The number one question our clients ask after they have received a Pre-Foreclosure Notice or a foreclosure summons is, "When will I lose my house?" Fortunately, the foreclosure process is long and drawn out, giving homeowners plenty of time to explore their options. Just because you are behind on your payments does not necessarily mean you will lose your house. After you have received a notice from your lender, contact our Long Island foreclosure lawyers for help.
The entire foreclosure process in New York could take between 12 and 18 months to complete. Here is a brief outline of the steps involved in the process:
- You are served with a Pre-Foreclosure Notice at least 90 days before commencing a foreclosure.
- Lender files a lis pendens with the court.
- A foreclosure lawsuit commences when you're served with a Summons and Complaint. You have 20 to 30 days to serve an answer.
- The court schedules a Mandatory Foreclosure Settlement Conference within 60 days of the lender filing its Affidavit of Service. The Settlement Conference is frequently adjourned and re-scheduled for a later date.
- If you don't receive a mortgage modification at the Settlement Conference, the lender may bring a motion for summary judgment.
- The lender submits the Order of Reference, then a Referee's Oath and Report of Amount Due is submitted after the foreclosure documents and actual amount due is reviewed by the appointed Referee.
- The lender then moves for a Judgment of Foreclosure and Sale and sends the homeowner a copy of the Notice of Sale, advising of the date and time of the auction sale.
- An auction sale is held between 28 and 35 days after the first publication date of the Notice of Sale.
Often, motions, judgments and orders sit on a judge or law clerk's desk for a long time before anything actually is signed or moves forward. The drawn-out foreclosure process gives struggling homeowners time to catch up. You can discuss alternatives with your New York foreclosure defense attorney.
The attorneys at Rubin & Licatesi help stressed homeowners achieve their financial goals and get out from under debt.