How to Stop Foreclosure in New York
New York is probably one of the most expensive cities in the world, so it is no surprise that the rate of foreclosures has sky rocketed since the recession. Many more homeowners are facing foreclosure than never before. This can be, in a way, attributed to the banks that originally gave loans out to people who could barely afford them. When the homeowners could not afford the repayments, the banks started losing too much money and had to ask the government for help. The government then gave them a loan, and the bank had to repay it back. The banks can only get the money from outstanding loans, and therefore the foreclosure laws became stricter. Thus, learning how to stop foreclosure in New York has become vital for the average homeowner, who still has to pay back a mortgage.
Learning how to stop foreclosure in New York is really an easy process, as the actual foreclosure procedure is one of the longest in all the states. It can, in fact, take up to 15 months, or 445 days to complete. There is, however, no redemption period, therefore once the homeowner has received any notification of foreclosure, arrangements must be made immediately. 
Lenders are always willing to talk and try to work out an arrangement to suit both parties, as lenders will get more money out of the mortgage than in an auction.
The actual foreclosure process has very strict guidelines, which must be followed, as any misstep on part of the lender can result in the auction sale becoming null and void. This is something that the homeowner must keep in mind, as the homeowner can go to court to reverse the decision if it was an unfair sale or procedures were not followed. Once the homeowner has skipped a payment, the lender will go to court and file a suit for the amount outstanding, the homeowner, or borrower, must then appear in court. If the homeowner does not appear, the court will rule against the borrower and will officially start foreclosure proceedings. If the homeowner does appear, then a judgment will be taken whether or not the foreclosure proceedings will begin. Therefore it is in the best interests of the homeowner to appear in court. It is important to know that these proceedings can take up to 9 months before the court ruling.
Once there is a notice of foreclosure, the homeowner still has some options available. As the sale usually takes place after 4 months from the court ruling, the homeowner has time to either get a new loan to pay back the old one. The homeowner should try and ask family or friends to help at this point in order to avoid more debt than possible. If that is not possible, there are companies out there that provide services to help borrowers with foreclosure. If the homeowner cannot get a loan nor has someone willing to help, then a short sale may be the only option. The homeowner will lose the house, but will not have a foreclosure against his name.
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