Stop Foreclosure New York

Did you know there are several programs that can help save your New York home and stop the impending foreclosure? Loss Mitigation Agencies, such as ours, are experts in these programs and have assisted thousands of homeowners by providing straight answers and viable solutions.

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New York NY Foreclosure Laws

Lenders in the state of New York may foreclose on deeds of trusts or mortgages in default using either a non-judicial or judicial foreclosure process. While non-judicial foreclosure is available, it is seldom used because the process itself is so involved and can often be riddled with disputes associated with the title to the property.

Judicial Foreclosure

A judicial process of foreclosure requires that the lender file a lawsuit and attain a court order to foreclose on a particular property. The first step by the lender is to file a notice of lis pendens (lawsuit pending). If the borrower fails to answer the notice, the court then appoints a referee to come up with a figure for the foreclosure. The judge then signs a judgment of foreclosure and sale.

If the borrower does show up and defend against the lawsuit, the court rules on the merits of the borrower’s defense. A judgment of foreclosure and sale are entered by the court if the lender wins.

Generally the notice of sale is publicized for four (4) to six (6) weeks. The sale is by public auction to the highest bidder. The lender also has the right to bid at auction.

There are no rights of redemption allowed the borrower using either a judicial or non-judicial foreclosure procedure.

The lender may pursue a deficiency judgment if the mortgage instrument contained an express covenant to pay if the sale did not yield sufficient monies to pay the mortgage debt. The motion must be made within ninety (90) days after the foreclosure. The court determines the market value and credits the greater of the market value or the foreclosure sales price against what is remaining unpaid on the loan.

Legal Information Is Not The Same as Legal Advice This site provides information about New York state foreclosure law designed to help users safely cope with their own legal needs and possible find alternatives. Everyone's legal status is different. The laws of every state are in constant change and we recommend you consult a lawyer.