Foreclosure Timelines By State With Ny

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A deed in lieu of foreclosure is an agreement reached between a homeowner and a lender in which the homeowner turns over the deed to the home, and the lender agrees to halt foreclosure proceedings. Negotiating a deed in lieu of foreclosure agreement is a way to avoid foreclosure. As a general rule, in a deed in lieu of foreclosure settlement, the homeowner signs away the deed, giving the home to the lender, and the lender writes off the homeowner's debt, essentially canceling the mortgage.
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FAQ

No, you don't get the right to repurchase or "redeem" the home after the sale. Some states have a law that permits foreclosed homeowners to repurchase their home after the foreclosure sale, during what's called the "redemption period;" however, New York isn't one of them.

If you got a Summons and Complaint, you need to deliver a written Answer form to the plaintiff and the Court. Your Answer is what you tell the court about what the plaintiff said in the Complaint. The Answer tells the court your defenses or reasons the plaintiff must not win the case.

Lender asks court for a judgment on default and to appoint a Referee to decide the amount you owe and write a report. Lender asks court to accept the Referee's findings. Judge orders sale of your home. Lender and Referee choose date for auction at the courthouse.

File and send an Answer The first step for you after receiving the summons and complaint is to file an Answer with the court and to send the Answer to the law firm that is representing the lender. If the lawsuit is given to you by personal service, you have 20 days from the date of delivery to file and send an Answer.

A New York foreclosure timeline may vary depending on how soon the lender responses but here is how a typical timeline looks: Day One: Payment missed. Day 15: Late fee assessed. Day 30+: The lender sends you a pre-foreclosure notice starting off a 90 day period in which to work out a solution to foreclosure.

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Foreclosure Timelines By State With Ny