An interesting case has come down where a New York State Supreme Court Judge has ruled in favor of HSBC which was accused by the NYS Attorney General to have purposefully delayed filing foreclosures in New York. The NYS Attorney General has yet to decide to appeal the decision. See: http://www.bloomberg.com/news/articles/2015-03-31/hsbc-wins-dismissal-of-new-york-foreclosure-practices-lawsuit
Many homeowners have war stories about how their individual foreclosure cases have dragged on for years. Sometimes, the delays are welcomed by homeowners who have no viable way to make affordable mortgage payments. Others, however, are more than qualified and willing to resume making mortgage payments, but due to a long delay in the bank filing for foreclosure, the outstanding loan balance has increased significantly which has the effect of increasing the amount of the mortgage payment and thereby potentially preventing these homeowners from being granted an affordable loan modification later down the road. These homeowners may want to save their money and put it aside so that they can pay down the arrears later on so that they increase their chances to receive an affordable mortgage modification; however, this approach may not work in every case since each case is different. What is true in every case is finding an experienced foreclosure attorney who can navigate the homeowner through the murky waters of a New York mortgage foreclosure. As for the HSBC case referenced above, it will be interesting to see if the attorney general appeals to the appellate division. Stay tuned!
Many homeowners have war stories about how their individual foreclosure cases have dragged on for years. Sometimes, the delays are welcomed by homeowners who have no viable way to make affordable mortgage payments. Others, however, are more than qualified and willing to resume making mortgage payments, but due to a long delay in the bank filing for foreclosure, the outstanding loan balance has increased significantly which has the effect of increasing the amount of the mortgage payment and thereby potentially preventing these homeowners from being granted an affordable loan modification later down the road. These homeowners may want to save their money and put it aside so that they can pay down the arrears later on so that they increase their chances to receive an affordable mortgage modification; however, this approach may not work in every case since each case is different. What is true in every case is finding an experienced foreclosure attorney who can navigate the homeowner through the murky waters of a New York mortgage foreclosure. As for the HSBC case referenced above, it will be interesting to see if the attorney general appeals to the appellate division. Stay tuned!
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