New York Foreclosure Law

Timeline: 120 Days

Redemption: No

Deficiency Judgments: Yes

Judicial Foreclosure: Yes

Non-Judicial Foreclosure: Yes

Security Instruments: Deed of Trust, Mortgage

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New York foreclosure law allows both Judicial and Non-Judicial Foreclosure procedures to be used. However, the Non-Judicial Foreclosure process is rarely used. Judicial Foreclosure is the process most commonly used in New York foreclosures. The lender obtains a judgment of foreclosure by suing the borrower in court. A summons and complaint must be filed along with a lis pendens. The borrower must appear in court within twenty (20) days to file an answer to the complaint. If the borrower does not file an answer, the lender will pursue a summary judgment against the borrower.

If the summary judgment is granted, the court will appoint a referee. The referee determines the amount the borrower owes, and decides how the property will be sold. These details are contained in a report that the referee files with the court. When the court confirms the report, a judgment of sale will be issued. This pre-sale stage of the foreclosure process may take from twelve (12) to eighteen (18) months.

Once the notice of sale is issued, it must be published for four (4) to six (6) weeks. The sheriff for the county in which the property is located or the referee will conduct the sale at the time and place specified in the notice of sale.

The high bidder will receive a deed to the property at the completion of the sale. Ten percent (10%) of the high bid must be deposited at the sale, with the remainder being funded within thirty (30) days of the sale date. Then the office must submit a report of sale to the court, who will then confirm the sale. At the sale, the lender may bid the amount due on the loan, and if no one else bids, the property will revert to the lender.

The lender has the right to sue the borrower for a deficiency judgment. The suit must be filed with the court within ninety (90) days of the sale date. The court awards the lender the greater of the market value of the property or the sale price. Determination of the market value is up to the court.