In the state of New York in order for a lender to foreclose on a home they must follow a judicial process. The lender needs to sue the home owner. This process begins with the lender processing a summons and complaint. When the borrower receives notice of intent to foreclose the borrower has 20 days to respond. If no action is taken by the borrower then the lender has the right to move for a summary judgment. Once the court grants a foreclosure procedure then the court will appoint a referee, who will determine the amount owed by the borrower and how the property will be sold. The referee files their report to the court. The court confirms the report and enters a judgment of sale. This stage of the process may take from 12-18 months. The notice of sale is published weekly for four to six weeks. The sheriff or referee may conduct the sale at the time and place designated in the notice of sale. The officer will execute a deed to the successful bidder when the sale is complete. The successful bidder must deposit 10. 2. The advantage of having the reinstatement amount (total amount of late payments) deferred to the back end of the mortgage and added to the current principle. 3. A reduction in the actual principle balance of the loan 4. Has many of the same features of a refinance, without the high cost. DISADVANTAGES: 1.You only get one shot at the Loan Modification so you need to get it right the first time. It is important that you make sure your mortgage modification sets up payment perimeters you can afford. 2. Your mortgage company does not earn money making you modifications so they will most likely offer you terms that are not actually helpful. 3. Due to the high rate of foreclosures there are an abundance of scams out there set up to take your money, that promise to help you with negotiations. To avoid these scams NEVER PAY A DOWNPAYMENT TO ANYONE OFFERING TO ASSIST IN A MORTGAGE MODIFICATION. Discover how you can ethically modify your home mortgage loan and save as much as 47% off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit our website Saint Jude's Mortgage Rescue
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