Brookhaven New York Foreclosure Help, Defense, Laws and Process

 


Owning a home in Brookhaven, New York has become a realistic dream. This has been made possible through the low interest rates charged on the mortgage loans. But with the recent harsh economic times, mortgage help rates have drastically increased while the value on the property keeps decreasing. If you’ve taken out a subprime mortgage then the interest rates increase drastically over the years. Owning any piece of property becomes a nightmare when you can’t meet these terms. Foreclosure then becomes the only option.

There are government housing agencies set up to help you if you’re at risk of or facing foreclosure. Government assistance helps you through the provision of counseling services and acts as a guidance tool through your foreclosure proceedings. Government help is inexpensive and the information given is within the states guidelines.

Remember, the more you procrastinate the more expensive the ordeal becomes. If you’re facing financial problems do not ignore it until it overwhelms you. Make it a point to contact your lender as soon as possible in order to re-negotiate your payment terms. Loan modifications can assist you in preventing foreclosure.

Stop foreclosure in Brookhaven, New York

The following guidelines will help you to stop foreclosure:

  • Do not procrastinate. Very few people think they will lose their home because they have more time. Act fast and accordingly.
  • Get in touch with your lender as soon as possible. At this stage loan modification is highly likely.
  • Acknowledge all the notices sent to you. They have vital information on foreclosure prevention tips.
  • Take the time to learn about your mortgage rights.
  • Contact your HUD-approved Housing Counselor. This could be the key to all your foreclosure woes. Government help is free.
  • Fixed assets once liquidated can help you reinstate your loan.
  • File for bankruptcy. This maybe your last solution in to buying time to gather the resources required to pay the defaulted amount.

All in all, do not procrastinate. Time is of the essence. The earlier you approach your lenders, the more time you will have to negotiate agreeable terms.

Brookhaven, New York Foreclosure Process

Brookhaven, New York foreclosures can be done in court or out of court. These foreclosures can take up to 15 months. Judicial foreclosure is the most common type of foreclosure done. The law allows the lender to sue the borrower in court through his attorney in order to obtain a go-ahead to foreclose the properties.

The following is the process undertaken in judicial foreclosures:

  1. A complaint is filed along with a lis pendens. The borrower is give 20 days to appear before the court.
  2. If the borrower fails to appear then the lender moves for a summary judgment.
  3. When granted the court appoints a referee who establishes the amount owed values the property.
  4. The notice of sale is published for 4 to 6 weeks. The referee or sheriff conducts the sale.
  5. The officer will execute a deed to the highest bidder. The lender is open to bid the total amount due.
  6. A motion for a deficiency of judgment should be filed within 90 days of the date of sale.