Can I Stop A Foreclosure Once It Has Begun In New York?
Yes. There are many different ways. One way to stop a foreclosure is to sell your house. Another way to stop a foreclosure is to pay off your mortgage or refinance. The reality is that if you could do those two things, you probably wouldn’t have been in foreclosure in the first place. Instead, you have a lawsuit against you. You can settle a lawsuit. You can win a lawsuit by making a motion to dismiss and saying the bank didn’t do what they were supposed to do. If you prove that you’re right and they’re wrong, the case will get dismissed. If you go bankrupt, there is an automatic bankruptcy stay that temporarily stops the foreclosure action from moving forward until you make your way out of bankruptcy and then, they can move forward.
There’s another concept of stopping a foreclosure sale where you might have an auction scheduled to happen and you’ve run into court with an emergency application, and asked the judge to stop the foreclosure auction from going forward. Generally, however, stopping a foreclosure permanently doesn’t happen without a fight. You either have to win or you lose.
My House Has Been Foreclosed. Is There Anything I Can Do To Get It Back?
It would be rare for you to be able to get your house back once it sells at auction. Usually, it happens when a person sticks their head in the sand and ignores the foreclosure action even though they have the money. It happens from time to time but it’s rare. You may have relatives who are willing to bail you out, so you might not be able to pay off the loan but you may be able to sell the property to a relative who will then take out their own loan and purchase the property from you and you can pay off your mortgage.
How Long Do I Have To Vacate My Property?
When the auction happens the deed doesn’t transfer immediately. The auction winner has about 30 days to close and once they close, they become the owner and have to start a landlord-tenant eviction proceeding, which could take several months. When you used to own a house that you’re living in, you’re considered a holdover tenant, which is different from a regular landlord-tenant relationship. You probably have somewhere in the vicinity of four to six months after the auction to vacate the house before you are evicted.
For more information on Stopping A Foreclosure Sale In New York, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (212) 766-9779 or (718) 979-9779 today.
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