Learn More about the Process from a Massapequa Foreclosure Attorney
A foreclosure is when as a bank or financial institution takes possession
of a mortgaged property when one fails to maintain their payment schedule
or when they are unable to make a monthly payment.
Foreclosures don't just happen overnight. There is a certain timeline
of events that leads up to the foreclosure. Below is the timeline for
foreclosure in New York. If any point in this timeline applies to you,
it is in your best interest to contact James J. Quail & Associates,
P.C. Our Massapequa real estate attorneys can help you through the foreclosure
process or seek alternative options to help you.
- The timeline in New York is as follows:
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. The notice must tell you
how much you owe including interest and give notice of agencies you may
contact for help.
Day 45+: The lender sends you a demand letter stating that you are in breach of
the contract and giving you 30 days to pay the amount owed plus late fees.
Day 120+: 90 days after sending the pre-foreclosure notice, the lender begins foreclosure
proceedings. The bank files a notice of foreclosure on the property and
serves you with a summons and complaint.
Day 140+: You have 20 days to respond after being served with a complaint for foreclosure.
If you fail to answer the lender may take a judgment against you and proceed
with the sale of the property.
Day 180+: The settlement conference. After the complaint for foreclosure is served,
the court clerk will schedule within 60 days a settlement conference,
also called a
CPLR 3408 conference. This is your chance to meet with a representative of the lender to discuss
lowering your payments and your overall loan amount. You need to bring
proof of income such as two recent pay stubs and your income tax return.
Sale of Property
Depending on whether you respond to the complaint, it may take several
months for the court to enter a judgment against you allowing a foreclosure
to proceed. After the judgment is taken, the lender may proceed with the
sale. The sale must be published for four consecutive weeks. It is usually
held on the courthouse steps and the buyer may take possession.
Foreclosure Representation in Nassau & Suffolk Counties
James J. Quail & Associates, P.C. is an experienced foreclosure law
firm serving the Nassau County and Suffolk County communities. We have
successfully helped many homeowners fight back against their foreclosures.
Contact our Massapequa firm as soon as possible to schedule your
free 15-minute consultation and find out how we can assist you.