Option 1
Loan modification
Who it's right for: Homeowners with income that can support a new monthly payment.
What it costs: Usually paperwork, time, and patience.
What it costs us: No fee.
Pillar guide
Your seven options when you're facing foreclosure in New York
New York foreclosure is judicial, which means the timeline is long enough for strategy but short enough that waiting still hurts. These are the seven options most homeowners should understand before the auction gets on the calendar.
Option 2
Forbearance
Who it's right for: Short-term setbacks where income should recover soon.
What it costs: Delayed payment obligations later.
What it costs us: No fee.
Option 3
Repayment plan
Who it's right for: Homeowners who can catch up over a defined window.
What it costs: Higher monthly payments for a period.
What it costs us: No fee.
Option 4
Short sale
Who it's right for: Owners who need to sell but may not have enough equity to cover the payoff.
What it costs: Moving, paperwork, and lender approval time.
What it costs us: Commission only if the sale closes.
Option 5
Pre-foreclosure sale
Who it's right for: Owners with marketable equity who need to sell before the case gets worse.
What it costs: The logistics of listing and moving.
What it costs us: Commission only if the sale closes.
Option 6
Deed-in-lieu
Who it's right for: Owners who want a negotiated exit without marketing the property first.
What it costs: Giving up the property voluntarily.
What it costs us: No fee unless a sale is involved.
Option 7
Auction
Who it's right for: No one by preference. This is what happens when deadlines run out.
What it costs: Loss of control and often loss of equity.
What it costs us: No fee.
Not sure which option deserves your time first?
The first move is usually deciding whether the real goal is staying, selling well, or ending the pressure cleanly. That one answer narrows the field fast.