When Will Foreclosures Resume In Ny?

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The Background:

The COVID-19 pandemic has disrupted the economy and affected millions of people in the United States. Many homeowners have been unable to pay their mortgages, and the government has introduced several programs to help them avoid foreclosure. One of these programs is the foreclosure moratorium, which was introduced in March 2020 to protect homeowners from losing their homes to foreclosure during the pandemic.

The Current Situation:

The foreclosure moratorium is set to expire on July 31, 2023. This means that foreclosure proceedings can resume in New York after this date. However, this does not mean that all homeowners who are behind on their mortgage payments will lose their homes. The government has introduced several programs to help homeowners avoid foreclosure, such as loan modifications, forbearance, and repayment plans.

The Future of Foreclosures in NY:

It is difficult to predict when foreclosures will resume in New York. The state's economy has been hit hard by the pandemic, and many homeowners are still struggling to pay their mortgages. However, the government is committed to helping homeowners avoid foreclosure, and there are several programs available to assist them.

Tips for Homeowners:

If you are a homeowner who is struggling to pay your mortgage, there are several steps you can take to avoid foreclosure. Here are some tips:

1. Contact Your Lender:

Contact your lender as soon as possible if you are having trouble making your mortgage payments. They may be able to offer you a loan modification or other assistance to help you avoid foreclosure.

2. Consider a Repayment Plan:

A repayment plan allows you to pay back your missed payments over time. This can help you get caught up on your mortgage and avoid foreclosure.

3. Look Into Forbearance:

Forbearance allows you to temporarily stop making your mortgage payments. This can give you time to get back on your feet and avoid foreclosure.

4. Seek Professional Help:

If you are struggling to pay your mortgage, consider seeking help from a housing counselor or attorney. They can help you understand your options and navigate the foreclosure process.

The Bottom Line:

Foreclosures in New York are set to resume after the foreclosure moratorium expires on July 31, 2023. However, the government is committed to helping homeowners avoid foreclosure, and there are several programs available to assist them. If you are a homeowner who is struggling to pay your mortgage, there are several steps you can take to avoid foreclosure. Contact your lender, consider a repayment plan or forbearance, and seek professional help if necessary.