This form is a sample letter in Word format covering the subject matter of the title of the form.
Judgment Against Property Foreclosure In Bronx
Category:
State:
Multi-State
County:
Bronx
Control #:
US-0025LTR
Format:
Word;
Rich Text
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Description
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FAQ
It takes at least 6 to 8 months for a fore- closure lawsuit to go from summons and complaint to auction — even if you ignore the court case. In reality, however, the process is taking much longer. If you file an Answer and appear at the mandatory settlement conference, it is taking lenders 1 to 3 years to foreclose.
File and send an Answer The first step for you after receiving the summons and complaint is to file an Answer with the court and to send the Answer to the law firm that is representing the lender. If the lawsuit is given to you by personal service, you have 20 days from the date of delivery to file and send an Answer.
On December 30, 2022, New York Gov. Kathy Hochul signed into law the Foreclosure Abuse Prevention Act (the “Act”), which will hinder lenders and servicers' ability to foreclose on New York homeowners.
What is commonly called a “foreclosure” is a lawsuit that the mortgage holder files against a homeowner in the supreme court where the property is located. The mortgage holder is usually a bank or finance company.
Unfortunately New York State does NOT have a right of redemption period post foreclosure sale. Once the property is sold at the public auction to the highest bidder, the original foreclosed owner has no right to satisfy the entire amount owed the lender.
The Motion for Summary Judgment is filed by the plaintiff in the foreclosure case to try to get a Court decision in the foreclosure case without the need for a trial or an evidentiary hearing. Trials in foreclosure cases are not the norm since foreclosures do not usually have many controverted facts.
It takes at least 6 to 8 months for a fore- closure lawsuit to go from summons and complaint to auction — even if you ignore the court case. In reality, however, the process is taking much longer. If you file an Answer and appear at the mandatory settlement conference, it is taking lenders 1 to 3 years to foreclose.
During the 5 week notice period, the homeowner can stop the foreclosure by making-up all missed payments (including late fees and attorney costs) or working with an attorney to stop the foreclosure process. The only time it is too late to stop a foreclosure is when the property is sold at auction to a new party.
More info
These Foreclosure Forms are for All Courts that preside over Residential Foreclosure Cases. New York is a judicial foreclosure state, which means that the lender has to sue the borrower in order to enforce their rights under the mortgage and note.If you have an interest in a property, you can register with the Department of Finance to receive a Notice of Foreclosure for an In Rem property or properties. Notification is also required within 15 days of: • Issuance of a judgement in a foreclosure action. • Sale of foreclosed property. In New York, a judgment lien can be attached to the debtor's real estate -- meaning a house, condo, land, or similar kind of property interest. Filing foreclosure complaint. After waiting 90 days, the lender can go to court and file a complaint against you to foreclose on your property. To determine if you are eligible for a short sale, reach out to our trusted Bronx law firm right away when you call 718.354. 8027 or complete an online form.
