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Judgment Against Property Foreclosure In New York
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Multi-State
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US-0025LTR
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Word;
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FAQ
In New York, a judgment lien placed on a judgment debtor's real or personal property can remain valid for as long as 20 years or more if certain conditions are met.
On December 30, 2022, New York Gov. Kathy Hochul signed into law the Foreclosure Abuse Prevention Act (the “Act”), which will hinder lenders and servicers' ability to foreclose on New York homeowners.
The foreclosure process in New York currently takes about 445 days (15 months) from the date of the first missed payment to the sale of the home. Foreclosure sales in New York are by public auction, usually at a county courthouse. The home is sold to the highest bidder and anyone, including the lender, may bid.
For Residential Cases. Lender must mail you information on getting help at least 90 days before starting a court case. Lender asks court for a judgment on default and to appoint a Referee to decide the amount you owe and write a report. Lender asks court to accept the Referee's findings. Judge orders sale of your home.
It takes at least 6 to 8 months for a fore- closure lawsuit to go from summons and complaint to auction — even if you ignore the court case. In reality, however, the process is taking much longer. If you file an Answer and appear at the mandatory settlement conference, it is taking lenders 1 to 3 years to foreclose.
It usually takes 4 missed payments They typically look for a clear trend of missed payments over four months before considering foreclosure. Even then, foreclosure isn't instantaneous. For example, under New York law, a lender is required to provide a 90-day pre-foreclosure notice.
Bank accounts, including bank names, account numbers, and account type (savings or checking) Brokerage accounts and securities holdings, including company names and account numbers. Real estate holdings, including addresses. Vehicles owned, including the makes, models, years, and license plate numbers.
Missed Mortgage Payments If you have fallen behind 1 to 2 months in payment, the mortgage holder will tell you that they will start the foreclosure process for your home. You will get a 90 Day Pre-Foreclosure Notice in the mail. You will have a chance to get help and try to recover before a court case is started.
How Long Are Judgments Valid in New York? Judgments are valid for 20 years and may be extended once for an additional period of 10 years. To extend a judgment for an extra ten (10) years, the Judgment Creditor must make written application to the court that issued the original judgment.
