New York Foreclosure Help – Stop Foreclosure in New York

 


Finding Foreclosure Help in New York

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

New York Regional Office

Jacob K. Javits Federal Building
(Broadway – between Duane & Worth Streets)
26 Federal Plaza, Suite 3541
New York, NY 10278-0068
Phone: (212) 264-8000

Fax: (212) 264-0246

TTY: (212) 264-0927

Adolfo Carri├│n
Regional Administrator
Office Hours: 8:00 a.m. to 4:30 p.m.

Monday through Friday

Albany Field Office

52 Corporate Circle
Albany, NY 12203-5121
Phone: (518) 464-4200

Fax: (518) 464-4300

Robert Scofield
Field Office Director
Office Hours: 7:30 a.m. to 4:00 p.m.,
Monday through Friday

Buffalo Field Office

Lafayette Court
465 Main Street, 2nd Floor
Buffalo, NY 14203-1780
Phone: (716) 551-5755

Fax: (716) 551-5752

TTY: (716) 551-5787

Stephen Banko

Field Office Director
Office Hours: 8:00 a.m. to 4:30 p.m.,

Monday through Friday

Syracuse Field Office

James M. Hanley Federal Building
100 South Clinton Street
P.O. Box 7025

Syracuse, NY 13261-7025

Phone: (315) 477-0616

Fax: (315) 477-0196

Robert Scofield
Acting Field Office Director
Office Hours: 8:00 a.m. to 4:30 p.m.,
Monday through Friday

New York Foreclosure Laws Summary

Quick Facts:

  • Judicial foreclosure process is available.
  • Non-judicial foreclosure process is available.
  • The primary security instruments are mortgages and deeds of trust.
  • The timeline can vary by process, which typically takes 120 days.
  • The borrower has no rights of redemption.
  • The lender may sue for deficiency judgements.

Lenders in New York may foreclose on mortgages in default through a judicial or non-judicial process.

Judicial Foreclosure
The lender must file a lawsuit in order to obtain a decree of sale on the property to be foreclosed. The court may first give the borrower some time to come up with the payment so that the foreclosure process will not proceed. But if the borrower is still not able to settle his debts, the court will order the foreclosure process to continue and the property to be sold.

A notice of sale should be made known to the public around 4-6 weeks prior to the sale. During the auction, anyone may bid, even the lender himself. The property will go to the highest bidder.

The officer in charge of the auction is the one responsible for giving the deed of the property to the winning bidder. He is also responsible for paying the debt of the borrower (this includes costs and interest) with the money that has been obtained from the auction. A receipt is important as this shows proof of payment.

A report of the sale must be filed by the officer in charge to the clerk of the court within 30 days after the foreclosure sale. The lender must present the receipt of the sale and this must also be included in the report. The court will be responsible for confirming the sale within 3 months after the report of sale has been filed.

Non-Judicial Foreclosure
When the power of sale clause is present in a mortgage deal, the non-judicial process is used. This just means that the borrower has pre-authorized the selling of the property in the event of his default. The lender or his trustee has the power to sell the property. But in New York, this foreclosure process is seldom used.