New York Foreclosure Law

Facts:

Judicial Foreclosure Available:     Yes

Non-Judicial Foreclosure Available:       Yes

Primary Security Instruments:      Deed of Trust or Mortgage

Timeline:     Approximately 120 days

Right of Redemption:       No

Deficiency Judgments Allowed:       Yes

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Quick Summary:

In New York, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. 

 

The foreclosure timeline in New York is approximately 120 days from the time you miss your first payment until a Notice of Default or Notice of Sale is issued to your actual foreclosure date and sale.

New York homeowners do not have the right of redemption but are allowed deficiency judgments.

New Information on New York Foreclosure Laws and regulations:

AN act to amend the real property actions and proceedings law, the uniform commercial code, the civil practice law and rules; to amend the penal law, in relation to the crime of mortgage fraud; and to amend the real property law, in relation to distressed property consultants. To view S66007 / H40007 click here

For more information on New York Foreclosure laws and regulations visit  http://www.ncsl.org/public/leglinks.cfm and click on your state.  You may also find direct information about NY foreclosure law at NY State's Banking Department.

Or Contact:

New York's Attorney General's Office
State Capitol
Albany, NY 12224
Ph: (518) 474-1778
Fax: (518) 474-0714