The foreclosure process is not easy anywhere, and that includes New York. After missing a couple of payments, your lender will wait till the end of the 120 days mandated by the law before initiating foreclosure. The 120 days are meant for you to negotiate alternative solutions with your lender and stop foreclosure from taking place. If you fail to maximize this period, your lender is authorized to proceed to court. The foreclosure process in New York is judicial, which means that the foreclosure will be processed in court. It comes as an advantage to New Yorkers because you can use the opportunity to stop or delay the foreclosure sale date.

The court will allow you to state your defense or fight the case if you feel your home shouldn’t be foreclosed. Provided you have good defenses, the court will schedule a hearing and from which it will be determined whether or not your home should be foreclosed. If you lose the case, you would still have been able to delay the foreclosure sale date. The time should be used to explore alternative solutions to stop foreclosure, provided you are aware that your defenses won’t stop the foreclosure.

If you cannot stop foreclosure and a final judgment of foreclosure has been passed, you can still stop the foreclosure by filing for bankruptcy. Filing for bankruptcy will help you stop foreclosure immediately. The moment you submit your petition to the court, an automatic stay order will go into effect. The order is to suspend all creditor’s activities, which includes foreclosure. Bankruptcy will give you the relief you need to either get free of your loans or get back on track with your payment, depending on the type of bankruptcy chapter you filed. Contact your lawyer and take the necessary actions on time.