Judgment Lien Forms Foreclose In Kings
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Throughout the foreclosure process, various legal notices must be filed in your County Recorder's Office. This information is public record and available to anyone.
Three types of foreclosures may be initiated at this time: judicial, power of sale and strict foreclosure. All types of foreclosure require public notices to be issued and all parties to be notified regarding the proceedings.
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.
Deeds, liens and foreclosure history are public records subject to disclosure.
New York is a judicial foreclosure state, which means that the lender has to sue the borrower in order to enforce their rights under the mortgage and note. If the lender wins the lawsuit, it obtains a judgment from the court, which allows the lender to sell the property at an auction.
However, if the case ends upon the entry of the foreclosure judgment, the homeowner will need to start a new action or ask the court to reopen the foreclosure case. Trying to set aside a sale after a non-judicial foreclosure, by contrast, almost always involves filing a new lawsuit.
What Is a Foreclosure Judgment? A foreclosure judgment is issued by a court. It formally grants the lender permission to foreclose on a property. A court will issue a foreclosure judgment after the lender wins its foreclosure lawsuit against the borrower.
"Summary judgment" is a judgment in favor of the foreclosing party (called the "bank" in this article) after a borrower formally responds to a foreclosure lawsuit, but the response doesn't raise any valid issues or defenses. Once the bank gets summary judgment, it can proceed with a foreclosure sale.
What Is a Foreclosure Judgment? A foreclosure judgment is issued by a court. It formally grants the lender permission to foreclose on a property. A court will issue a foreclosure judgment after the lender wins its foreclosure lawsuit against the borrower.
