The New York foreclosure process is frightening for many people. As soon as they receive the first notice of default they freak out or immediately assume that they have lost their home and there is nothing that they can do. This is not the case.
The most important thing to know is that as soon as you receive a notice of default from the bank because you have missed a payment doesn’t mean you have for sure lost your home. Many people assume this is what a notice of default means and they feel at a loss. You can save your home at this point. You actually have about 6 months to save your home when you receive this notification. As long as you remain in contact with the lender about your financial situation they will help you come up with solutions on saving your home or your credit.
The New York foreclosure process takes some time and it can take up to a year. Never assume that your home is lost and just stop making payments because you have received a notice of default. This is standard procedure that every lender must do to protect themselves legally from those who do not intend to pay on their loan. It is just a letter and it may be embarrassing because it went in the local paper but it is standard.
You can save your house from the New York foreclosure process the week before it goes to the auction if you are working with the lender and letting them know about what is going on with you. Some borrowers rent the property to someone. By getting deposits, first and last months rent and other fees from a tenant, it is often enough to save the home from the home being sold at the auction.