Oyster Bay New York Foreclosure Help, Defense, Laws and Process

 


Foreclosure is the process where the lender or in some cases creditor is legally allowed to reposes his or her property. This is when the debtor has failed to pay for the mortgage after entering in an agreement. It however differs in various states. In some states mortgages are used as the primary document. In others a deed of trust is used. In other states as well both documents are used .New York is one of his states.

It’s not always that one fails to pay up due to ignorance. With the widespread economic meltdown and recession it becomes hard. Job opportunities don’t make it better; they are very rare to come across. When you come across one it is not obvious that you will keep it for long. When taking the mortgage help one may be in a financially stable position only to come and be handicapped later.

Once you receive a notice of foreclosure from your lender it is not the end of things. The good news is that one can always stop the process of foreclosure according to the law. The foreclosure could be a blessing in disguise. All you need to have as your weapon is knowledge. You may engage an attorney or an advice, agency to facilitate the legal advice.

In some instances the legal officer might advice you to file for bankruptcy. This is when he /she deem it fit. You will find out that not in all situations will this method apply. In others it might be really suicidal. The government has also mobilized various foreclosure help agencies to chip in and stop foreclosure processes for the low income earners. This government help program is available to all citizens.

It is also important to underscore the fact that ignorance and avoidance of your particular creditor is not the best way to stop a foreclosure.

Stop Foreclosure in Oyster Bay, New York

The moment you receive the notice you should very eager to take necessary solution. That is to try any way out of the mess. You should find a way to stop the foreclosure process. The following are just to mention but a few.

  • It could be better if everyone knows your financial strains and you get out of it than keep it to yourself and lose your property. Friends are there to help. It is always good and healthy to involve them.
  • Mistake that most debtors do is to hide from the creditor. This gives your lender the image that you are not honoring your agreement hence he will always be pressuring you and won’t care to understand your financial crisis. When you let him know your state he will be willing to give you some more time. This would have stopped the foreclosure. Avoidance therefore would never help.
  • Involving experienced attorneys in your case would play a big part in stopping the foreclosure. But in this endeavor it is always advisable to stay clear of unscrupulous service providers who may not provide yet lead you to losing you property. Through the right procedures, for either judicial or non judicial foreclosure, you might be in a place to save your property.
  • Source for money- You can directly source for money by reducing your home expenses, Selling your property that you don’t need, you could also consider a loan modification with your banking service provider, the list is long .Once you get the funds you should forward to your lender to beat the timeline.

Oyster Bay, New York Foreclosure Process

In New York state both judicial and non judicial foreclosures are practiced. The limited timeline is 4-9 months. There are no rights of redemption. After the time line expires the lender gives the debtor a notice which prompts him/her to prepare for closure. After that the lender could have jurisdiction over the property.