A deed in lieu of foreclosure is a deed instrument in which a mortgagor (borrower) voluntarily conveys his property deed to the mortgagee (lender) or servicer in exchange for a release from most or all of the mortgage obligations associated with a defaulted loan. A Deed in lieu of foreclosure... Read More »
As outlined in the newly enacted RPAPL 1308, the Community Restoration Fund (CRF) is a mechanism utilized by the State of New York Mortgage Agency (SONYMA) implemented to help distressed homeowners stave off foreclosure. CRF will purchase defaulted mortgage notes from lenders and offer affordable and sustainable mortgage modifications to... Read More »
There is a tsunami of changes on the horizon commencing in 2017 that will have a significant impact on distressed homeowners and their ability to obtain a loan modification and ultimately save their home. Please note the following significant changes that will occur in 2017: Termination of the HAMP Program.... Read More »
A Zombie foreclosure/property is an abandoned or decaying home that is mired for years in a legal limbo twilight zone foreclosure process. New York’s pending Zombie foreclosure actions is one of the highest in the nation. According to a report from RealtyTrac, New York State currently has the second... Read More »
On June 23, 2016, Governor Andrew Cuomo signed into law Chapter 73 of the laws of New York 2016. The new law amends Real Property and Proceedings Law and Civil Practice Law and Rules relating to residential mortgage loan servicing and foreclosure actions. The new law was aimed at... Read More »
Yes. There are a number of ways that a homeowner can stop a foreclosure sale. Order To Show Cause A homeowner can petition the Court to stop a foreclosure sale by filing an Order to Show Cause. A homeowner can also include a request for a Temporary Restraining Order... Read More »
Answer: No, unless you were granted prior approval from your lender or servicer. Absent such approval, repurchasing your own home, after you sold it through a short sale, is fraudulent and a criminal offense. In such a scenario, the homeowner has committed Short Sale Fraud – Non Arm’s Length Transaction.... Read More »
If you received a summons and complaint, and want to fight the foreclosure action, you only have a brief time period to respond by a written Answer. The time to answer the summons and complaint is either 20 or 30 days, depending on how you received the summons and complaint.... Read More »
It may be possible for a homeowner to save his home if he didn’t respond to a foreclosure complaint in a timely manner. Motion To File A Late Answer In appropriate circumstances, a “Motion to File a Late Answer,” can be filed on behalf of a homeowner to appear,... Read More »