NYC Foreclosure!!!
Does anyone know in NYC how....
Once a Lis Pendens is filed, does the bank or courts notify the homeowner once a sale date has been set? From what I've heard, it can be 12-18 months after the Lis Pendens is filed...
If I am working with the bank on a homeowner's behalf, if I ask the bank about the sale date will they tell me? Or do I ask the homeowner to check his/her mail for it?
Thanks mucho.
Insofar as a proposed sale date, I think that the mortgagee (or, 'bank') can only tell you if a sale has been scheduled, or not. They may be able to 'guestimate', or refer you to their foreclosure attorney for a better guess. Usually, based upon the service of documents, alloted time for answer, etc., a paralegal could speculate when a sale might be scheduled... barring any obstacles thrown into their path by the Defendant.
[addsig]
Your customer needs to enter into a STIPULATION AND ORDER FOR DISMISSAL.
Then stipulate that:
they will make there mortgage payment every month by a cetain date. they will be in cash or certified funds, they will maintain homeowners insurance, will pay back taxes by such and such date, they will make an arrerage payment at the end of every month (take their arrerage and divide it by 12 - have it be a 12 month stipulation)
AND THAT THEY WILL REFINANCE OUT OF that bank by such and such date.
Then all parties are happy. However if they default on the stipulation they MIGHT have used up part of their redemption period (which is usually around six months)
The whole foreclosure process takes about 12 months, but a stipulation is a good way to stop it