foreclosure and sale date

[lukesylv]

What is the name of your state (only U.S. law)? NY

I have two general questions re: sale date (preferably NY law, but even generalities will work):

1. Notice required prior to sale date establishment

Is there a minimum amount of time for a bank to notify a resident that there house will be sold? My understanding is in one instance there was a resident who only found out about the sale date about two weeks after learning that their loan modification application was denied (albeit it was a repeat application) AND only after calling the bank themselves not with written notice by the bank about the sale date. Is that actually possible/legal?

2. Payment

a. Paying off

Is anyone aware of how fast the payment has to be (i.e. in some states, I understand it's up to 5 days prior to the sale date)?

b. Amount of payment

Is there any way to negotiate the amount due to the bank? (i.e. to just pay amount due without fees or is legal fees pretty much a non-starter even with today's climate)

 

[FlyingRon]

You can negotiate anything, but the bank is under no obligation to negotiate and the fact that you are negotiating will not likely stop the existing foreclosure action.

You are not entitled to ANY notice. Your notice was for the the court hearing on the foreclosure. Once that has happened, the sale is scheduled for thirty days or more later. The only NOTICE required is a public notice of the sale (to get bidders), not to you.

The redemption period ends at the sale. Short of bringing the loan current or paying it off you'll need a signed agreement with the lender to stop the sale. I can't see anything like five days in the NY info, up until the time the sale happens looks valid.

 

[lukesylv]

addendum (with ethics question)

Thanks that is really helpful to know.

To clarify there has been no court hearing re: the foreclosure at all. The only thing that I now know and hear about in this one case is re: the sale date. Still, from what you say the mortgagee has little rights in this case.

On a separate issue, what are the ethics of assisting a family member in court proceedings--if I work for a large firm, do I need to worry about doing conflicts check and notifying my firm should I be assisting in a relative in this random foreclosure matter?

 

[FlyingRon]

To clarify there has been no court hearing re: the foreclosure at all.

Not possible for a property in New York. You should have been named in the foreclosure suit. Now if you got the notice and ignored it, it happens without you.

. Still, from what you say the mortgagee has little rights in this case.

You are the mortgager. The bank is the mortgagee. Your RIGHTS were to live up the the contract.

On a separate issue, what are the ethics of assisting a family member in court proceedings--if I work for a large firm, do I need to worry about doing conflicts check and notifying my firm should I be assisting in a relative in this random foreclosure matter?

What sort of firm? If this is a law firm your darn tootin' you should. Further if you're not a lawyer you better make sure you're not violating the law in what you are doing.