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Before initiating the foreclosure process, the lender may send a warning of impending foreclosure to the borrower, but this is not required in New York.

When processing a foreclosure through the court system, the lender files suit against the borrower for the amount in default. The borrower is notified of the foreclosure proceedings and is required to appear in court to respond. In addition, a lis pendens (notice of pending lawsuit) is recorded.

If the borrower does not appear, the court can rule against the borrower, allowing the foreclosure sale. If the borrower appears, the court considers the case before ruling whether the property can be foreclosed on. If the court rules against the borrower, a foreclosure sale is scheduled. The foreclosure proceedings leading up to the court ruling usually take 7-9 months.

Did you know?: A Short Sale Can Stop Foreclosure

Notice of Sale / Auction
The sale is usually scheduled at least 4 months after the court ruling. The notice of sale must be published in a general circulation newspaper once a week for at least 4 weeks prior to the sale.

In New York, foreclosure sales are made by public auction, usually at the county courthouse. The property is sold to the highest bidder and anyone, including the lender, may bid. The winning bidder typically has to pay 10 percent of the final bid at the sale and the remaining balance within 30 days. When the full amount is paid, the winning bidder takes ownership of the property. Borrowers have no right of redemption after the sale.New York Foreclosed Homes

It all starts when a homeowner defaults on their mortgage loan. In order to collect the amount remaining in debt on the loan, the lender will be forced to repossess the homeowner's property and sell it through a New York home foreclosures auction. However, when a lender sells a mortgage foreclosure, they don't need to sell it for the full amount of the loan in order to collect the delinquent foreclosure debt, but only for a portion of that amount. This means that many lenders often undersell foreclosures in New York at sales, because they can still make back the money they need on the foreclosure. For homebuyers and foreclosure investors, this can be a great opportunity to find New York foreclosures for sale for enormous discounts, ranging anywhere from 10 to 50% off!
Sunsurfer LLC can bring you thousands of New York foreclosure homes with ease when you sign up as a member of our foreclosure list and foreclosure resource service! We are one of the number one providers of New York foreclosure information and foreclosure help on the web today, and we can help anyone find New York foreclosure homes and other kinds of real estate homes all over the state. Our database makes it easy to search for home foreclosure in your area or beyond, all from the comfort of your own home! We also provide extensive educational information on buying New York foreclosure homes so that you can learn everything you need to know about how to analyze foreclosure deals, examine foreclosures listings, and make the best foreclosure investments.