How to Stop a Home Foreclosure in New York

Falling behind on your mortgage is one of the scariest, most distressing financial problems anyone could possibly face. Allowing foreclosure has all sorts of consequences, from ruining your credit for the next seven years to making it difficult to obtain housing in the future. 

Fortunately, New York law does offer some options to distressed homeowners. Here is everything you need to know. 

Define Your Goals

Do you want to keep the house, or are you strictly trying to contain the damage before you downsize and move on?

Your goals are one of the biggest variables. They define your options. 

Assess Your Resources

Do you have any ability whatsoever to pay arrears so that you may become current on the loan? This is the surest and fastest way to stop a home foreclosure. If your situation is temporary, you may even be able to work out a loan forbearance with your lender. If your credit is still good, you may be able to refinance and lower your payments.

Mortgage modification may be an option as well, but it’s difficult, if not impossible, to do on your own. If you’re thinking about pursuing a mortgage modification, 

If you do not think you can quickly assemble the resources to save your home, you might have to consider other options. 

Choose a Course of Action

Options for preventing a foreclosure while vacating your home include a deed in lieu of foreclosure or a short sale. 

Options for saving your home without court action or a lawyer’s help include becoming current on the loan, asking for and receiving a loan forbearance, or successfully refinancing.

Options that require an attorney’s help include loan modifications and a Chapter 13 bankruptcy, which allows you to catch up on missed payments while working on all of your debts at once. 

Get Help Today

If you’re not sure which decision is realistic for your situation, then call Haysom Law for a free consultation. 

If you have already received a Foreclosure Summons and Complaint, you must contact a lawyer immediately if you want to save your home! Answering the right way also offers options, such as creating a mortgage modification plan in state court. 

You only have twenty days to respond if the Summons was delivered in person and thirty days to answer if it was delivered by mail, so don’t delay.

See also:

Foreclosure Defense

Can Bankruptcy Stop or Remove a Lien on Your New York Home?

What Happens After A Chapter 13 Case is Paid Off 

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