Foreclosure in New York>Question Details

Jbsikes, Other/Just Looking in New York, NY

What is the timeline for the New York state foreclosure process?

Asked by Jbsikes, New York, NY Sun Aug 28, 2011

I have a friend in upstate NY ( in the rural area outside of a small village 17 miles from Canada ) going into foreclosure. They have not published the sale of the property in the newspaper yet. They have not posted any notice on the house. She has not received any certified letter about the foreclosure. I was told by someone who says they researched foreclosures in New York state, and he said that they do not evict during the winter.

Can anyone tell us where she's at in this foreclosure process. Any idea as to how much time she has?

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Anna M Brocco’s answer
At this time, it's really in your friend's best interest to consult with an attorney who specializes in real estate; if she cannot afford one, contact the local Legal Aid Society, and or Bar Association, for a pro bono attorney--free; or if there's a law school nearby, possibly chat with any law professor. Has your friend considered a short sale rather than foreclosure...
2 votes Thank Flag Link Mon Aug 29, 2011
There is no true timeline. I know of people who have not made a payment in 3 years who are still living in their home. Depending on the backlog of foreclosures and what is going on in the current market, the bank can sit on the property as long as they want and file the paperwork when ever they want.

Just out of curiosity, why is your friend allowing the home to be foreclosed on? Depending on local laws, when a home is foreclosed on, the bank can still get a judgement against the homeowner for the balance of the loan, plus legal expenses. They don't just get out of the loan scott free. Has she considered trying to sell the home through a short sale? Your friend and her real estate agent can get the bank agree to waive the balance of the loan in most cases and save a significant amount of the credit score hit that foreclosure would cause, not to mention getting into a new home 2-3 years sooner.

I would recommend contacting a local agent who is familiar with the short sale process if she has not already. If she does not know of anyone in her area, feel free to give me a call and I will be happy to refer you to an aquantance of mine in the upstate NY area.

It's more than real estate. It's RAYL-Estate!

Brian Rayl
Keller Williams Elite - Dallas, TX
2 votes Thank Flag Link Mon Aug 29, 2011
Hello Jbsikes,

Your friend needs to make sure she answers the summons and complaint and avoids a default judgment. She needs to retain a foreclosure defense attorney, who can either prolong the process for up to several years or negotiate a settlement with her lender.

If price is an issue, or if she wants to optimize her likelihood of an ideal settlement, she should reach out to us.
0 votes Thank Flag Link Mon Sep 10, 2012
In answer to your initial question, I've been reading that it takes somewhere around 900 days to foreclose in NY...You can google New York days to foreclose and you will see all the recent articles on how long it takes. Regarding where your friend is in the process, you have to realize it takes countless certified letters from attorneys and notices posted etc for the bank to foreclose. They will be notified for sure. There is a major back log of foreclosures everywhere, it's possible they just didn't get to it yet. Unless they bring their mortgage current, they are coming. As far as being evicted, this also takes notices from attorney's and they will be notified, but if they are still living there, they will most likely be contacted by an agent and offered cash for keys, which they should take. We list and sell bank owned properties in NJ and last year, I met the sheriff at a home who put out a mother and her 9 year old son in a blizzard in January. So, not sure if they 'don't evict in the winter' in NY, but they do here. Sounds like they have some time, but they should be preparing to move if they are not taking steps to keep their home.
0 votes Thank Flag Link Mon Oct 17, 2011
Funny I was just reading in Harpers that at current pace, it will take 61 years for lenders in New York State to foreclose on all homes currently in default. Don't know how accurate that is but one thing is for sure, with all the court pressure on the banks things have really slowed down.
0 votes Thank Flag Link Sat Oct 15, 2011
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