Foreclosure is a legal process in which a party who has loaned money secured by a mortgage or deed of trust on real property, attempts to recover the balance of the loan from a borrower, who has stopped making payments.
The lender can force the sale of the the real property to recover the money due, unpaid interest, plus the costs of foreclosure.
Foreclosure is a difficult process to undergo, not least of which is the potential loss of one’s home. Foreclosure laws are very detailed and strict about the process the lender must follow.
A skilled New York Foreclosure attorney can explain your options to avoid a foreclosure sale, and help you to decide the best course of action for your situation.