How can I stop a foreclosure from happening?

If you are facing foreclosure in New York, there are some steps you can take to prevent it from happening. The first and most important step is to contact your lender and let them know that you are having difficulty making payments. Explain your financial circumstances and ask for help. This may include a loan modification, which can provide you with temporary relief by lowering your interest rate, extending the term of the loan, or both. You should also explore other options available to you. These may include a repayment plan, which allows you to catch up on missed payments over time, or a short sale, where you sell the home for less than what you owe on the mortgage. In some cases, a bank may be willing to accept less money than what is owed in order to avoid a foreclosure. Finally, consider talking to an attorney or a housing counselor about filing bankruptcy or pursuing other forms of foreclosure defense. An attorney or housing counselor can evaluate your situation and recommend a course of action that best suits your needs. By taking the steps outlined here, you can help to prevent a foreclosure in New York. It is important to remember, however, that time is of the essence. Do not wait to take action, as it may be too late by then.

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How can I stop a foreclosure from happening?

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