What is the foreclosure timeline?

The foreclosure timeline in New York begins when the lender files a complaint with the court. The borrower is then notified and given a chance to respond to the complaint. If they fail to respond, a default judgment may be entered against them. Next, the lender will file for a foreclosure sale of the property. This sale typically occurs within a few weeks of the judgment, and the borrower has the opportunity to appear in court to dispute the sale. At the sale, the lender is typically the only bidder, though the borrower is also allowed to bid on the property. The home is then sold to the highest bidder, usually the lender. Once the sale is complete, the borrower has just 30 days to vacate the premises. During this time, they can attempt to negotiate a loan modification or a deed in lieu of foreclosure, which will keep the home under their ownership and stop the foreclosure process. The entire foreclosure process can take anywhere from 60 to 120 days, depending on the circumstances. Borrowers are wise to seek out legal help during this period to discuss their options and to ensure that their rights are protected.

Related FAQs

What is the foreclosure timeline?
What legal strategies can I use to defend myself against foreclosure?
What are the consequences of foreclosure on my credit report?
What are the long-term repercussions of a foreclosure?
How can I dispute any mistakes in my mortgage documents?
What are my rights if I am denied a loan modification?
What are my rights as a homeowner facing foreclosure?
What are the risks involved with foreclosure defense?
What is the foreclosure process for a government-backed loan?
What are the legal requirements of lenders for foreclosure defense?

What is the foreclosure timeline?

Related FAQs

Related Blog Posts