave on your own enough time to take part in required credit therapy with an authorized credit counseling company before filing bankruptcy. Thankfully you can do this online or by telephone.

Refinance Underwater Private Mortgage

There are many reasons why refinancing a private mortgage through an expert private mortgage lender is a wise choice. Borrowers can receive the money they need to make their payments while avoiding the negative impact of their debt on their credit score and credit report. Private mortgage lenders can process the refinancing application for a borrower’s unsecured loans much faster than conventional lenders due to their unique business structure. As a result, the interest rates available from private mortgage lenders are often less than half of what you would experience from other lending institutions.

The Refinance Option To help those with negative underwater mortgage balances, just say “NO.” A private Refinance Plan to help borrowers with underwater mortgage loans in good standing can provide the financial relief and peace of mind you need. 

Simply stated, an unsecured loan is defined as a residential home loan that exceeds the fair market value of that property but does not exceed the amount of principal debt that the homeowner is currently paying. If there is equity in the home, the mortgage loan amount will also be greater than the fair market value, thereby creating a financeable mortgage.

How to Qualify for a Private Mortgage

To qualify for a private mortgage, you must have fallen into one of three situations:

  1. Having experienced a decline in your financial status
  2. Owing more on your mortgage than the value of your property
  3. You cannot obtain financing from other sources. 

While the scenarios mentioned above are undoubtedly unfortunate for any homeowner, they do not necessarily make you a bad credit risk. As previously mentioned, a private mortgage lender will review your application closely, especially if you have had difficulty qualifying in the past. If you still believe that you will be eligible for refinancing, talk to an independent mortgage consultant specializing in this field.

Wrongful Foreclosure Statute of Limitations

The wrongful foreclosure statute of limitations can help you stop the lender from foreclosing on your home. Even if you have not been served with a Notice of Default or lawsuit. The statute of limitations begins to run from the day after the lease is signed, not from the day your first mortgage payment is made. So, if you are behind on your payments and the bank has not yet filed suit against you, it does not have to foreclose on your home. 

But, if it has, then you have three years to cure that default before the lender can start foreclosure proceedings. If you file a lawsuit against the bank, this statute of limitations begins to apply from the day after the complaint is filed in the county court. In this case, you may still be able to stop the sheriff sale, but only if the default notice was filed within the three years.

Wrongful foreclosure can happen even in judicial foreclosure states such as New York. In most cases it’s so homeowners don’t know their rights. For example, if you have a real reason why you can’t pay mortgage, you can delay foreclosure. This is the world and such things happens, you were sick, fired from work – contact lawyer. There a lot of attorneys that can’t help you if you were illegaly fired that led to missed mortgage payment. Don’t be shy to ask, most attorneys provide free consultation on whether they can help you or not.

Statute of Limitations on Deficiency Judgments

Shortage judgments are sometimes consisted of in a foreclosure lawsuit, but they aren’t constantly. Sometimes, they are their separate legal action. These have various law restrictions compared to foreclosure lawsuits.

The law of restrictions on shortage judgments is one year, but this just puts on shortage judgments relating to repossessions that happened on or after July 1, 2013. This one-year period doesn’t start to run until someday after the court problems the certification of title to the new proprietor that bought the property throughout the foreclosure sale.

This is because homeowners and lenders are not qualified to shortage judgments until the foreclosure sale has occurred. Just after that, do they know the quantity the judgment is for.

FAQ:

How long does it take for a bank to foreclose on your house?

Lenders will seize the home, which is generally used as collateral for the loan, and will put the property for sale to redeem losses. The foreclosure process from beginning to finish typically takes a lender about 18 months to seize on residential or commercial property throughout standard times.

What are the stages of foreclosure?

The foreclosure has six stages: payment of default, a notice of default, a notice of trustee’s sale, trustee’s sale, real estate owned, eviction, and the bottom line.

How long do you have after you receive a foreclosure notice?

According to the NY State Department of Financial Services, an average foreclosure situation takes about 445 days to be wrapped up in New York, with some taking a lot longer depending upon the court where the case was submitted.

How long does it take for a foreclosure to close?

The length of the whole foreclosure process depends on state law and various other factors, consisting of whether settlements are occurring in between the lender and the borrower in an initiative to hold the repossession. Overall, finishing the foreclosure process can draw from 6 months to more than a year.

Do banks really want to foreclose?

As you fight to keep your home after defaulting on your home loan payments, it can seem like the bank is unwilling to deal with you, that they want to foreclose on you and take your home. A loan in default not just isn’t paying any income to the bank. It also requires them to invest money.

Contact Foreclosure Attorney for a Free Consultation in Flatbush

If you find yourself overwhelmed with the seemingly endless number of timelines, laws, and requirements related to foreclosure, contact foreclosure lawyers immediately. They will assist you in making sure that you stay within the foreclosure timeline and under the rules set forth by your lender.

They will be able to help you with all aspects of the foreclosure process – beginning with the initial foreclosure auction on your property to the filing and paperwork necessary with your local courthouse. Because your lender will be so involved in the process, it is critical to have a knowledgeable attorney representing your best interests in foreclosure proceedings.