In New York, foreclosures are judicial, which means that the lender must file a foreclosure complaint against you in court. In some instances, if the court allows the foreclosure, you may be liable for the “deficiency” (the difference between the selling profits and the outstanding amount on the loan). If you are facing foreclosure in New York, read on to learn about crucial aspects of the state’s foreclosure legislation and if you may be responsible for a deficiency.
Table of Contents
New York Foreclosure Laws
A Synopsis of New York’s Foreclosure Laws
Learn about the major aspects of New York’s foreclosure legislation.
In New York, Deficiency Judgments Following Foreclosure
After a foreclosure in New York, may your lender get a deficiency judgment against you?
Foreclosure Laws and Procedures in New York
Learn about the foreclosure process in New York, including pre-foreclosure processes, foreclosure procedures, and homeowners’ rights under both state and federal laws.
HOA and COA Foreclosures in New York
If you fail to pay your HOA or COA assessments in New York, the association may get a lien on your property and foreclose on it.
Reverse Mortgage Borrowers in New York Have Foreclosure Protections
Before beginning a foreclosure, the bank is required by New York law to provide reverse mortgage borrowers with a 90-day notice and the option to participate in a settlement meeting.
Common Questions About Foreclosure in New York
Can I get my home back if I lose it to foreclosure in New York?
You cannot redeem (repurchase) your house after a foreclosure sale in New York, but you may redeem before the sale.
