Due to the current economic crisis, many Americans are finding it difficult to pay their mortgages leading to a significant rise in the number of foreclosures. Between February 13, 2010 and May 31, 2010, lenders issued foreclosure notices to approximately 60,000 homeowners in New York State. Suffolk and Nassau counties have the highest mortgage default rates in New York with Westchester and Bronx counties coming in seventh and tenth respectively.
In an effort to slow down the foreclosure process, the Governor recently imposed a law which requires lenders to issue a 90-day pre-foreclosure notice to all borrowers with home loans. The pre-foreclosure notice informs homeowners of steps they can take to avoid foreclosure while providing them with an opportunity to try and reach a settlement with the lender before the actual commencement of a foreclosure action in court. Unfortunately, communicating with a lender is often extremely difficult, time-consuming, and frustrating. Generally, homeowners facing foreclosure find the 90-day time limit insufficient to work out their debts. Further, many times lenders are indifferent or unreceptive to working out a deal.
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Residential Real Estate Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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