New York Foreclosure Laws

If you have ever been in New York you know that it is a hassle to get anything done there and there is red tape for everything. If you are the one being foreclosed upon here that is a good thing because in the state of New York it can easily take from twelve to nineteen months to get a foreclosure completely through the system. It is not uncommon for people to be in a house two years or longer after being initially served with the foreclosure notice.

While the judicial foreclosure is the most common you occasionally will see a foreclosure done in the non-judicial method. The laws of the state give the foreclosed party absolutely no right of redemption but they do allow the lending institution the right to file for a deficiency judgement.

Since they use the judicial method of foreclosure almost exclusively in New York it is safe to say that the lending institution is going to have to go to court and sue the defaulting party to get a judgement of foreclosure against them so that they can continue with the process.

In order to start the ball rolling a summons and complaint is filed and the borrower has 20 days in which to appear in court to answer. If there is no action is taken by the borrower the lender will move for a summary judgment.

If granted, the court will appoint a referee who will determine the amount owed and how the property shall be sold. This stage of the process may take from 12-18 months.

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