Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

Formerly known as a “Lis Pendens,” a notice of pendency of action is a written document, recorded with the county recorder, that provides constructive notice of a pending court action (i.e. a lawsuit) that affects title to, or possession of, real property.

Home retention options are solely based on your specific lender and mortgage servicing company. Some of the most common mortgage assistance options include, short sale, Forbearance, Deed-in-Lieu, and Loan Modification. Speak with a homeowner Specialist to discuss what options are available and fit your needs best. 

A loan modification is a change to the original terms of your mortgage loan. Unlike a refinance, a loan modification doesn't pay off your current mortgage and replace it with a new one. Instead, it directly changes the conditions of your loan.

Forbearance is when your mortgage servicer or lender allows you to pause or reduce your mortgage payments for a limited time while you build back your finances. Before the end of the forbearance, your servicer will contact you about how to repay the missed payments

A short sale in real estate is when a financially distressed homeowner sells their property for less than the amount due on the mortgage. The buyer of the property is a third party (not the bank), and all proceeds from the sale go to the lender.  Short sales are not as detrimental to a homeowner’s credit rating as a foreclosure.

Our clients are never responsible for any fees or commissions. Our Mission here at HSNY is to provide the guidance and resources distressed homeowners and heirs need during an already difficult and financially burdening experience. Please be aware of companies or other real estate professionals who charge fees for this type of assistance.

Mortgage assistance options vary from lender to lender. Most Lenders and mortgage servicing companies do offer mortgage assistance. Here at HSNY we understand that no hardship is made equal. Speak with a Homeowner Specialist to discuss all options available, to create a plan that fits your needs best.

Whether you occupy the property or not, you still have rights. There are always options other than just letting the bank foreclose. Speak with a Specialist to discuss your options in detail, to create a plan that fits your needs best.

There are two common misconceptions among heirs. The first being, that you no longer have a say as to what happens to that property. The second being that as an heir, you stand to take on the decedents mortgage debt, judgments, and liens. Both couldn’t be farthest from the truth. As an heir you’re protected from incurring any defaults or judgments, and with the right guidance and resources, can have a direct influence on what happens with that property. Most heir’s take advantage to their ability to receive funds by authorizing the sale of the property, instead of letting the bank foreclose and receiving nothing. Speak with a specialist to discuss your options.  

We understand that dealing with uncooperative tenants/squatters can be a frustrating and exhausting experience for our clients. In most cases, our clients can qualify for assistance with tenant/squatter issues. Speak with a specialist now to create a plan that best fits your goals with the property.

Mortgage assistance options vary from Lender to Lender. In most cases, there are still options for homeowners in distress, regardless of the lien amount and/or judgements. Speak with a Specialist to discuss options and create a plan that best fits your needs.