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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: NY's post-sale foreclosure procedure Posted by cheryl on July 29, 2001 at 7:02 AM In Reply to: Re: NY's post-sale foreclosure procedure posted by Ward-CA- on July 22, 2001 at 12:21 AM : : HELP! WE CAN'T AFFORD A LAWYER AND THE ONES WE HAVE SPOKEN TO ARE NOT MUCH HELP. OUR HOUSE WAS SOLD AT FORECLOSURE AND I WAS TOLD THE BANK(CHASE) BOUGHT IT. I FOUND OUT THE V.A. IS PAYING THE TAXES. WE HAVEN'T RECEIVED ANY NOTICE ABOUT GETTING OUT. THE SALE WAS 4/26. DOES NY HAVE A REDEEMTION LAW AND HOW DOES THAT WO : : RK? IS IT STILL POSSIBLE FOR US OR FAMILY TO BUY THE HOUSE? ALSO WE HAVE A 2ND MORTGAGE WHICH I AM STILL PAYING COULD THEY HOLD UP A SALE BECAUSE ITS A LIEN ON THE HOUSE? : =•=•=•=•=•=•=•=•=•=•=•= : Cheryl, you might consider using lower case type on these discussion boards since typing in all caps indicates SHOUTING. : Was your loan a VA loan? If so, and if no outside bidder made a higher bid than your lender’s opening bid, then your guaranteed lender (Chase) would have become the owner of the property. Subsequently Chase would have deed the property to the VA in exchange for the VA’s guaranteed payoff in full. That probably explains why the VA is now paying the property taxes. : If that assessment is right, then the current owner is HUD (Housing Urban Development). : There’s no right of redemption by the defaulting owner after a foreclosure sale in New York state (see link below). : Looks like you no longer own the house and have no real option of getting it back. So I’d advise you to stop wasting your money paying on a 2nd that has been wiped off the title of a property you no longer own, as a consequence of the 1st’s foreclosure on 4/26. : I predict you’ll receive a written notice to vacate—either in the mail, or in person or possibly by the property being posted. And in my humble opinion, I would think it best that you vacate within the time period set in the notice to avoid an eviction. An eviction will show up on your credit record when you’re making application to move into a rental and it won’t encourage any owner to rent to you. : Good luck. what happens to the second mortgage... they wouldn't agree to subroadate ant that is why we lost the house. now they are calling me looking for money. they sent us an agreement and lowered the rate from 13% to 5%. why wouldn't they do this before and we could have kept the house. we havent signed the papers yet, because if we dont have to pay we won't.m Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : HELP! WE CAN'T AFFORD A LAWYER AND THE ONES WE HAVE SPOKEN TO ARE NOT MUCH HELP. OUR HOUSE WAS SOLD AT FORECLOSURE AND I WAS TOLD THE BANK(CHASE) BOUGHT IT. I FOUND OUT THE V.A. IS PAYING THE TAXES. WE HAVEN'T RECEIVED ANY NOTICE ABOUT GETTING OUT. THE SALE WAS 4/26. DOES NY HAVE A REDEEMTION LAW AND HOW DOES THAT WO : : : RK? IS IT STILL POSSIBLE FOR US OR FAMILY TO BUY THE HOUSE? ALSO WE HAVE A 2ND MORTGAGE WHICH I AM STILL PAYING COULD THEY HOLD UP A SALE BECAUSE ITS A LIEN ON THE HOUSE? : : =•=•=•=•=•=•=•=•=•=•=•= : : Cheryl, you might consider using lower case type on these discussion boards since typing in all caps indicates SHOUTING. : : Was your loan a VA loan? If so, and if no outside bidder made a higher bid than your lender’s opening bid, then your guaranteed lender (Chase) would have become the owner of the property. Subsequently Chase would have deed the property to the VA in exchange for the VA’s guaranteed payoff in full. That probably explains why the VA is now paying the property taxes. : : If that assessment is right, then the current owner is HUD (Housing Urban Development). : : There’s no right of redemption by the defaulting owner after a foreclosure sale in New York state (see link below). : : Looks like you no longer own the house and have no real option of getting it back. So I’d advise you to stop wasting your money paying on a 2nd that has been wiped off the title of a property you no longer own, as a consequence of the 1st’s foreclosure on 4/26. : : I predict you’ll receive a written notice to vacate—either in the mail, or in person or possibly by the property being posted. And in my humble opinion, I would think it best that you vacate within the time period set in the notice to avoid an eviction. An eviction will show up on your credit record when you’re making application to move into a rental and it won’t encourage any owner to rent to you. : : Good luck. : what happens to the second mortgage... they wouldn't agree to subroadate ant that is why we lost the house. now they are calling me looking for money. they sent us an agreement and lowered the rate from 13% to 5%. why wouldn't they do this before and we could have kept the house. we havent signed the papers yet, because if we dont have to pay we won't.m 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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