New York foreclosure

The New York foreclosure system will allow either the judicial or non-judicial foreclosure process to be used. The lender can give itself the option of using the non-judicial foreclosure process by inserting a power of sale clause int the Mortgage.

This power of sale clause gives the lender the power to sell the house in cases when the borrower defaults on the loan. Keep in mind, that in New York, this method is rarely used.

Instead, most lenders use the judicial foreclosure process. This process requires that the lender file a lawsuit in the courthouse of the county where the property is located. This lawsuit will be heard by a judge who will determine how much you, the borrower, need to pay in order to stop the process.

You will then be given some time to make this payment. If you don't then the judge will order that the property be sold at auction to the highest bidder. This sale will be advertised in a newspaper of the county where the property is located for a period of up to 6 weeks.

This process will usually take at least 4 months to complete.

Click here to go from "New York foreclosure" page to "foreclosure directory".