New York Residents: How To Protect Yourself From Foreclosure Even If You Didn’t Pay Your Mortgage
That’s right. It is possible to avoid foreclosure even if you have missed a mortgage payment or two.
How?
Well keep reading. New York State Assemblyman Darryl Towns recently spilled the beans on an episode of Your Home-Your Future: America’s #1 Mortgage Radio Show.
You can go listen to the show in the Your Home – Your Future archive or just keep reading to find out how you can keep your home!
Assemblyman Towns has represented Brooklyn in the New York State Legislature since 1992 and he’s Chair of the New York State Assembly Committee on Banks and also serves on several other Assembly committees including economic development, health, and mental health.
He sponsored
Here, in Assemblyman Towns’ own words, are the three main points of the Bill:
- “In order to help New Yorkers we have now set forth a process that we require the lenders so send out a pre-foreclosure notification to the borrowers at least 90 days before starting a foreclosure proceeding. This will give folks an opportunity to begin to start a process of having government-approved housing counselors available in order to speak on the borrower’s behalf”
- After the notification, there will be an opportunity for a mandatory settlement conference. You would have the lender and the borrower sitting with the support of a court officer to have the discussions to see whether there is some type of settlement that can be reached. We think that on a number of these occasions that just having that settlement conference will put people back on a correct track.
- We’re really looking at creating some penalties to make sure that people can not take advantage of these borrowers who find themselves in a crisis. We’ll prevent upfront fees and require written contact from a so-called distress property consultant.
