New York, Foreclosure Attorneys

New York is known as a lien theory state where the property acts as security for the underlying loan. The document that places the lien on the property is called a mortgage. It should be noted that New York does have a non-judicial foreclosure process however this is rarely used by lenders. Contact foreclosure help attorneys at The Castiglia-Rubinstein Law Firm today.

In New York, the lenders go to court in what is known as a judicial foreclosure proceeding where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale. The court with jurisdiction over a foreclosure is known as the Supreme Court in the county in which the property is located. A foreclosure complaint involving a property in Manhattan would be filed in the Supreme Court of New York: New York County. A complaint is filed in this court along with what is known a lis pendens. A lis pendens is a recorded document that provides public notice that the property is being foreclosed upon. 

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Depending on the court schedule, it usually takes approximately 120-180 days to effectuate an uncontested foreclosure. This process may be delayed if the borrower contests the action, seeks delays and adjournments of hearings, or files for bankruptcy. A foreclosure sale must be advertised at least four (4) weeks in advance of any sale and sales usually take four (4) months after final judgment for foreclosure is granted.

Are deficiency judgments permitted in New York?
Yes. A deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan. The Plaintiff must file a motion within 90 days after the property sale auction to enforce this right.

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What statutes govern New York foreclosures?
The laws that govern New York foreclosures are found in New York State Consolidated Laws, Article 13.

Once Your Home Is Sold After Foreclosure

After your home is sold, its new owner must provide you with a three-day written notice to quit the property and initiate a formal eviction process. The new owner cannot change the locks on the doors or throw you out immediately. This means the new owner cannot knock on your door and throw you out. After the eviction process has been initiated, you can — and should — file a response in court.
In some cases, the new owner — possibly the bank — may offer you money to move out rather than go through the eviction process. If you accept money to move out, you should get everything in writing. 

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Contemplating Foreclosure?

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Regardless of whether you own residential or commercial property, foreclosure may not be your best option. For foreclosure help and information on alternatives,Contact foreclosure help attorneys at The Castiglia-Rubinstein Law Firm today. Schedule an appointment and learn how we can help you.