Understanding New York State's Mortgage Foreclosure Process
What is commonly called a "foreclosure" is a lawsuit that the mortgage holder files against a homeowner in the supreme court where the property is located. The mortgage holder is usually a bank or finance company.
PCHC is a certified HUD Housing Counseling Agency and a certified National Industry Standards for Homeownership Education and Counseling (NCHEC) agency which ensures counselors provide consistent and professional excellence.
PCHC receives funding from HUD and the New York State Attorney General Home Ownership Protection Program (HOPP)
What You Can Expect From Your Meeting
The Counselor will meet with the homeowner to determine their objectives, the reasons for the default and the time constraints of the case.
Counselor will document income and expenses and establish a current budget and set up a realistic budget going forward.
The Counselor will then advise the borrower of the options available to them. (Forbearance and Reinstatement; Loan Modification; Preforeclosure Sales; Assumptions; Deed in Lieu of Foreclosure; or Home Equity Conversion Mortgages (HECM)
The Counselor may refer the homeowner to Legal Services of the Hudson Valley for free legal services if appropriate or the Putnam County Department of Social Services.
The Counselor may attend the Mandatory Court Settlement Conference with the homeowner.