Question: I walked away from my home several years ago, which was due to illness and financial distress. I mailed the keys to my home to my mortgage company and have not made any payments since. My home has not gone into foreclosure, and now there is a collection company calling me. How soon is the New York foreclosure process normally started?
Response: Foreclosure in New York can be quite a lengthy process. Many cases depend on the quality of the paper work that the bank has to process with foreclosure. If you are not resisting foreclosure and are in default, then generally, it should be quicker but a multi-year time span is not surprising. However, the fact that a collection agency is harassing you for payments most likely indicates that you are not in foreclosure. What probably happened is that bank could not move standing of your mortgage to foreclosure or the loan was so minimal that it was not economically beneficial for the bank to pursue foreclosure and charged your debt off, selling it to a collection agency for pennies. You should do some investigative work as to the status of your case because it is possible that you could have been living mortgage free all these years.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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