No. When you are death of the borrower is considered the most well-understood prospective end up in to possess foreclosures away from a face-to-face mortgage, anybody else carry out exists. Some typically common occurrences one typically create result in a standard and you can potential foreclosure pursuant so you can Ny rules and you will guidelines, include, however they are not restricted to:
- Incapacity to invest possessions fees
- Inability to pay property insurance coverage
- Deals of the property
- Failure to utilize the home since your prominent place of household for your 365 time several months rather than alerting brand new mortgagee of an forecast date away from return and you may while making preparations high enough to help you mortgagee getting the constant maintenance of real-estate or perhaps in excess of 180 nonconsecutive days.