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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

The information and notices contained on this website are intended as general research and information and are expressly not intended, and should not be regarded, as financial or legal advice. We attempt to ensure that the material contained on the web-site is accurate and complete at the date first published, however you should recognize that information contained on this web-site may become out of date over time. Readers who have particular questions real estate financing or foreclosure, or who believe they require legal counsel, should seek the advice of an attorney. By submitting this contact request, you are consenting to be contacted by foreclosure consultants by telephone or email, even if you have previously listed yourself on any state or federal Do-Not-Call List. Please note that Wisdom may receive compensation from the foreclosure consultants for that introduction.