Legal Question in Real Estate Law in New York
Foreclosure
We are several months behind on our mortgage payments and have decided to let the property go and move out. We live in Allegany County, in upstate New York.
Our banker has been telephoning us regarding the mortgage. Should we respond to him or just let him proceed with the impending foreclosure?
In general, in New York, once we are served with the foreclosure papers, how long a period of time passes until the actual sale, or time we must vacate the premises? Do we have any rights or things we can do to extend this time period?
1 Answer from Attorneys
Re: Foreclosure
A NY foreclosure can result in sale in anywhere from six months or more from commencement. While there are procedural steps you can demand which may prolong the process, you can also speak to the Bank regarding a "deed in lieu of foreclosure" which is a surrender of the property. This will usually only be considered if the Bank is receiving vacant property and you have no other liens.
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