New York House Foreclosure-The Entire Process
Posted on October 16, 2008
Filed Under Foreclosures |
The foreclosures that take place at New York are different than the foreclosures of other states. Before entering into foreclosure you should have the good knowledge of rules and regulations of your country.
How does a New York foreclosure differ from many other states?
Both Judicial and non – judicial foreclosure take place at New York. Most of the states use non-judicial foreclosures. In this method of foreclosure there is no interference from the side of the court. In this method the auction is held by the lender and not by the court. Lenders decide the date and the time of auction. Foreclosures are holded at the country level by the trustee sales that is arranged by the lenders.
At New York the properties are secured with help of mortgage not by the deed of trust. New York follows the judicial foreclosures in which the court takes the decision of auction. You have to follow the rules and regulations of the state for the foreclosure to take place. It takes about 12 to 18 months for the court to issue the notice for foreclosure. It takes long because many people are involved in it. These people have to submit the documents that the court requires. You should have the proper knowledge of foreclosure before you enter into foreclosure and you should follow the steps of foreclosure.
When a foreclosure process is implemented, the lender may send the warning to the borrower in which he would ask the borrower to pay the remaining amount of his loan. The lender will sue a case against the borrower. Then the borrower is asked to come in the court. He has to follow the rules and regulations of the court to take the necessary steps and borrower will have to appear in the court whenever the court would ask him to appear.
If the borrower does not appear in the court then the court would take necessary actions against him and would send his property of the foreclosure. If the borrower appears in the court then the court would consider his case before giving any judgment. If the courts decision is against the borrower then his property would be sold as soon as possible. But this is a long procedure the court would take 7 to 8 months to take ay decision on the case.
What happens once a foreclosure has been scheduled?
The date of the auction should be scheduled after the 4 months. The notice of the sale is to be published in newspaper once in a week and it should be published for four weeks before the actual auction takes place
In New York the foreclosure are help at public and the highest bidder would get the possession of the property. Anyone can bid even the lender can take part in this auction. The higher bidder will have pay some percentage at the auction and the remaining he can pay within 30 days. The borrower would not get the chance of recovery.
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