In the State of New York there is a formal legal process a lender must follow in order to foreclose on a home it holds the mortgage to. The first step under New York State law is for the lender to provide the homeowner with a formal notice of its intent to foreclose if the mortgage arrears are not paid by a specified date. Said notice must be provided to the homeowner at least ninety (90) days before the lender commences the foreclosure proceeding. The law also provides that the notice contain specific language and that the lender provide the name of at least five (5) non-profit housing counseling agencies. Failure to strictly comply with all of these requirements could be grounds for the dismissal of the foreclosure action.
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