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New York Foreclosure Law |
NY Foreclosure Laws should be understood wisely even before purchasing a home, so that you can avoid this situation with proper knowledge. Most of the foreclosures in New York occur with the court's intervention i.e. by judicial process. The period of foreclosure is close to 15 months, which is more than other states in US.
NY Foreclosure Laws: An Overview
Under judicial foreclosure process the borrower first of all file a law suit against the defaulter for the amount that has not been paid yet. The borrower from time to time is notified of the proceedings regarding foreclosure. Along with this during this period of foreclosure i.e. Pre-foreclosure the notice of pending lawsuit (Lis pendens) is also recorded in the county's office. At the same time defaulter's presence at the court is necessary. In case borrower does not appear before the court then the judgment will go against him/her and lender will be allowed to do NY foreclosure auction.NY Foreclosure AuctionForeclosure auction or sale is scheduled after 4 months of the court's verdict. Now four weeks before the sale, the notice is published in the newspaper for four weeks. Notice should appear once in every week. Then according to the foreclosure laws in New York the auction will take place at the courthouse and property is then sold to the bidder making the highest bid. Foreclosure laws in NY states that 10 percent of the amount is paid at the auction place and the rest of it should be paid withing 30 days of the sale. Once the sale has been completed the borrower is left with no redemption right.
Some of the properties that are to be foreclosed upon are without paid real estate taxes. In such cases according to the NY foreclosure laws, the unpaid real estate tax liens are sold to the NYCTL Trusts by the NYC Department of Finance through Tax Lien Certificate. Then the NYCTL Trusts will collect the remaining tax from the defaulter. After all the attempts to collect tax, the foreclosure process gets initiated in which NY foreclosure auction is ordered by the court. Most of the tax lien properties are either vacant or commercial.
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As the number of foreclosure in NY are increasing so does the law firms and attorney giving a helping hand in stopping the foreclosure. To further help you Realestatezing.com has also given the list of law firms that can be contacted to understand the NY foreclosure laws and process of foreclosure. Along with this their assistance while handling foreclosure case can also be taken.
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