Foreclosure Timeline in New York

Navigating the foreclosure process can be challenging and stressful for homeowners facing financial difficulties. At Rockland Housing Action Coalition, we aim to provide the information and support you need to make informed decisions. This blog post outlines the foreclosure timeline specific to New York State, highlighting the steps involved and important considerations. It’s essential to remember that foreclosure processes vary by state, so always check your state’s guidelines if you’re not in New York.

The Basics of Foreclosure

Foreclosure is a legal process through which a lender takes control of a property due to the homeowner’s inability to make mortgage payments. This process allows the lender to recover the remaining balance of the loan by selling the property. Understanding the timeline and steps involved can help you better navigate this difficult situation.

New York State Foreclosure Timeline

You Miss Mortgage Payments

90 Day Pre-foreclosure Notice 

Your lender will send you information on how to get help in at least 90 days before starting a court case. Don’t wait to get help!

Foreclosure Case Started 

Your lender will file a “lis pendens” summons and complaint with the court. Then you will be served a summons and complaint either in person or by mail.

Answer Due 

Your answer to the complaint explains in writing your side of the story. This is where you will include your defenses and any claims against the lender. If served in person, this due within 20 days. If served by mail, it’s due within 30 days.

From here there are various different outcomes you can expect. We will walk through a couple of those outcomes.

IF YOU ANSWER:

Mandatory Settlement Conference 

Both sides come to court to see if they can find a way to keep your home and avoid foreclosure. There may be several conferences over a couple of months.  

• Lender Wins

1. 1. 1. Motion to Confirm Referee’s Report and for Judgment of Foreclosure and Sale: The lender asks the court to accept the Referee’s findings.
      2. Judge Signs Foreclosure Judgment: The judge orders the sale of your home. The lender and Referee choose a date for the auction at the courthouse. The sale is advertised for at least 21 days.
      3. Auction held: The home is sold to the highest bidder at a public auction. The sale price may be more (a surplus) or less (a deficiency) than you owe.

• Lender Loses

1. 1. Trial: The lender must prove its case to the judge. Both sides testify and show evidence, and the judge decides the case.
      1. You Lose the Trial: The judge signs a foreclosure judgment, and an auction is held.
      2. You Win the Trial: The foreclosure is dismissed.

IF YOU DON’T ANSWER:

Mandatory Settlement Conference

2nd Chance Answer Due: You get another chance to answer. Your answer is due 30 days from the first conference.

• If you don’t answer:

• Motion for Default Judgment and Order of Reference: The lender asks the court for a judgment on default and to appoint a Referee to decide the amount you owe and write a report.

• Motion to Confirm Referee’s Report and for Judgment of Foreclosure and Sale

• Judge Signs Foreclosure Judgment

• Auction

Navigating the foreclosure process can be overwhelming. For a detailed chart of the foreclosure timeline in New York, click here. 

As you can see, this is a complicated process, which is why Rockland Housing Action Coalition (RHAC) is here to help. We don’t want you to lose your home, so let’s prevent foreclosure together! Check out our Foreclosure Prevention Program and let us support you every step of the way.