Legal Question in Credit and Debt Law in New York

Re: Foreclosure Procedure

Question 1. NO

Question 2. YES

Re: Foreclosure Procedure

In theory, the judgment of foreclosure terminates all rights of the owner (usually the homeowner can still redeem and, unless a receiver is in place, possession goes unchallenged)and appoints a referee to sell the property. The purchaser at the sale, if it is the lender or its asignee will get an immediate deed, most others take at least 30 days to pay the balance, close title and get a deed. The occupants are supposed to vacate when shown the deed (or a copy). Not to do so is a contempt of court (although rarely enforced). In most metropolitan areas, a separate proceeding is commenced after service of a "ten day notice" with the deed. Only a Sheriff,Marshal or similar officer can evict and they must have a judgment from a court and then serve a notice of at least three days first. My principal practice area is post-foreclosure eviction with a few hundred such cases per year for the last decade. If you have more specific questions, I can be reacghed at 516-780-0270