What happens if I fail to make payments during a foreclosure process?

If you fail to make payments during a foreclosure process in New York, the lender may ultimately take possession of your property. This means they will take ownership of the property and possibly even sell it in order to recover the money owed. During this process, the homeowner does not have the right to stay in the home until the home is sold. During a foreclosure, the lender may also take legal action to collect the money owed. This may include filing a lawsuit or garnishing the homeowner’s wages. The lender is also entitled to a portion of the homeowner’s income or assets. If a court orders payment, the homeowner must comply with the order or risk being held in contempt of court. Once the foreclosure is completed, the homeowner’s credit score can suffer. The impact on the homeowner’s credit score will depend on the severity of the foreclosure as well as the amount of debt they owe. If you are facing foreclosure in New York, it is important to take steps to protect yourself and your property. Consider consulting with a foreclosure defense lawyer who can help you understand your legal rights and potential options for dealing with the foreclosure. A lawyer may be able to help you explore options such as loan modification, short sale, or even bankruptcy.

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What happens if I fail to make payments during a foreclosure process?

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