The threat of foreclosure is one of the most stressful situations that homeowners can experience. You've worked hard year after year to purchase your dream house. Don't submit to lenders because you've missed several mortgage payments. By fighting the process, you're giving yourself a chance to keep your hard-earned investment.
On Long Island, banks own one out of every 660 homes. The courts are congested with foreclosure cases. The court-mandated mediation conferences assist homeowners navigate this process and increase the likelihood of saving your house.
Important Facts about the Foreclosure Process in New York
New York uses a ...
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Long Island Foreclosure: Nassau County and Suffolk County
Defining Residential Foreclosure:
Foreclosure is a legal proceeding commenced by the bank or mortgagee. It is for the purpose of enforcing the terms of the note. A bank institutes a foreclosure action to recoup money owed as a result of the outstanding mortgage loan. The end result of a successful foreclosure action is the sale of the home. The proceeds from the sale go to the bank.
A residential foreclosure involves two separate documents: (1) The Note and (2) The Mortgage.
(1) The Note:
The Note is the contractual agreement between the bank and borrower. This is the borrower's promise to repay the loan. It contains all ...
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