Sentences with phrase «official foreclosure action»

However, these may be more beneficial in the long run for the borrower than an official foreclosure action because it has less of a long - term impact on their credit history (the bank may also waive any deficiency against the borrower).

Not exact matches

NEW YORK - Senator Jeff Klein (D - Bronx / Westchester) will join representatives from Westchester Residential Opportunities, Inc (WRO), Housing Action Council, Community Housing Innovation, Housing Development Services of Westchester, the New York State Banking Department, FDIC New York, Westchester homeowners and other elected officials in combating the current foreclosure crisis by asking experts tough questions regarding how Westchester residents can save their homes and neighborhoods.

The groups will call for the CEOs of specific big banks and local government officials to take action to address the housing and foreclosure crisis.

Chapter 11 creates an automatic stay, meaning that debt collection actions and foreclosures are put on hold until the bankruptcy is official.