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How to Stop Foreclosure in New York

What are the options available for those facing foreclosure in New York? The first option would be to further take the court proceedings to a foreclosure auction where all preventing foreclosure is lost. A foreclosure auction takes place at random, and all proceeds go towards fulfilling the mortgage holder's debt.

However, foreclosure in New York also has other alternatives such as payment plans with the New York State Department of Financial Services' help. Learn more at https://helplawyersedu.com/ . Payment plans enable the homeowner to pay off the mortgage in affordable monthly payments. However, if the monthly payments are unable to meet the obligations, legal action can be taken. The New York State Department of Financial Services may sue the mortgage lender for breach of contract, fraud, or negligence and ask for an award of late fees and accrued interest.

Another option available for those facing foreclosure in New York is a short sale. This enables the lender to get back some of the money that was loaned. The short sale does not affect the credit rating of the homeowner, and hence he or she does not face any problems in the future in applying for loans. However, if the homeowner opts for bankruptcy option then there is a high risk of the property going into foreclosure.

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