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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Lack of uniformity of standards makes it difficult to pinpoint exactly how long Posted by Reinstatement Services, Inc. on January 21, 2002 at 8:26 AM In Reply to: forclosure and bankruptcy posted by Jody on January 20, 2002 at 2:47 PM : I have not paid my mortgage for December and January, I am going to be filing for bankruptcy and I am getting divorced. I am not going to make any more payments. According to the NY Forclosure form, it say's 4 months, is that how long I can stay in the house after I officially file bankruptcy or is that how many payments I miss before they forclose? I am totally clueless about this stuff? Will I be responsible for paying any type of court fees and how much are they usually? I live in NY State. One more question - do they send you something giving you some type of notice of how long you have? : Thankyou - Jody ----------------- The legal team that will be hired by your lender to process the foreclosure action would be able to give you a more exacting timeframe of when the process will be completed. Because standards vary from lender to lender across the nation and since we have not personally spoken with your lender or their agent(s), any value of time quoted in this or any other forum should be accepted as being an averaged estimate. The costs of hiring the legal team and any expenses incurred related to processing the foreclosure action will indeed be passed on to you. Since New York allows for deficiency judgement, there is a possibility, however remote, that your lender might continue collection activities even after the auction takes place if the money made at auction is not enough to cover your debt. For questions centering around the benefits of bankruptcy, you will need to consult a knowledgable bankruptcy attorney. He/She, after reviewing more detailed aspects related to your financial standing, will be in a better position to assist you if you are considering bankruptcy as an option. Finally, it would be a lot more advantageous to you to consider pursuing a number of alternative to foreclosure such as a short sale, a deed-in-lieu, listing the property for sale, renting it out, or petitioning your lender for a forbearance (i.e., a deferment)for a reasonable amount of time to allow you to secure a buyer. Default/Foreclosure Mediation Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have not paid my mortgage for December and January, I am going to be filing for bankruptcy and I am getting divorced. I am not going to make any more payments. According to the NY Forclosure form, it say's 4 months, is that how long I can stay in the house after I officially file bankruptcy or is that how many payments I miss before they forclose? I am totally clueless about this stuff? Will I be responsible for paying any type of court fees and how much are they usually? I live in NY State. One more question - do they send you something giving you some type of notice of how long you have? : : Thankyou - Jody : ----------------- : The legal team that will be hired by your lender to process the foreclosure action would be able to give you a more exacting timeframe of when the process will be completed. Because standards vary from lender to lender across the nation and since we have not personally spoken with your lender or their agent(s), any value of time quoted in this or any other forum should be accepted as being an averaged estimate. : The costs of hiring the legal team and any expenses incurred related to processing the foreclosure action will indeed be passed on to you. Since New York allows for deficiency judgement, there is a possibility, however remote, that your lender might continue collection activities even after the auction takes place if the money made at auction is not enough to cover your debt. : For questions centering around the benefits of bankruptcy, you will need to consult a knowledgable bankruptcy attorney. He/She, after reviewing more detailed aspects related to your financial standing, will be in a better position to assist you if you are considering bankruptcy as an option. : Finally, it would be a lot more advantageous to you to consider pursuing a number of alternative to foreclosure such as a short sale, a deed-in-lieu, listing the property for sale, renting it out, or petitioning your lender for a forbearance (i.e., a deferment)for a reasonable amount of time to allow you to secure a buyer. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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