Was your home foreclosed? Did the judge sign a judgment of foreclosure and sale? If so, then your home will be sold at an auction. The plaintiff – likely the lender – will publish news of the auction in a newspaper a minimum of 30 days prior to the auction date. You may or may not receive notice of the auction – it depends if you filed an Answer or a Notice of Appearance.
Fortunately, in New York, you can stop the sale of your home up until the point the home is sold. Here, we provide an overview of when and how it can be done.
When Can You Ask a New York Court to Stop the Sale of Your Home?
Up until your home is sold and you are given notice of it and advised by when you must move out, you can ask the court to stop the sale. You cannot ask just because you don't want your home sold. You must have a valid and specific reason that the court can approve. The most typical reasons that would give cause to a court to stop the sale of your home include:
- You have the money owed to the lender(s), which is known as a Right of Redemption.
- You have refinanced your home and this loan will help you cover mortgage costs, among other expenses.
- You filed for bankruptcy.
- You found a buyer and the buyer has made an offer on the home.
- You failed to timely respond with an Answer to the Summons and Complaint.
There could be another good reason, too. It is up to the court to decide if the reason is good enough to stop the sale of the home.
But also, you can always contact the lender – or have your attorney do so – to negotiate modifications to the current mortgage. Sometimes loan modification may still be preferable to the lender than continuing with the sale of the home. An attorney experienced in loan modifications can help you negotiate new terms favorable to you and beneficial to the lender.
How Do You Request a New York Court to Stop the Sale of Your Home?
When you believe you have a valid reason to request the court to stop the sale of your home, you should make that request as soon as possible. Remember: once the home is sold, you can't get it back.
If your reason to request a court to stop the sale of your home is because you failed to timely answer the complaint, you must move the court to vacate or cancel the default judgment and allow you the time to properly answer the complaint. Otherwise, to request the court to stop the sale, you or your attorney must file a motion to show cause.
The motion to show cause will outline one of the above reasons or another reason for the request to stop the sale. The judge will grant or deny the request. If granted, you must adhere to the terms of the court order.
If you have questions about your home and foreclosure, contact an experienced foreclosure defense attorney in the greater New York City metro area today.