Repossession Form Buy Foreclosure In Bronx
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FAQ
The new law does not disturb New York's six-year statute of limitations on mortgage foreclosure actions. It simply restores a common-sense principle: no party may unilaterally stop and restart the statute of limitations to revive what would otherwise be a time-barred action.
If none of the bids were as much as the outstanding balance, the bank becomes the owner, and the property is known as "REO" - real estate owned (by the bank). You need to look up the deed and see who owns it now.
Yes, real estate agents usually know about nearby houses ready to go into foreclosure because they network with other agents, are familiar with the neighborhood, and frequently work directly with banks and lenders.
Surplus Money Proceedings Referee's report must be entered at the County Clerk. Fee is $10. Surplus monies must be deposited into court. Mail a written request, including: A listing of the title of action. The index number. What you're requesting. A self-addressed, stamped business-sized envelope.
In-person foreclosure auctions are open to the public. Anyone can attend; however, if you want to bid, you may need to register. In almost all cases, you'll need to be able to show that you have adequate funds to buy the property.
Judge orders sale of your home. Lender and Referee choose date for auction at the courthouse. Sale is advertised for at least 21 days. Public sale, home sold to highest bidder.
You can find pre-foreclosures by contacting the Recorder of Deeds office in your county of interest and find out where they publish the notices of foreclosures. Some counties have a legal paper, some have a site online or other digital publication. So you really have to call and find out their specific policy.
