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On December 30, 2022, New York State Governor Kathy Hochul signed into law the ?Foreclosure Abuse Prevention Act? (?Act?). The Act became effective immediately and applies to any foreclosure action in New York that was pending as of December 30, 2022 or filed thereafter.
After Judgment of Foreclosure and Sale Upon a judgment of foreclosure and sale, the new owner can seek to evict you from the property. If the home is resold for more than what you owe, you have a right to file an application with the court for the surplus funds, subject to certain deadlines.
Avoiding Foreclosure (Loss Mitigation) Pay arrears, become current on the loan. ... Work out a period of loan forbearance. ... Loan modification. ... Refinance with another lender. ... Deed in lieu of foreclosure. ... Sell home, negotiate short sale.
Ing to the New York State Department of Financial Services, an average foreclosure case takes about 445 days to be concluded in New York, with some taking much longer depending on the court in which the case was filed.
Loan modification is one of the best ways to stop foreclosure proceedings. This is especially true if you have current income and expect to keep it going forward. Mortgage loans, however, are complex legal documents.
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.
For Residential Cases. ... Lender must mail you information on getting help at least 90 days before starting a court case. ... Lender asks court for a judgment on default and to appoint a Referee to decide the amount you owe and write a report. ... Lender asks court to accept the Referee's findings. ... Judge orders sale of your home.