New York Foreclosure
New York Foreclosure Law makes available both judicial and non judicial procedures. Timeline is 120 days and borrower doesn’t enjoy right of redemption but lender has deficiency judgment allowed to it. Security instruments are mortgage and deed of trust. Under Judicial Foreclosure Law court issues decree of sale if borrower is found in default. A complaint from lender is must for obtaining the decree. Borrower is given time to cure delinquency failing which court orders sale by Sheriff or a referee. Sale is advertised for 4 to 6 weeks and is a publication to highest bidder. Lender is allowed to bid. Auctioning officer executes the deed to purchaser and pays debt including cost plus interest to the lender from sale proceeds and obtains receipt from the lender. He files a report to the court clerk of the sale in thirty days including lender’s receipt, otherwise sale will not be confirmed until three months. Non judicial foreclosure is by power of sale included in either of the security instruments. New York lenders have rarely used it.
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