New York Foreclosure Laws
New York Foreclosure Laws
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New York Foreclosure is Judicial.
A lawsuit is filed
New York foreclosure law states that the lender first must file a lawsuit. Like
most judicial states, the lender begins by having a summons and a complaint is filed. It is then sent to the borrower asking them to come to court to answer the complaint. The complaint is a lawsuit, which describes the lenders basis for foreclosure action. A notice of lis pendens is filed. The borrower has 20 days to answer the complaint. If no action is taken within the 20 days, there will be a motion for summary judgment. After summary judgment is granted, the court usually appoints a referee who will determine the amount owed and recommend how the property should be sold. Once the referee has issued the report, the court confirms the report and a judgment directing the sale of the property will be entered.
New York Foreclosure Notice of Sale
The New York foreclosure sale is advertised in a county newspaper for (4) four weeks. The sale is made by public auction to the highest bidder. The lender has the option of bidding. The lender must distribute the proceeds according to the terms of the judgment signed by the judge.
New York Foreclosure Deficiency Judgment
If proceeds from the sale do not produce sufficient funds, the lender has the right to issue a deficiency judgment against the borrower. The motion for a deficiency judgment must be within 90 days after the New York foreclosure auction or the lender loses this right.
Redemption Rights
There is no redemption period for the borrower
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