Frequently Asked Questions About Property Retention
What is a Homeowner Advocate?
If you've never heard of a Homebuyer Advocate, you're not alone. For home buyers facing foreclosure, having a Homebuyer Advocate on your team can make a life-changing difference. Whether you want buy your current property, sell it or are just unsure, their role will be to gain a complete understanding about your specific situation and desired outcomes. Your Homebuyer Advocate will get you access to critical resources and assistance, financial options and legal advice that are unknown to most home buyers and specific to you. On the basis of reliable information, you can rest assured that your Homebuyer Advocate will work with you through every step of the process to achieve your goals.
- Click Here to speak with a Homeowner Advocate 888-777-4784
- Click on the Chat icon below to connect with a Homeowner Advocate
- Click Here to find out if your property has a foreclosure auction date, https://myforeclosuredate.com/
- Click Here to download our Free eBook, “Bringing Closure to Foreclosure” https://rebuildny.com/our-book/
What is a Homeowner Advocacy Meeting?
A Homeowner Advocacy Meeting is conducted between you and your Homeowner Advocate. The goal of the meeting is to establish your desired outcome, or “wish list”, and to determine what can be done to help you. For example, keep your property, sell it, maybe you need time, or you are just unsure. At the meeting your Homeowner Advocate will get right to work getting you access to critical resources, assistance, and monetary options specific to you. Together with your Homeowner Advocate you’ll work to create and coordinate a plan of action to meet your needs. It’s important to note the entire program is privately funded and provided at no cost and with no obligation to homeowners. Meetings can be conducted at our location, or in home if you prefer.
What is an Order of Reference?
The Order of Reference, also known as the OOR or OREF, is a formal request to the court to appoint a Referee to determine the amount due on a mortgaged property. The Referee adds up the total amount that the lender is owed, including the principle, interest and any late charges and foreclosure fees. When the Referee reports his or her findings to the judge, the bank can then ask the court to enter a Judgment of Foreclosure and Sale that allows your home to be sold at auction to complete the foreclosure.
The Order of Reference is usually filed along with a request for a default judgment. Keep in mind that your home is still in “pre-foreclosure” when the Order of Reference is filed, and you may still have options to avoid foreclosure.
What does it mean when a Judgement of Foreclosure and Sale has been filed?
A Judgement of Foreclosure and Sale comes near the end of the foreclosure process. When the lender (considered the Plaintiff in a foreclosure case) files a motion for a Judgement of Foreclosure and Sale, they are asking the court for an order to allow your home to be sold at auction. A judge can make a decision at any time, but in New York typically a decision is reached within 6 months of filing.
In the great majority of these motions the decision is usually in favor of the lender clearing the way for an auction to be held. Generally, a lender will advertise the foreclosure auction date of your property in various local publications and conduct the sale at the courthouse within 45 days. Homeowners who have reached this stage of the process are urged to consider all possible options to avoid foreclosure prior to a Judgement of Foreclosure and Sale being granted by the courts.
What is an “LP” or Lis Pendens?
A “Lis Pendens” filed by the bank after you default on your mortgage payments for three consecutive months is a formal notice that begins the foreclosure process. If you receive notice that a Lis Pendens has been filed against your property, it is time to take immediate action to avoid foreclosure. In New York, a Lis Pendens is recorded in the County Clerk’s Office and must be served to the homeowner within 30 days after it is recorded.
Your home is considered to be in “pre-foreclosure” from the day the Lis Pendens is filed up until the day the home is sold at auction. The term “Lis Pendens” is Latin for pending lawsuit. At this point in the foreclosure process you still have possession of your house and you have the right to sell or seek other means to either bring your loan current or payoff the lender entirely. It is crucial to act fast while you still have some good options open to you.
What’s in it for nhpNY?
The program is fully funded via the company’s community reinvestment commitment. Services, assistance and resources are paid for by the company and provided free of cost and with no obligation to participating homeowners. Approximately one of every three distressed homeowners in New York decide to sell their property. The company commits a portion of its earnings related to those properties to fund the program.
What is a short sale?
When a homeowner is behind on their payments and they owe more than their property is worth a short sale has become the most popular way to sell the property. A short sale is considered the most valuable alternative to foreclosure for homeowners in danger of losing their homes. Homeowners do not have a foreclosure appear on their credit report, are not subject to a public auction, avoid eviction, move substantially on their own terms and walkaway owing nothing. There are other benefits too.
How did you get my information?
You may have contacted us prior or someone may have recommended we reach out to you. Generally, we get our information from public records. There are many databases available and once a foreclosure action is filed with the courts it’s a matter of public record.
When Your Legal Assistance Grant is Approved!
We’re here and ready to help if you need us! All assistance and services are privately funded and cost homeowners nothing. Grants do not require repayment. If you don’t already have a dedicated Homeowner Advocate contact us immediately.