Judgement Lien Foreclosure In Queens
Description
Form popularity
FAQ
With a mortgage foreclosure, a ucc lien can survive. So it is a mortgage foreclosure, yes.
How Long Does Your New York Judgment Last? A New York judgment is good for 20 years from the date it was entered, longer if the judgment debtor acknowledges the debt in writing or makes a payment on it. A judgment lien only lasts for 10 years from the date the judgment was first docketed, creating the lien.
Pursuant to RPL §339-z, a inium association's lien for unpaid common charges takes priority over all other liens, except for (i) real estate taxes including applicable school and special district taxes; (ii) sums unpaid on a first mortgage of record; and (iii) sums on a subordinate mortgage of record by certain ...
Following a first mortgage foreclosure, all junior liens (including a second mortgage and any junior judgment liens) are extinguished, and the liens are removed from the property's title. However, the second mortgage debt and creditor's judgment remain, even though they're no longer attached to the foreclosed property.
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 judgment lien is not going to impact a homesteaded property so the mortgage lender would be able to obtain a first lien on your property. So, as long as you otherwise qualify for a mortgage, the judgment lien should not be a problem.
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.
How long does a judgment lien last in New York? A judgment lien in New York will remain attached to the debtor's property (even if the property changes hands) for ten years.
