The Current Situation of Foreclosures in New York
Despite the fact that mortgage foreclosures have dropped in 2011, this coming year foreclosures are expected to rise and because of the state of the current economic crisis and mortgage industry it might carry on for the following number of years. Who dealt this mess anyway? That’s a vintage card player’s phrase, but typically we could pull the old switcheroo and use it to the foreclosure and banking situations that are hurting lots of people, particularly in Suffolk, Nassau, and Long Island for example.
If you are having difficulties paying your home loan payments, or are already in foreclosure, chances are you’ll feel afraid and ashamed or overwhelmed. It’s very imperative that you react rapidly. The longer you procrastinate the a fewer number of options you may have, including keeping your property or stopping foreclosure. Understand your options and act appropriately.
Pay a visit to the State of New York banking department website. There you will find information some decent, some not. They will propose that you call your loan servicer right away; your lender, your bank. Although that can certainly be a great idea down the road, the main thing you may want to do is to contact a not for profit real estate counselor. Should you be in Nassau County, speak to the Nassau County Bar Association; should you be in Suffolk County, contact the Suffolk County Bar Association. They usually are happy to help you.
Clearly you can call an experienced eviction attorney in your neighborhood. An eviction lawyer can walk you through your rights and assist you in making the best decision for you and your loved ones. With the laws continuously changing, it is hugely advised to obtain the assistance of an attorney if your case goes to court.
Be aware of scams. Watch out for anyone who asks for an upfront payment in exchange for getting you a loan modification, saving your property from default or ceasing the foreclosure or tax sale. New York law forbids, absolutely forbids the assortment of such fees in almost all cases.
Avoid anyone who suggests they are able to save your home should you sign or transfer the deed to your home over to them so you can get caught up on your home loan payments or refinance your loan. Under no circumstances hand in a payment to any individual but your bank or your bank’s loan servicer.
If you’re ever in foreclosure you have a couple of alternatives: give up or fight it. I would recommend the 2nd. The framework of foreclosure law in N.y., Long Island, Nassau County and Suffolk County is in a state of flux and evolves all the time.
No matter what stage of foreclosure you are in or whether or not your home has been purchased in foreclosure; and you’re dealing with eviction, you will find options available. There are many people who are in post-foreclosure landlord-tenant actions, to eliminate them from the household, who have properly reopened the home foreclosure and were able to, at the very least, reach an evidentiary hearing in the Supreme Court.
If you are considering foreclosure, speak with a qualified eviction attorney today to learn more.
