New York How to Answer a Foreclosure is a legal process by which a lender attempts to recover a portion of the money owed on a defaulted mortgage loan. Generally, foreclosure in New York begins when a homeowner fails to make payments on their mortgage loan. The lender will then file a foreclosure complaint in court against the homeowner, who must then answer the complaint in a timely manner. The answer must include any defenses the homeowner may have, as well as any counterclaims the homeowner may have against the lender. There are generally two types of foreclosure in New York: judicial foreclosure and nonjudicial foreclosure. Judicial foreclosure is the more common type and involves a court hearing and the issuance of a foreclosure order. Nonjudicial foreclosure does not involve a court hearing, but instead involves a lender filing a notice of default and an auction of the home to the highest bidder.
New York How to answer a Foreclosure
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