What to expect in a foreclosure Home New York State

Governor of New York David a. Patterson signed the Act of mortgage foreclosure on December 15, 2009. The law provides for hope and help homeowners in the State by extending protection of lock to all owners of New York, to cover not only those with mortgages. Pre ForeclosureEffective must January 14, 2010, owner send a notice pre foreclosure for owners, the intention of the mortgage, start the lock in a house in 90 days foreclosure action specifies. It must send this notice by certified, registered mail or first class. Must notice the amount loan delinquency meet included. The notice must enumerate the names and phone numbers of at least five without profit housing Government approved advice agencies region.Mandatory geographical regulation 13 February 2010 ConferenceAs owner, owner and mortgage holder a compulsory regulation Conference within 60 days after filing proof pre foreclosure notice must participate. Both parties are obliged to prevent the conditions locks negotiate what home.LitigationNew York is which means that the permission of the Court is required, a State of tracking, before a lock may occur. If none of the parties cannot reach a mutually acceptable solution, holder to litigation can continue the mortgage. Entire process can last days of 540.