How To Stop Foreclosure In NY
Have you missed over 60 days of mortgage payments? Is the bank threatening to foreclose? Are you tired of your creditors’ harassing phone calls, but you don’t know what to do? Raven3 HomeBuyers has solutions that can possibly help save your credit, avoid foreclosure entirely, or help you sell your house and maybe even walk away with cash at close.
We are NY‘s trusted and reliable direct cash home buyer. In addition to helping homeowners navigate the pre-foreclosure process, we make fair cash offers for houses in any condition, and we can close on a timeline that is as fast or as slow as you need. Even if your bank is calling you every day, threatening to sell your house at auction, we can help. Read our guide on how to stop foreclosure in NY, talk with us to get experienced guidance on navigating the foreclosure process, or let us make you a fair cash offer for your property today.
Talk with real people who have helped others avoid foreclosure.
We can help avoid foreclosure and the hassles of listing your house with our NY Cash Offer Program. Ultimately, we are here to help you find solutions and are happy to talk you through the pre-foreclosure process and what you need to do next.
Behind on your mortgage? We’ll deal with the bank.
Selling your house can be stressful enough! We’re experienced homebuyers and can work with your lender to forestall foreclosure and ensure that you don’t have to deal with them again after the house is purchased.
Get a fair cash offer, close and get your life back.
For homeowners facing foreclosure, time is not on their side. But with our Cash Offer Program, we close much sooner than the traditional listing timeline and put foreclosure worries to bed.
We can guide you through every step of our straightforward selling process.
Need To Stop Foreclosure Now?
If you’re in pre-foreclosure and want to learn how to stop foreclosure asap, the best thing you can do right now is to educate yourself on your options. We’ve created free online guides to help homeowners just like you find out your options on getting out of the sticky situation you’re in right now.
Remember, you aren’t the first person to go through a foreclosure…and won’t be the last. So don’t feel ashamed. It happens.
For some people, selling your home is the best and quickest option (we’ll make a fair all-cash offer on your house today, just let us know about your situation here). Beyond a cash offer, we’ve been able to help STOP FORECLOSURE completely through education and helping homeowners understand the resources available to them. These resources are readily available to you! Click here to get your free foreclosure guide.
How long does a house stay in pre-foreclosure in New York?
In New York, the pre-foreclosure period for a house typically lasts for a minimum of 120 days. To initiate this process, lenders will send a notice of default to the borrower after 30 days of a missed payment. According to state law, lenders are then obliged to wait for an additional 90 days from the date of the first notice before they can proceed with filing a foreclosure complaint in court
What are the benefits and rights associated with foreclosure in New York?
Foreclosure in New York comes with a range of benefits and rights that can provide relief and protection to individuals facing this challenging situation. These benefits and rights include:
- Prior Notice: Before a foreclosure occurs, individuals have the right to receive notice in the form of a breach letter. This notification allows them to be aware of the impending foreclosure and take necessary actions accordingly.
- Loan Mitigation: In New York, individuals facing foreclosure can apply for loan mitigation programs. These programs aim to help borrowers negotiate with their lenders to modify the terms of their loan, making it more manageable and affordable.
- Military Protection: There are special protections in place for military personnel facing foreclosure in New York. These safeguards ensure that those serving in the military are not disadvantaged and have additional rights and resources available to them.
- Legal Notification and Response: New York law ensures that individuals facing foreclosure are notified about the process and have the opportunity to respond legally. This allows them to present their case or seek legal advice to explore possible alternatives to foreclosure.
- Debt Repayment Options: To prevent a foreclosure sale, individuals have the opportunity to pay off their debt. By fulfilling their financial obligations, they can avoid losing their property and maintain ownership.
- Property Redemption: After a foreclosure sale, New York provides individuals with the right to redeem their property. This means that they have a specific period within which they can repay the outstanding amount and reclaim the ownership of their home.
- Excess Funds: In the event of a foreclosure sale where the proceeds exceed the amount owed, individuals have the right to claim any excess money resulting from the sale. This allows them to potentially recover some financial losses incurred during the foreclosure process.
These benefits and rights associated with foreclosure in New York aim to offer individuals various options and protections to help them navigate the challenges brought forth by this difficult situation.
What are some approved short-sale hardship cases?
Approved short-sale hardship cases typically involve situations where homeowners are facing financial constraints or circumstances that make it difficult for them to continue affording their homes. Two common examples of approved short sale hardship cases include:
- Financial Hardship due to Lower Income: One prevalent hardship case for a short sale approval is when a homeowner can demonstrate that their income has significantly decreased, making it impossible to afford their mortgage payments. This could be a result of job loss, reduced working hours, or a decrease in income due to other factors. Providing evidence of the reduced income and how it has impacted their ability to maintain mortgage payments is crucial in establishing this type of hardship case.
- Mandatory Job Relocation: Another approved short sale hardship case is when a homeowner needs to relocate for work-related reasons. This could occur when an employer requires the homeowner to move to a different location or commute extensively, making it impractical to continue living in the current home. Proving the mandatory job relocation through documentation such as a job offer letter or transfer notice can support this hardship case.
How long do you have to move out after a foreclosure auction in New York?
After a foreclosure auction in New York, the timeline for moving out depends on several factors. Generally, if you receive a 90-day notice and fail to vacate the property within that period, the new owner has the right to initiate legal proceedings against you for eviction. This legal process, known as a holdover case, allows the new owner to seek assistance from the court to remove you from the premises. Therefore, it is crucial to adhere to the notice period provided and arrange for your relocation within the specified timeframe to avoid potential legal complications.
It is essential to note that these are just two commonly accepted short sale hardship cases, but depending on the specific circumstances and the lender’s guidelines, other genuine hardships may also be considered.
What is the Making Home Affordable (MHA) Program and how can it assist homeowners in avoiding foreclosure?
The Making Home Affordable (MHA) Program is a government initiative aimed at supporting homeowners in avoiding foreclosure by providing various loan modification programs. This program offers assistance to those facing financial hardship, allowing them to lower their monthly mortgage payments or find alternative solutions to their mortgage issues.
To benefit from the MHA Program, homeowners need to apply for loan modification, a process similar to applying for a traditional loan. The application involves gathering and submitting extensive documentation that outlines the specific reasons for their financial hardship. This documentation helps explain the circumstances that led to the homeowner’s current predicament, the expected duration of the hardship, their current income, and any anticipated changes in income.
By carefully understanding the underlying causes of the homeowner’s financial difficulties, the MHA Program can tailor a loan modification plan to better align with their circumstances. This can involve reducing the monthly mortgage payments to more affordable levels or exploring other options that allow homeowners to fulfill their mortgage obligations without facing foreclosure.
Ultimately, the MHA Program acts as a vital resource for homeowners who find themselves trapped in the cycle of potential foreclosure. It provides access to a range of loan modification programs that aim to alleviate financial burdens and prevent the loss of their homes. Through comprehensive documentation and analysis of the homeowner’s situation, the MHA Program plays an essential role in assisting homeowners in navigating the challenges of foreclosure and finding a viable solution to preserve their homeownership.
If you are a NY homeowner and are trying to find a way to avoid foreclosure and save your credit, Raven3 HomeBuyers has a solution. We have provided solutions to countless others facing foreclosure and would love to talk through your options with you. Best of all, when we buy your house directly from you, we buy it as-is. You walk away without having to do a single repair or upgrade. It’s that easy and convenient. NY area homeowners that are already struggling with a high interest rate and months of missed mortgage payments can’t afford the time and cost of selling their home through a traditional real estate agent. That’s where our easy selling process can help.