New York Foreclosure & Sale Judgement is a legal process that allows lenders to take possession of a property from a borrower who has defaulted on their mortgage loan. This process is governed by New York State Real Property Actions and Proceedings Law (RP APL). There are two main types of New York Foreclosure & Sale Judgement: judicial foreclosure and non-judicial foreclosure. Judicial foreclosure is a court-supervised process in which a lender can obtain a court order to foreclose on a borrower’s property. Non-judicial foreclosure is a process in which a lender can foreclose on a property without going through court. Both types of foreclosure require the lender to obtain a foreclosure judgement before they can take possession of the property. Once the lender obtains a foreclosure judgement, they can then proceed with the sale of the property at a public auction. The proceeds from the foreclosure sale are used to pay off the outstanding debt of the borrower.
New York Foreclosure & Sale Judgement
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FAQ
Ing to the New York State Department of Financial Services, an average foreclosure case takes about 445 days to be concluded in New York, with some taking much longer depending on the court in which the case was filed.
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.
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 the lender wins the lawsuit, it obtains a judgment from the court, which allows the lender to sell the property at an auction.
5 Steps to Buying a Foreclosure Hire a Real Estate Agent. Hire a Real Estate Agent.Get a Preapproval Letter. Get a Preapproval Letter.Do a Comparative Market Analysis Before Buying.Bid Higher If Other Foreclosures are Selling Quickly.Be Aware that You'll be Buying the Foreclosed Home in 'As-Is' Condition.
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 the lender wins the lawsuit, it obtains a judgment from the court, which allows the lender to sell the property at an auction.
The pre-foreclosure notice informs homeowners of steps they can take to avoid foreclosure, including working with their lender to find an affordable solution to foreclosure and consulting with a not-for-profit housing counselor.