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. In New York, the foreclosure process can be complex and time-consuming, but there are steps that homeowners can take to avoid foreclosure.
One of the most important things that homeowners can do is to contact their lender as soon as they are having trouble making payments. Lenders are often willing to work with homeowners to create a payment plan that is affordable. Homeowners may also be able to apply for a loan modification, which can permanently change the terms of their mortgage.