The courts have inherent power to restrain the sale of mortgaged premises in foreclosure proceedings, but are reluctant to exercise such power except where it is shown that particular circumstances, extrinsic to the instrument, would render its enforcement in this manner inequitable and work irreparable injury, and that complainant has no adequate remedy at law. Furthermore, a party must show a probable right of recovery in order to obtain a temporary injunction of a foreclosure action.
New York Petition or Complaint to Enjoin Nonjudicial Foreclosure Sale and for Declaratory Relief
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FAQ
Under New York's one action rule, while an action is pending or after final judgment for the plaintiff, no other action may be commenced to recover the debt without the permission of the court in which the original action was brought.
New York is a ?non-recourse? state, which means that even if the proceeds from the sale of the home do not cover the loan balance, your lender cannot go after you or your estate for the remaining loan balance.
Preforeclosure occurs when a homeowner misses several mortgage payments, prompting the lender to issue a notice of default. This is a legal notice that means you're in jeopardy of the lender foreclosing on your home if you don't quickly work to resolve the matter.
Recording a Notice of Default marks the start of the formal and public foreclosure process. The lender sends you a copy of this notice by certified mail within 10 business days of recording it.
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.
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.
If you got a Summons and Complaint, you need to deliver a written Answer form to the plaintiff and the Court. Your Answer is what you tell the court about what the plaintiff said in the Complaint. The Answer tells the court your defenses or reasons the plaintiff must not win the case.
On December 30, 2022, New York State Governor Kathy Hochul signed into law the ?Foreclosure Abuse Prevention Act? (?Act?). The Act became effective immediately and applies to any foreclosure action in New York that was pending as of December 30, 2022 or filed thereafter.