Zero. Whenever you are death of the brand new borrower is among the most better-recognized potential lead to having foreclosures out-of a face-to-face mortgage, others manage occur. Some traditional incidents you to definitely typically do end in a default and you can potential foreclosure pursuant so you’re able to Nyc laws and you can guidelines, were, but they are not limited to:

• Failure to pay property taxation
• Failure to pay property insurance policies
• Income of the property
• Failure to utilize the house as your prominent place of quarters when it comes to 365 day period without notifying the new mortgagee of a keen anticipated go out from come back and you may while making agreements high enough in order to mortgagee getting the maintenance of one’s real property or even in overabundance 180 nonconsecutive days.
• A bankruptcy proceeding processing

One enjoy who cause a property foreclosure of one’s opposite financial must be manufactured in your loan documents and also as element of the disclosure agreed to your by your bank before you could close the loan

On top of that, [3 NYCRR Area 79.7 necessitates the lender to give you created alerts regarding the new occurrence out-of a meeting who would bring about termination of the contrary mortgage loan. Read More