New York Foreclosure Law

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New York Locksmith

New York Foreclosure Laws

Typical New York Foreclosure Time Frame – Typical New York foreclosure times can average anywhere from 12 months to 19 months.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – Yes, however only very rarely.

Types of Security Instruments – Mortgage and Deed of Trust

Right of Redemption Period – No

New York foreclosure laws provide option for both judicial and non-judicial foreclosures.  The most commonly used method is the judicial foreclosure and the entire process can take anywhere from 12 to 19 months to complete. 

The first step in the New York foreclosure process is for the lender to sue the borrower to obtain a Judgment of Foreclosure.  This occurs when a summons and complaint is filed along with a Lis Pendens at the county courthouse that has jurisdiction over the property. 

The borrower is required to answer the summons and complaint within 20 days.  If the borrower does not appear then the lender can proceed for a summary judgment.  In the event that a summary judgment is awarded, the courts will appoint a referee who will consider the case and determine the exact amount owed and determine exactly how the property will be sold.

When the referee makes their decision, a report is filed with the courts in accordance with New York foreclosure law.  The courts will then confirm the report and enter a judgment for the sale in accordance with the referee’s report.  This process alone can take anywhere from 12 to 18 months.

Once the Judgment of Sale is ordered the lender is required to publish a notice of the sale in the public newspaper for a period of no less than once a week for a minimum of four weeks.

The referee assigned or the county sheriff will conduct the sale on the date, time, and location set forth in the notice of sale.  The officer that has conducted the sale is authorized to issue a deed to the successful bidder of the auction once the sale is finalized. 

According to New York foreclosure law, at the time of the auction the successful bidder must make a deposit of at least 10% of the bid and the remaining balance is due within 30 days.  The conducting officer is then required to file a report with the courts seeking to confirm the sale. 

The lender is permitted to bid on the property under New York foreclosure law.  In addition, if no other bidders place bids on the property the property automatically reverts back to the lender.

The borrow has no rights of redemption; however, the lender is allowed to file for a deficiency judgment within 90 days following the date of the sale for the deficiency.

For more information on New York foreclosure laws click here.


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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.