What Is A Deed In Lieu Of Foreclosure?

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 »

What Is The Community Restoration Fund?

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 »

Can I Stop A Foreclosure Sale?

  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 »