MISSED MORTGAGE
PAYMENTS IN BUFFALO NY
— WHAT HAPPENS NEXT

After the First Missed Payment

Your lender will assess a late fee — typically 3–6% of the monthly payment — after a grace period of 10–15 days. You will receive phone calls and written notices. No legal action has been taken yet. This is the easiest stage to resolve — one payment plus the late fee brings the account current.

After the Second Missed Payment

Your lender escalates outreach. You may be assigned to a loss mitigation department. Your credit score takes its first significant hit — typically 50–100 points for a 60-day delinquency. The lender may begin discussing loan modification or repayment plans, but nothing is guaranteed. You are still in a negotiable position at this stage.

After the Third Missed Payment — 90 Days Delinquent

This is the legal trigger point in New York. Under NY RPAPL §1304, your lender must send a 90-day pre-foreclosure notice before filing a lawsuit. This notice must be sent by registered mail and includes information about free housing counseling resources. When you receive this notice, the clock is running.

After the 90-Day Notice — Active Foreclosure

Your lender files a foreclosure complaint in Erie County Supreme Court. You are served with a summons and complaint. You have 20–30 days to respond. Failing to respond results in a default judgment — the worst possible outcome. If you receive a court summons, respond immediately and call NCB the same day.

The Mandatory Settlement Conference

New York requires a mandatory settlement conference in all residential foreclosure cases. A judge supervises negotiations between you and your lender. This is your last formal opportunity to negotiate before judgment. Many homeowners who sell to NCB during this window avoid a foreclosure judgment entirely.

Selling Before Judgment vs After

Selling your home before a foreclosure judgment is entered is significantly cleaner — no judgment on your credit record, no deficiency balance risk, and more time to negotiate a clean closing. NCB can close while your case is still in the settlement conference stage, stopping the process before it goes to judgment.