Legal Solutions

New York State Foreclosure Calendar

How the foreclosure process works in New York State:

Day 1-15: A mortgage payment is missed.


Day 16-30: A late charge is assessed on payment. The loan servicer (the company that processes your mortgage payments) will send you a notice or otherwise attempt to make contact with you.


Day 45-60: The loan servicer will send a "demand" or "breach" letter pointing out that terms of the mortgage have been violated. You will be given 30 days to pay the delinquent amount and the late charge.


Day 90+: The servicer will begin the process of bringing a legal action for foreclosure. This may include referring the loan to its foreclosure department, hiring an attorney to initiate foreclosure proceedings, recording a formal notice of foreclosure or “lis pendens” with the court and serving you with notice of the action through a “summons and complaint.” These proceedings can take 7-9 months.

You will be notified of the foreclosure proceedings and asked to appear in court to respond. If you do not appear in court, the court can rule against you and schedule a foreclosure sale. If you do appear, the court will rule on whether a foreclosure can occur based on the evidence presented. If the court rules against the borrower (you) a foreclosure sale is scheduled.

The sale usually occurs at least 4 months after the court ruling. A notice of sale is published in a general circulation newspaper once a week for at least 4 weeks prior to the sale.

The foreclosure process in New York currently takes about 445 days (15 months) from the date of the first missed payment to the sale of the home.

*Foreclosure Defense will vary options will vary depending on the state the property is located in

FREE FORECLOSURE DEFENSE EVALUATION

The Young Law Group, PLLC
80 Orville Drive, Suite 100
Bohemia, New York 11716
Phone: 631-244-1433
Fax: 631-589-0949

Foreclosure rates in the State of New York continue to increase.  The lenders are not always correct in the numerous avenues of legal compliance that they must abide by for each and every single real estate closing. New York is a judicial foreclosure state, which means that a civil action must be commenced in order to foreclose upon a delinquent loan. The lender will file a law suit against the delinquent borrower and seek to involuntarily force the sale of the borrower’s home or real estate at a public auction to the highest bidder present on that day. The proceeds of the sale will be delivered to the lender to pay all remaining amounts owed on the delinquent mortgage. If there are no bids at the foreclosure sale, the lender will be permitted to take title to the property or home, at which time, the lender will attempt to sell the home or real estate on the open market to recover its mortgage debt.

The information on this Young Law Group, PLLC website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.  The Young Law Group, PLLC is a New York licensed law firm.  The Young Law Group, PLLC concentrates in bankruptcy law and in foreclosure solutions.  The Young Law Group, PLLC is a debt relief agency as such term is defined under the United States Bankruptcy Code.