The idea of potentially losing a home can be devastating for anyone. Unfortunately, many people across the country could face possible foreclosure for various reasons. Luckily, there are options for foreclosure defense that could help individuals stay in their homes. An important aspect of creating such a defense involves staying updated on current legislation.
It was recently reported a new law has been passed in New York that affects individuals with reverse mortgages who may be facing foreclosure. One facet of the law in particular involves mortgage lenders having to give individuals with Home Equity Conversion Mortgages 90 days notice before they begin any legal proceedings to foreclose on homes. The notice must also include key phrases to ensure that homeowners understand that they could face this legal action.
The notice letter must also include reasons for believing that this type of action may be necessary. Additionally, lenders must also give information regarding how borrowers could go about obtaining help with potentially addressing their reverse mortgage issues before foreclosure occurs. In some cases, individuals who seek help may be able to prevent serious action that results in the losses of their homes.
If New York residents are facing possible foreclosure, they may already feel a sense of panic. However, before going off the deep end, individuals may want to take the time to review their foreclosure defense options. For some, speaking with attorneys experienced in this area of law could help them determine what courses of action could help them work toward maintaining their residences.
Source: reversemortgagedaily.com, “New York State Cracks Down on Reverse Mortgage Foreclosures“, Alex Spanko, May 9, 2018