Asked by: Fahim Herrarte
asked in category: General Last Updated: 20th January, 2020

What is the foreclosure process in New York?

If the property is an owner-occupied, one to four family dwelling, or a condominium unit, New York law requires that the foreclosing bank send a notice to the borrower at least 90 days before starting the foreclosure. (The 90-day time period runs concurrently with the 120-day preforeclosure period under federal law.)

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In this way, how long does it take to foreclose on a house in New York?

approximately 120-180 days

Also, how long does it take to foreclose a property? The Notice of Default starts the official foreclosure process. This notice is issued 30 days after the fourth missed monthly payment. From this point onwards, the borrower will have 2 to 3 months, depending on state law, to reinstate the loan and stop the foreclosure process.

Subsequently, question is, how does foreclosure work in NY?

Foreclosure. New York is a judicial foreclosure state. This means that the lender who holds your mortgage must file a lawsuit against you in court to enforce its lien against your home if you fail to make payments on the loan.

How can I stop foreclosure in NY?

Avoiding Foreclosure (Loss Mitigation)

  1. Pay arrears, become current on the loan. You agree to pay the lender the entire past-due amount, plus any late fees and/or penalties, by a certain date.
  2. Work out a period of loan forbearance.
  3. Loan modification.
  4. Refinance with another lender.
  5. Deed in lieu of foreclosure.
  6. Sell home, negotiate short sale.

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