Do You Expect To See A Rise In Foreclosures During And After The COVID-19 Crisis Is Over?
Yes, there will probably be a spike in foreclosure cases within the next 12 to 18 months once the COVID crisis has ended. Although New York State has put a hold on foreclosure cases, this hold will likely be lifted within the next 3 to 4 months and new foreclosure cases will be filed.
Should I Wait To Hire A Foreclosure Attorney Until The COVID Crisis Is Over Or Should I Do It Now?
It’s always a good idea to get an attorney involved as soon as possible if you think foreclosure is in your future. This way you can develop a game plan for the property, whether it be saving the house selling the house surrendering it or doing a loan modification or something else.
Can My Lender Start A Foreclosure Proceeding Against Me In NY State During The COVID-19 Pandemic?
Currently, New York State has put a hold on foreclosure cases. This hold will likely be lifted in the next three or four months and then any pending foreclosure case can be resumed and new foreclosure cases can be filed.
Did Governor Cuomo Suspend The Obligation To Make Mortgage Payments For Everyone During The COVID-19 Pandemic?
I don’t believe the obligation to make mortgage payments has been suspended during the COVID crisis. Although foreclosure cases have been stalled during this time it doesn’t alleviate the need to make the payments.
I Was Already Behind On My Mortgage. Can My Lender Start A Foreclosure Action Against Me During The Pandemic?
Currently, New York State has put a hold on all new and pending foreclosure cases during the COVID crisis.
I Was In The Middle Of A Foreclosure Action When The COVID-19 Pandemic Began. Am I In Danger Of Losing My Home In The Middle Of This Pandemic?
No New York State has put a hold on all pending and new foreclosure cases during the COVID crisis. This hold will likely be lifted in the next three or four months and new foreclosure cases will then be able to be filed and pending foreclosure cases will be able to be resumed.
Do I Need To Attend A Previously Scheduled Settlement Conference?
Once the courts open back up you should get a new date for your foreclosure settlement conference that was canceled during the COVID crisis.
Do I Need To Meet Filing Or Other Deadlines?
Any court date or filing deadline that was canceled due to the COVID crisis will be rescheduled. This of course all depends on your particular case and you should check with the court on any new or reschedule dates that were canceled due to the crisis.
My Home Was Already Sold At Auction But I Am Still Living In It. Can I Be Evicted?
Once the house is sold at the public auction usually the referee will schedule closing for the remainder of the money to be transferred and the referee will give the buyer of the property a referee’s deed in foreclosure. After that deed is transferred you can be evicted in an eviction proceeding or in an ejectment action in the supreme court.
What Happens If I Was In A Trial Loan Modification?
You should check with your individual lender and see what accommodations they could make with respect to your trial modification plan during the COVID crisis.
I Have An FHA Mortgage, And I Can’t Afford To Make Payments On My Mortgage Due To Layoff As A Result Of COVID -19 Pandemic? Is There Any Relief?
There is currently a hold on the filing and prosecution of new foreclosure cases ones that hold is lifted your lender will likely start a foreclosure action against you. At that time you should communicate with the lender to see if there are any modification options available.
Are Creditors Likely To Work With Someone Who Owes A Significant Amount Of Debt During The COVID-19 Recession?
A negotiated settlement can be reached with any credit or at any time. I believe at this point most creditors are anxious to get more cases resolved which means more and favorable settlements for clients.
Should I Make Any Contact With My Debtors Right Now To Arrange Alternate Payment Methods Or Should I Hire An Attorney To Do So On My Behalf?
If you can’t make your payments to creditors as they become do it’s a good idea to start talking to an attorney to see what other options are available for you. This may include settlement of the debt reduced payment options bankruptcy or something else.
Should I Work With Credit Counseling Or Debt Management If I Can’t Afford To Pay My Creditors Due To The COVID-19 Crisis?
If you can’t afford to make payments to creditors as they become do alternate plans must be discussed. This may include settlement of the debt avoidance of the debt filing for bankruptcy or something else.
Can Any Consumer Debts Be Collected During This Time?
I don’t believe there is a bar currently on the collection of consumer debts.
I Already Had A Judgment Against Me Before The COVID-19 Crisis. Can My Accounts Be Garnished?
I don’t think there is a New York State bar on the garnishment of accounts where judgments have already been entered.
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