Subject: Urgent New York Sample Letter Regarding Stop of Foreclosure Sale Dear [Lender's Name], I hope this letter finds you well. I am writing to you today in regard to the pending foreclosure sale on the property located at [property address] and to request an immediate halt to the auction proceedings. As residents of New York, we understand the importance of adhering to the legal requirements and ethical practices outlined in foreclosure cases. Our goal is to find a viable solution that benefits both parties involved. We believe that halting the foreclosure sale will enable us to explore alternative options to rectify our financial situation and repay our outstanding mortgage amount. We kindly request your assistance and cooperation in providing us with an opportunity to work towards an amicable resolution. It is vital for us to maintain the ownership of our property and avoid unnecessary financial distress and instability in our lives. Our current predicament was primarily influenced by unforeseen circumstances, including [explain the specific situation, such as loss of employment, medical issues, or other factors that contributed to financial hardship]. We firmly believe that if given the chance, we can rectify our financial difficulties and bring our mortgage payments up to date. We have thoroughly assessed our financial situation and have formulated a detailed action plan to address the late payments and associated charges. Based on our calculations and projections, we are confident that we can establish a revised payment schedule that meets your requirements while allowing us to maintain the ownership of our property. Furthermore, we are actively seeking assistance from professional credit counseling agencies to help us better manage our finances, reduce our debts, and establish a stronger financial foundation moving forward. By implementing these measures, we aim to ensure the prompt and regular payment of our mortgage obligations to secure our home for the future. We kindly request a temporary suspension of the foreclosure proceedings, allowing us the necessary time to finalize our financial arrangements and negotiate a feasible repayment plan with you. Our utmost intention is to honor our commitment and fulfill our obligations as responsible homeowners. We understand that your organization may have faced similar cases in the past and may have already developed suitable alternatives to foreclosure. If such programs are available, we would be grateful if you could provide us with information regarding loan modification, refinancing, or any other options that may be applicable in our situation. Our primary objective is to find a mutually beneficial resolution and prevent the foreclosure of our property. We kindly request your prompt response to this matter to ensure that we can adequately address our financial difficulties before the foreclosure sale date. We are prepared to cooperate closely with you, provide any necessary documentation, and engage in open and transparent communication to find a way forward together. Thank you for your time and consideration. We sincerely hope that, by intervening in this crucial stage, we can reach a resolution that prevents the loss of our home and allows us to regain financial stability. Yours sincerely, [Your Name] [Your Address] [City, State, ZIP] [Phone Number] [Email Address]
New York Sample Letter regarding Stop of Foreclosure Sale
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How to fill out New York Sample Letter Regarding Stop Of Foreclosure Sale?
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Once the property is sold at the public auction to the highest bidder, the original foreclosed owner has no right to satisfy the entire amount owed the lender. Unless the prior foreclosed owner has legal and/or equitable defenses to the foreclosure action, once the sale has occurred, the owner will be without a remedy.
In addition, the law requires the service of a Ninety(90) Day Notice upon a bone fide tenant of the premises. If you are a tenant pursuant to an oral or written lease and are paying rent for the premises, you are entitled to the Ninety (90) day Notice.
A Judgment of Foreclosure and Sale is the last step in a foreclosure litigation Proceeding before a foreclosure auction is scheduled; giving the debtor a ?Consent Judgment of Foreclosure? agreement is a way to move the foreclosure along in a situation where the property owner is not looking for additional time at the ...
Selling a House if It's in Foreclosure in New York A homeowner can sell their home rather than go through the foreclosure process, including through a realtor. Unfortunately, this route might take more time than you have. Still, you can put your house on the real estate market to see how quickly you can sell it.
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.
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.
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.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
