In 2002, NHS of Jamaica created the Southeast Queens Anti-Predatory Lending Task Force as a watchdog for predatory lending.
The purpose of the Task Force is to serve as a network of resources for homeowners facing issues related to foreclosure.
Missed Mortgage Payment (In Default)
Late fees are added onto the missed payment. The mortgage servicer ( the company that collects payments on the mortgage) will contact you.
(3-4 months) the servicer sends you a "demand or breach" letter that states that you have violated the terms of the mortgage. Typically, servicers will give borrowers 30 days to pay delinquent amount before filing a lis pendens (a formal document that lenders file with the local courthouse to start the foreclosure process).
Day 90 -105
(7 -9 months) the servicer will hire an attorney to file a lis pendens with the local courthouse, and a court notice will be sent to your home. DO NOT IGNORE IT!
(12-34 months) the house will be sold at a foreclosure sale or auction.
Neighborhood Housing services of Jamaica also, try and help you in keeping your home. If you're facing Foreclosure, our professional staff of foreclosure counselors will offer assistance by speaking with banks that are holding your mortgage. Also, to see if there is a alternative solution.