Extension on foreclosure sale in New York

Question: After the court has issued a foreclosure sale date, is it possible to get an       extension in New York? The bank dragged out my      short sale       until the last day and then declined the offer. I was       also told by the court that I would be able to get an extension but when I attempted to get one a few days later, the court told me there was no sale date on the calendar and once it was entered then I could file for an extension to complete a  deed-in-lieu. Now my goal is to try to get a  deed-in-lieu and keep this foreclosure off my credit report.

Response: If you initiate the  deed-in-lieu process with the bank, they are likely to hold off on the  foreclosure sale for now. In New York, there are       many procedural steps that the bank must take in order  to actually have the sale go through. If you have a foreclosure sale scheduled and need to stop it on an emergency basis, then filing for bankruptcy is the way to stop the sale. However, if you are afraid of having foreclosure appear on your       credit report, then you are not likely to agree to bankruptcy either, but it is a good idea to know your  options regardless. Consult with an experienced attorney to determine the best course of action for you at this time.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information. Copyright © 2013 Law Office of Svetlana Kaplun, P.C.

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