New changes are headed our way. Changes that could help New York borrowers delay the beginning of the foreclosure process. After the collapse of the mortgage markets in 2008 various new pieces of legislation were put into place to help and protect homeowners. One of the more outstanding was the "90 Day" requirement notice. The 90 Day Notice is more like a pre-foreclosure notice or warning letter. The main idea here was to "wake up" the borrower and tell them they had 90 Days to get it together and work out a deal with their lender or the foreclosure process would begin. Here's a quick overview of the new changes:
-Notice to be provided in the borrower's native language (provided that it falls within the six most common languages spoken in New York)
- Notice will now state the borrower can remain in the property until a court order states you must leave (this was always the case)
- A new notice is required if a borrower makes the loan current and then stops paying again
- Lastly, and more importantly the new 90 Day Notice states that the foreclosure process can only begin if the borrower did nothing during the 90 day period to resolve the missing payments.
The full article can be found here: http://www.newyorklawjournal.com