Lester and Associates: Foreclosure Defense, New York
If you’re devastated by the potential loss of your home, the attorneys at Lester & Associates can help you understand your rights pertaining to the Long Island foreclosure process.
The Foreclosure Process
Two weeks after a homeowner falls behind on mortgage payments, the lender adds a late fee and tries to contact the person. If he or she lives in the home, the lender has to send a pre-foreclosure notice, which gives the owner a 90-day window to resolve the issue. The notice must state how much is owed and provide the contact information for at least five local government-approved not-for-profit housing counseling agencies.
Once the loan becomes 45 to 60 days late, the loan servicer sends a “breach” or “demand” letter indicating which mortgage terms have been broken. This letter gives the homeowner another 30 days to pay the amount owed, including the late fee.
At the 90-day mark, the loan servicer starts the foreclosure process, which can entail sending the loan to the foreclosure department, consulting an attorney, recording a formal notice of foreclosure or “lis pendens” with the court, and serving the homeowner with a “summons and complaint.” Once service has been completed, the court schedules a settlement conference within 60 days, so the homeowner and the lender can meet to try to work things out. The homeowner still has to answer the summons and complaint, otherwise the court can rule against him or her and schedule a foreclosure sale.
Once the homeowner has responded to the summons and complaint, the court enters a ruling based on the evidence presented. If the court rules in favor of the lender, a foreclosure sale is scheduled.
Currently, New York’s foreclosure process takes about 445 days (15 months) from the date of the first missed payment to the sale of the home. Foreclosure sales in this state are conducted via public auction. Once the house is sold, the homeowner loses all rights of redemption.
Call Lester & Associates If You Need a Long Island Foreclosure Attorney
Lester & Associates’ foreclosure defense attorneys understand how traumatic it can be to face the loss of your home. Our Garden City, New York, experts can guide you through the process and do everything possible to help settle your case with your lender or achieve a dismissal of the foreclosure action against you. Call us now at (516) 357-9191 for a free consultation or fill out a contact form.