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New York Foreclosure Laws

Judicial Yes
Non-Judicial No
Process Period 445 Days
Sale Publication NA
Redemption Period None
Sale / NTS Court

Judicial Foreclosure: The lender can begin the foreclosure process by sending the borrower a notice of default, although law in New York does not require this. The lender then will file suit against the borrower for the amount in default. The borrower is notified and is expected to appear in court. If the borrower does not appear, the court can rule against them. If the borrower does appear the court need to make a decision, if the court decides in favor of the lender a sale will be scheduled.

Non-Judicial Foreclosures: In the state of New York out of court foreclosure proceedings are not used.

Sale: The sale takes place usually four months following the court ruling. The notice of sale must be published in a local newspaper once a week for at least four weeks. The sale will be conducted through private auction usually at the county courthouse. Anyone can bid on the property including the lender and the property is awarded to the highest bidder. Typically the winning bidder has to pay off 10 percent of the final bud at the sale and the remaining total within 30 days. The borrower has no right to redeem the property following the sale.

Additional Information on New York Foreclosure