Foreclosure is a difficult and complicated process that nobody ever wants to go through. If you are facing foreclosure in Queens, you need to understand the timeline and your options to make informed decisions. Whether you are just starting to fall behind on mortgage payments or are in the midst of the foreclosure process, it is necessary to act quickly.
At Poltielov Law Firm, we understand the stress and uncertainty that comes with facing foreclosure, and we are here to represent you and your interests during the process. Contact our Queens foreclosure attorneys so that we can build the defense strategy you need to protect your home and financial future.
Foreclosure is a legal process through which a lender attempts to recover the remaining balance of a mortgage loan from a borrower who has stopped making payments, typically by selling the property used as collateral. While the exact foreclosure process can vary depending on the jurisdiction and individual circumstances, the following is a general timeline of the foreclosure process in Queens.
The foreclosure process begins when the borrower fails to make their mortgage payments as agreed upon in the loan agreement. After a certain number of missed payments, typically three or four, the lender will send the borrower a Notice of Intent to Foreclose. This notice informs the borrower that they are in default on their mortgage and that legal action may be taken if they do not bring their payments up to date.
The borrower must receive notice at least 90 days ahead of the lender filing a complaint of foreclosure. The law requires them to include certain language in the notice, including information regarding at least five local nonprofit housing counseling agencies.
If the borrower fails to bring their payments up to date within a specified timeframe, the lender will file a complaint in court, initiating the judicial foreclosure process. New York law requires lenders to pursue foreclosure through the court system, which is known as “judicial foreclosure.”
The complaint will outline the details of the mortgage agreement, the amount owed, and the borrower’s default. The lender will also serve the borrower with a summons, notifying them of the lawsuit and providing a timeframe for them to respond. This timeframe is short, so if you receive a foreclosure summons, contact a Queens foreclosure attorney immediately.
A borrower usually only has 20 to 30 days to file an answer, depending on how the summons was served. Answering the complaint is perhaps the most important step in the process, as it avoids a default judgment for the lender. Ignoring a foreclosure filing will only make the situation worse.
In the answer, a foreclosure lawyer can either admit or deny the allegations made in the complaint. They may also present any affirmative defenses or counterclaims applicable under the law.
After both parties have filed their initial pleadings, the court will set a pre-trial settlement conference. Settlement conferences will involve direct negotiations between the borrower’s attorney and lender, potentially resulting in a mortgage loan modification, forbearance, or another resolution apart from foreclosure. If the parties can reach an agreement, they can dismiss the foreclosure case and move forward with the new arrangement.
If there is no agreement reached, the case moves on into litigation. The case goes through discovery, when the parties exchange information and evidence with one another. This may involve the collection of documents, depositions, and other information relevant to the foreclosure case.
Following discovery (or sometimes earlier), the lender will generally move for Summary Judgment and then, for an Order of Reference. Once the court grants these, the lender will seek its Order of Foreclosure and Sale. When the Order is issued and signed by the court, the lender can begin the auction process, starting with published notice of the auction 30 days in advance.
When faced with the possibility of a foreclosure in Queens, you should remember some key points of the foreclosure process in New York. This knowledge can help you make informed decisions to protect your rights and assets. Here are some important points to keep in mind:
At Poltielov Law Firm, our experienced New York foreclosure attorneys are here to provide the legal support you need in the face of a possible foreclosure. We can help you explore your options, negotiate with lenders, and protect your rights. If you’re facing foreclosure in Queens, contact our firm today to schedule a consultation.
