A New York Notice of Intention to Foreclose and of Liability for Deficiency after Foreclosure of Mortgage is a legal document that serves as a warning to homeowners in New York facing potential foreclosure proceedings. It outlines the mortgage lender's intention to foreclose on the property and provides information about the homeowner's liability for any remaining debt after the foreclosure sale. There are several types of New York notices that may be issued during the foreclosure process, each serving a specific purpose: 1. Pre-Foreclosure Notice: Before initiating foreclosure proceedings, the mortgage lender or service is required to send a pre-foreclosure notice to the homeowner. This notice usually includes information about the outstanding mortgage debt, a detailed account of missed payments, and a warning of the lender's intent to foreclose if the debt remains unpaid. 2. Notice of Intention to Foreclose: Once the pre-foreclosure notice period has expired and the homeowner has not taken the necessary steps to resolve the debt, the lender will send a Notice of Intention to Foreclose. This notice formally notifies the homeowner of the lender's intent to initiate foreclosure proceedings within 90 days if the outstanding debt is not paid or resolved. 3. Notice of Foreclosure Sale: After the Notice of Intention to Foreclose, if the homeowner fails to repay the debt or negotiate a resolution, the lender will proceed with scheduling a foreclosure sale. A Notice of Foreclosure Sale is then sent to the homeowner, stating the date, time, and location of the foreclosure auction. This notice gives the homeowner a last opportunity to settle the debt before the property is sold at the foreclosure sale. 4. Notice of Liability for Deficiency: In the event the foreclosure sale does not generate enough proceeds to cover the outstanding mortgage debt, the lender may pursue a deficiency judgment against the homeowner. A Notice of Liability for Deficiency informs the homeowner of their potential liability for the remaining debt after the foreclosure sale. This notice typically includes details on the deficiency amount, the homeowner's rights to contest the deficiency, and the timeframe for doing so. It is crucial for homeowners in New York to understand the implications of receiving these notices. Seeking legal advice from an experienced foreclosure attorney can help homeowners navigate the complex foreclosure process, explore possible alternatives, and mitigate the potential liability for deficiencies.
New York Notice of Intention to Foreclose and of Liability for Deficiency after Foreclosure of Mortgage
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Disadvantages of a deed in lieu of foreclosure You will have to surrender your home sooner. You may not pursue alternative mortgage relief options, like a loan modification, that could be a better option. You'll likely lose any equity in the property you might have.
RPAPL §1371 is the NY statute governing a motion for deficiency judgment. RPAPL §1371(2) states that a deficiency judgment is limited to the difference between the total debt owed the creditor and either the foreclosure sale price or the fair market value of the property, whichever is higher.
A deed in lieu of foreclosure is a document that transfers the title of a property from the property owner to their lender in exchange for relief from the mortgage debt. Choosing a deed in lieu of foreclosure can be less damaging financially than going through a full foreclosure proceeding.
(3) Deed in Lieu of Foreclosure ? The borrower returns the property back to the lender in full satisfaction of the mortgaged outstanding debt balance upon an agreement by the lender.
T/F: When a deed is given in lieu of foreclosure of the mortgage, the mortgagor no longer has an obligation to pay the mortgage note. True.
Primary tabs. Deficiency judgment is money awarded to creditors when assets securing a loan do not cover the debt owed by a debtor. When a debtor becomes insolvent, a creditor can repossess the asset securing the loan, and then sell the asset to recover the debt.
A deed in lieu means you and your lender reach a mutual understanding that you're no longer able to make your mortgage loan payments. The lender agrees to avoid putting you into foreclosure when you hand the property over amicably. In exchange, the lender releases you from your obligations under the mortgage.
After Judgment of Foreclosure and Sale Upon a judgment of foreclosure and sale, the new owner can seek to evict you from the property. If the home is resold for more than what you owe, you have a right to file an application with the court for the surplus funds, subject to certain deadlines.