New York Foreclosure Timeline and Laws

New York Foreclosure Process and Procedure

If you default on your mortgage, your lender can institute foreclosure proceedings against you and auction your property at a foreclosure sale.

Foreclosures in New York are conducted by judicial foreclosure. Non-judicial foreclosures are rarely used.

Notice Requirements for Foreclosure in New York

The lender may send the borrower and interested parties a warning of foreclosure, but it is not required under New York foreclosure laws. The lender institutes foreclosure proceedings by filing a lis pendens and complaint, and by notifying the borrower and interested parties by serving a copy on the borrower and interested parties. The borrower is required to appear in court to respond. If the borrower does not content the foreclosure, then a final judgment is issued by the court.

The notice of sale must be published in a general circulation newspaper in the county where the property is located once a week for at least 4 consecutive weeks prior to the sale.

New York Deficiency and Anti-Deficiency Laws

The lender may obtain a deficiency judgment if the property is sold at a public sale for less than the loan amount.

New York Redemption Rights

New York has no post-sale statutory right of redemption.

New York Assistance, Special Programs, Government Help, and Law Updates

Foreclosure Programs:

• New York Foreclosure Avoidance Counseling -HUD
• The Home Affordable Mortgage Modification Program
• The Home Affordable Refinance Program
• The Home Affordable Foreclosure Alternatives Program
• FHA Secure
• Hope for Homeowners

Foreclosure Lawyer

New York foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.