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Understanding The Foreclosure Timeline & Your Options
How An Attorney Can Help You Avoid Foreclosure
If you receive a foreclosure notice in the mail, try not to panic. You have legal options available, but you must act fast to preserve your rights. By talking to a lawyer right away, you have a better chance of keeping your home. The law requires the bank to follow a strict timeline that you can use to your advantage.
At Zeltser Law Group, we help our clients deal with the anxiety of foreclosure by providing guidance when they need it most. We can help you understand every step of the foreclosure process as well as the foreclosure defense options you have at each step. We will work together to find the best outcome for your situation.
Foreclosure Proceedings In New York
When you fall behind on your mortgage payments, the bank or mortgage company will typically send you a 30-day notice of default. This notice will lay out what you must do to bring your payments up to date. The bank must send another notice 90 days before they can start a foreclosure action. During this time, late fees and interest keep accruing.
The banks must follow certain requirements for these notices, but they often misrepresent dates and other critical information. You need a foreclosure attorney to review the notices and determine if they are enforceable. At Zeltser Law Group, we can help you evaluate your options and decide what to do next.
How Much Time Do I Have?
The good news is that homeowners have more legal protections since the Great Recession. Banks and mortgage companies must follow many steps before a foreclosure, giving you more time in your property. The mortgage company often takes several months to initiate the foreclosure process by serving a summons and complaint. You must answer the summons and complaint to preserve your rights.
Several more months may go by before the court orders a sale of the home. In New York, the sale typically takes place about four months after the court order. It is not uncommon for a span of about two years to go by between the initial notice and the sale. In that time, the value of your home could increase or your financial situation could recover.
You can pause the timeline in a few different ways:
Order to show cause
Temporary restraining order
Reinstatement of the loan
The most important step you can take to preserve as much time as possible is to call an attorney right away. With our help, you can manage the process better and, perhaps, even find an alternative where you can keep your home.
Call Today To Preserve Your Rights
To schedule your free 30-minute consultation, call our Brooklyn office at 718-831-2529 or contact our firm online.