Here is a summary of foreclosure laws and rules for the State of New York:
- Lenders use judicial foreclosure.
- The foreclosure begins with filing complaint.
- It can take up to 445 days to process the documents.
- A court ruling is required and that can take from seven to nine months.
- The sale is set for four months later.
- If the mortgage contains an express promise to pay the lender can seek a deficiency judgment. This must be done within 90 days after the foreclosure sale.
- There's no right of redemption.
If you are interested in reading the actual statutes relevant to mortgage and foreclosure in New York those laws are available online.
Learn more about what the above procedures and rules mean. Review the homeowner foreclosure guide on this website.
Post new comment