No. When you find yourself death of the latest borrower is the most better-understood potential lead to getting foreclosures of a contrary financial, anybody else carry out can be found. Some typically common events that usually perform trigger a default and you may possible foreclosure pursuant to help you Ny law and you will laws, were, but they are not restricted so you’re able to:

• Inability to expend property taxation
• Failure to invest assets insurance coverage
• Sale of the home
• Inability to utilize the home as your dominant place of quarters your 365 date months without alerting this new mortgagee away from an enthusiastic envisioned big date from come back and you will and make arrangements satisfactory in order to mortgagee to possess the constant maintenance of your real estate or in overabundance 180 nonconsecutive days. (más…)