Foreclosures | Resolution Realty
Freeport, Long Island, NY
Foreclosure | Real Estate
Professional Services
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Salvatore Chierico & his team of professionals at Resolution Realty explains Foreclosures throughout the Freeport, Long Island, NY area. Foreclosure is when the lender takes back property when the Freeport, or Long Island homeowner fails to make payments on a mortgage. The foreclosure process generally may proceed in one of these ways depending on your state: Judicial foreclosure. This requires that the process go through a court where the borrower can raise defenses. Most Common Type of Foreclosure Procedure in New York. New York foreclosures are judicial, which means the foreclosing party must file a lawsuit in court in order to foreclose the home.
Foreclosure | Freeport, Long Island, NY | Resolution Realty
How Long Can a Foreclosure Last in the Freeport, Long Island, NY
The foreclosure process in New York currently takes about 445 days (15 months) from the date of the first missed payment to the sale of the home. Foreclosure sales in New York are by public auction, usually at a county courthouse.
Foreclosure Professional Services | Resolution Realty
Expiration of the New York Statute of Limitations. Pursuant to New York law, a foreclosure action must be commended in supreme court in the county in which the property is located “within six years.” In New York foreclosure actions, the statute of limitations is counted from the date of the triggering event.
Foreclosure
- Late Payment
- Notice To Borrower
- Owner Bankruptcy or Forbearance Agreement
- Debt Reaffirmed or Property Surrender
- Bank or 3rd Party Buyer
- Payment Plan
- Trustee Sale
- List With Agent or Sell to Bank
- Establish House Insurance
What is the Foreclosure Process Throughout the Freeport & Long Island, NY Area?
In New York, the foreclosing party officially starts the foreclosure by filing a lawsuit (a complaint) in court. It gives notice of the lawsuit to the borrower by serving him or her with a summons and complaint, along with notices advising the borrower about the foreclosure process.How Long Does It Take A bank to foreclose on a house in the Freeport & Long Island, NY Areas?
The Notice of Default starts the official foreclosure process. This notice is issued 30 days after the fourth missed monthly payment. From this point onwards, the borrower will have 2 to 3 months, depending on state law, to reinstate the loan and stop the foreclosure process.How Do You Treat a Foreclosure In the Freeport & Long Island, NY Areas?
Bring Your Mortgage Current So You Can Stop the Foreclosure. You must file a notice of Intent to Cure at least 15 calendar days before the date of sale in order for us to contact your lender's attorney to request the amount necessary to bring your loan current.How Do You Respond to a Foreclosure In the Freeport & Long Island, NY Areas?
To fight the foreclosure, a defendant must file a written answer to the complaint with the court. The answer should include responses to each of the claims made by the lender it its complaint. There should be a numbered paragraph response for each of the numbered paragraphs of the complaint.Do You Owe Money After a Foreclosure In the Freeport & Long Island, NY Areas?
If you lose your home to foreclosure, you still might owe money to your lender. When foreclosure sale proceeds aren't sufficient to repay the full amount of a mortgage loan, the difference between the sale price and the total debt is called a deficiency.How Bad Is A Foreclosure In the Freeport & Long Island, NY Areas?
According to FICO, if your credit score is 680, a foreclosure will drop your credit score on average by 85 to 105 points. If your credit score is excellent at 780, a foreclosure will drop your score by 140 to 160 points. Foreclosure, short sale or deed-in-lieu: 85 to 160. Bankruptcy: 130 to 240.Can I Buy My House Back After foreclosure In the Freeport & Long Island, NY Areas?
In most states, you can get your home back after foreclosure within a certain period of time. This is called the right of redemption. In order to reedem your home, you usually must reimburse the person who bought the home at the foreclosure sale for the full purchase price, plus other costs.What Happens to Home Equity After A foreclosure In the Freeport & Long Island, NY Areas?
A borrower with a home equity loan can still be liable for that debt after a different mortgage is foreclosed on. Foreclosure is the legal process a lender uses to gain control over a home when the mortgage loan is not being paid.What Happens to My Credit After A foreclosure In the Freeport & Long Island, NY Areas?
Foreclosure stays on your credit report for seven years from the date of your first missed payment. Foreclosure happens when you default on your mortgage and your lender takes ownership of the home. A foreclosure will remain on your credit report for seven years and bring down your credit score.Can I Buy A House With A foreclosure On My Credit Report In the Freeport & Long Island, NY Areas?
Normally, you have to wait 3 years after foreclosure to be approved for an FHA fixed-rate mortgage. However, FHA's Back to Work Program may help you qualify for a new mortgage in as little as one year after bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale.Foreclosure Process Real Estate | Freeport LI, New York
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause and if the sale does not bring enough to pay the existing balance of principal and fees, then the mortgagee can file a claim for a deficiency judgment. In many states in the United States, items included to calculate the amount of a deficiency judgment include the loan principal, accrued interest and attorney fees less the amount the lender bid at the foreclosure sale
What is a Foreclosure?
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. Therefore, through the process of foreclosure, the lender seeks to immediately terminate the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowner association dues or assessments.
Ressolution Realty has you completely covered for the foreclosure of your freeport, Long Island, New York home!
