What To Do If You Get A Foreclosure Notice In New York
Since New York State ended its Eviction and Foreclosure Moratorium earlier in 2022, the number of foreclosures filed in court has been on the rise.
According to a report in Forbes, foreclosures across the country have increased by more than 100% over the last year. These increases apply in New York and aren't just limited to New York City.
Specifically in Erie County, according to data that's available from the Erie County Clerk's office, the amount foreclosures that have been filed in court through the end of June has nearly doubled when compared to the same time in 2021.
Many local foreclosure experts expect these numbers to continue to increase, especially with the large inflation that we're seen.
So, what should you do if you or someone you know does receive a foreclosure notice?
Don't Ignore It
Housing advocates across the country all agree that you should not ignore the foreclosure notice you get from your bank or municipality. In New York State, there is a set amount of time that the law allows people to seek help and there are plenty of options to get help if you find yourself in trouble.
Don't Move Out
Foreclosure in New York is a legal process, just because you received a foreclosure notice from a bank or local government, that does not mean you don't still own your home. There are multiple steps before someone would need to move out of their home - so stay in your home.
Contact Your Bank
Most people don't believe that when a bank that is starting foreclosure most often doesn't actually want to own the property. Reaching out to your bank and asking to renegotiate may go a long way to help restore things back to normal.
Seek Help Right Away
Homeowners in the Empire State have tons of rights and there are a lot of free resources available to help people get back on track.
The most important thing to do is not to do nothing. If you or someone you know needs help with foreclosure prevention, there are a lot of resources available. You can find out more about the services that are available here on this website from the New York State Attorney General.
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