I reside in New York State. I have heard foreclosure laws are different for each state. My mortgage company just called this morning and said I am in foreclosure as of 2/1/07. I am in the middle of refinancing with this SAME company. I also got a letter yesterday saying they had made payment arrangements with me. I'm very confused and trying to contact them. In the meantime, I am trying to find out how long it takes for them to follow through with a foreclosure in NYS. I also just made a payment to them but the person on the phone this morning said they are sending it back.
2007-02-06 03:02:41 · 5 answers · asked by k m 1 in Business & Finance ➔ Renting & Real Estate
In NYS a homeowner can be in the Lis Pendens (pre-foreclosure) stage of the process for 12 to 18 months.
I generally focus on NYC foreclosures and have found that owners can stop the auction up to 5 minutes before it is called by the referee. You need to speak to your bank and find out what will make them happy as far as payments go. You may also want to look into declaring bankruptcy if you are unable to pay.
There can be a lot of options for you but you need to research. Be careful about investors who try to "help" you out. Remember you don't have to rush into anything.
I wish you all the luck in the world. Don't panic, you have time to save your home.
2007-02-07 07:29:42 · answer #1 · answered by Foreclosure Goddess 2 · 0⤊ 0⤋
Call your lawyer. They are sending the payment back because at this point they want everything you owe in the rears not just one payment. I don't know about NY, but in my state you have until the time of the auction to come up with the back payments late fees, and legal fees. If you catch up on all of these you will be out of default. Good luck. I would suggest trying to borrow the money to save your home, and then try and sell. A refi is a bad idea because if you cant afford it now, how are you going to afford it later? People think they will take the equity to pay the mortgage. Well that only lasts so long, then what? you have a higher payment then before, with no money.
Bad idea. If there is equity sell now and take the equity to buy a home you can afford. If you take the equity it is a short term fix to a long term problem, trust me I see it everyday. You will probably have somewhere aroung 60-90days from the notice of default.
Good luck
RE Agent,
Remax
2007-02-06 03:40:56 · answer #2 · answered by frankie b 5 · 0⤊ 0⤋
You can do a short sale anytime, but foreclosure usually happens at 120 days out. So how long have you been late? For more information about foreclosure procedures, see the book recommendation below so you know exactly what happens.
2007-02-07 03:41:04 · answer #3 · answered by John Rosa 3 · 0⤊ 0⤋
The sherrif sale needs to be scheduled first which can be 30 days out and then you probably have another 30 days give or take to get out....no more than 60 days unless something occurs to frustrate the sale
2007-02-06 04:42:06 · answer #4 · answered by boston857 5 · 0⤊ 0⤋
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2007-02-08 11:05:14 · answer #5 · answered by helpsellhome 1 · 0⤊ 0⤋