Richmond New York Foreclosure Help, Defense, Laws and Process


New York foreclosure states that the accuser must file a lawsuit just like other states .the lender begins by having a summon and then the complainant is filed by the law court, then he is sent to the borrower asking them to appear before the court to answer the complainant.

The complaint is a law suit which describes the lenders action for foreclosure. The borrower is given around twenty days to answer the complainant. If nothing happens within those twenty days then there is a letter of summon.

After the summon a judgment is granted the court will appoint a government assistance who will determine the amount and decide how the goods will be sold, the court will then look at the report and decide how the goods will be sold.

The sale is then advertised in the nation newspaper for four weeks and is made public to auction for the highest bidder.

The lender has the option of requesting and to distribute the proceeds according to how it has been signed by the attorney.

If the proceeds from the selling does not produce enough cash the the lender proceeds to issue a deficiency ruling against the borrower. And the motion for this ruling must be within 90days after the foreclosure auction.

Stop Foreclosure in Richmond, New York

In New York there is judicial and non-judicial foreclosure help process. In judicial foreclosure process the lender has to file a complaint against the borrower and obtain a law of sale from the court having jurisdiction in the resident as to where the property is located.

The borrower will then decide to get advice from the agency of foreclosure to know how he can get government help to give him more time to sort out his mess.

Generally if the court finds the borrower in default he will be given a period of time to repair credit but if he does not pay within the period time given then the court orders the property to be sold.

Usually the foreclosure sell is advertised for four to six weeks then it is made public to highest bidder and any one may buy including the lender.

After selling the goods the officer conducting the sale must carry out a legal document to the purchaser and also pay out the proceeds and then obtain a receipt of payment from the lender.

In non judicial process of foreclosure a power of sale clause exists for mortgage help or certificate of trust in which the borrower authorizes the sale of property to make a loan modification to pay off the balance of his loan in a smoother way.

Richmond New York Foreclosure Process

Before involving the foreclosure process the lender may send a letter of warning impending foreclosure to the borrower.

When processing foreclosure through the court, the lender must file a statement against the borrower for amount in default then the borrower is notified about the foreclosure proceedings and is required to appear before the court to respond as required.

  • If the borrower fails to appear, the court rules against the borrower allowing the foreclosure sale, but if the borrower appears the court will consider the case before ruling whether the goods can be foreclosed or not.
  • If court rules against the borrower then a foreclosure sale is programmed and the time given by the court usually takes around seven to nine months.
  • A notice of sale auction is usually scheduled four months after the ruling and a notice of sale must be published in a national news paper once a week for four weeks before the day of the sale.