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New York Foreclosure Law Summary
Quick Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Typically 120 days
- Right of Redemption: No
- Deficiency Judgments Allowed: Yes |
In New York , lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
Judicial Foreclosure
The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold by the sheriff of the county or a referee.
Typically the foreclosure sale is advertised for 4 to 6 weeks. The sale is made by public auction to the highest bidder. Anyone may bid, including the lender.
After the property has been sold, the officer conducting the sale must execute a deed to the purchaser. The officer must also pay, out of the proceeds, the amount of the debt, including interest and costs, to the lender and then obtain a receipt for the payment from the lender.
Within thirty days after the completing the sale and executing the deed to the purchaser, the officer must file a report of sale, which must include the receipt from the lender, with the clerk of the court. Unless otherwise ordered by the court, the sale can't be confirmed until three months past the filing of the report of sale.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee.
Although this type of foreclosure is permitted in New York, it is rarely used by lenders.
More information on New York foreclosure laws
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City: wantagh
State: new york
Zip Code: 11793
County: nassau
Stop Foreclosure in Nassau
financial difficulty in the last year and half. Personal household problems as well. WE are solidly employed and have good income. We are in contact with the lender to try a workout program. In the meantime have still received all the foreclosure paperwork from the lawyer who we also have been in contact with. they know we took money out of a 401k and we are just waiting to see what they are willing ot work out. We are in better personal position now and have confidence int he fact that we can still afford this home. refinance to stop foreclosure
City: Farmingville
State: New York
Zip Code: 11738
County: Suffolk
Stop foreclosure in Suffolk
I am back 4 payments. I have 2 payments but the mortgage company would not accept them. I applied for a work out solution and they said they never received it. I do have proof that they did receive my request. No. It was recently changed to Citimortgage foreclosure
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