Stop Foreclosure On Your House in Dutchess & Putnam Counties
Don’t lose your equity and ruin your credit. Learn how to stop the foreclosure.
Facing Foreclosure?
Has your ARM reset to a rate you can’t afford? Have you experienced a financial setback due to the COVID Pandemic? Are you a veteran facing foreclosure in Dutchess & Putnam Counties?
It may be possible to not have to be a foreclosure on your house. In this article is some information on how to stop home foreclosure proceedings, how to avoid them and how to get help from the government, including help for veterans. We will closely look at all processes and help you get back on track.
What is foreclosure?
Foreclosure is an action a lender pursues to claim a house or property when the homeowner fails to pay the mortgage or city/school taxes. Typically, the institution takes possession of the house and sells it at auction to cover the amount owed.
Types of foreclosure
Zillow identifies two types of foreclosure – judicial and non-judicial
Judicial Foreclosure:
- A civil lawsuit is formed against the borrower.
- Everything is handled by the legal court system.
- A notice of pendency is performed.
- The court agrees or disagrees on the lender’s decision of foreclosure.
- The notice of sale is published.
- The process takes from 4 to 8 months.
Non-Judicial Foreclosure:
- A deed of trust conveys an interest in real property to a third party to hold as security for repayment of a debt.
- The trustee is able to begin foreclosure.
- Notice of Default is recorded and the borrower is given a deadline to repay what he owes or object.
- A Notice of Trusteee’s Sale is recorded and the auction is decided on.
- The process takes up to 12 months.
How to avoid foreclosure?
If you’re currently having difficulty paying your mortgage, contact your loan servicer immediately. Federal Deposit Insurance Corporation requires that you work directly with your servicer or counseling agency.
How to get help from the government
U.S department of Housing and Urban Development has developed several programs, implemented by The Obama Administration, which will help you avoid foreclosure. The list includes Making Home Affordable © (MHA) Program. Its strategy is to “help homeowners avoid foreclosure, stabilize the country’s housing market, and improve the nation’s economy.” Agencies like Federal Deposit Insurance Corporation also work towards helping you make easy and affordable repayments to your home.
How to stop foreclosure?
New York State Department of Financial Services has Help For Homeowners Facing Foreclosure. The webpage features up-to-date information on how to avoid and stop you from losing your house.
Here are some tips on how to stop foreclosure:
- Contact the lender as soon as possible.
- Consider loan modification, a repayment plan, a reinstatement, forbearance and any other options available to you.
- Refinance your loan.
- Sell your house.
If the fourth option seems the best, give me a call. I buy houses fast and for cash.
Beware of scams
Looking down the barrel of foreclosure is a vulnerable time. There are scam artists out there ready to pounce. REPORT anyone who asks for an upfront fee in exchange for getting you a loan modification, saving your home from default or stopping a foreclosure or tax sale. New York law prohibits the collection of such fees in most cases. RUN AWAY from anyone who says they can “save” your home if you sign or transfer the deed to your house over to them so you can catch up on your mortgage payments or refinance your loan.
Help for veterans
I buy houses all over Dutchess & Putnam Counties, NY, so in most cases I can reach out to you on the same day you submit the form. I understand the difficulties of being a veteran and foreclosure is the last thing a veteran needs. But I’m ready to make your life a lot easier. Get your quote and sell your house quickly. You can reach me at is my phone: (845) 846-SOLD or using the form below.
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Our customers often appreciate our no-pressure, empathetic, approach. You won’t get a hard sell with us. If the offer we make to buy your house doesn’t work for you, you don’t have to accept it. No charge. No fees.
Give us a call at 845-846-7653 or fill out the form below to get started. We look forward to talking with you.