How Long Does Foreclosure Take in New York? Keep Reading!

How Long Does Foreclosure Take in New York? Keep Reading! 1

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Navigating the complexities of the foreclosure process can be daunting, especially if you’re dealing with it for the first time. In New York, the process can be particularly lengthy due to its judicial foreclosure laws, which require court involvement in every step of the procedure. This article will provide a comprehensive look at the timeline of foreclosure in New York and what homeowners can expect during each stage. You can also compare these two great solutions bankruptcy vs debt settlement that can help you through this.


The Foreclosure Process in New York

Pre-Foreclosure Notice

The foreclosure process in New York begins with a pre-foreclosure notice. At least 90 days before starting a court case, the lender must mail the homeowner information about getting help. This step is crucial as it gives the homeowner a chance to possibly avoid foreclosure by seeking assistance or negotiating a solution with the lender.

Filing of the Lawsuit

If the borrower fails to make a payment within the stipulated 90 days, the lender can then file a lawsuit against them. This is the official start of the foreclosure process. The homeowner is considered “in foreclosure” from this point until a judgment is made by the court.

Mandatory Settlement Conference

For foreclosure actions involving borrower-occupied properties, New York law requires the court to hold a mandatory settlement conference within 60 days of the lawsuit being filed. These sessions aim to negotiate a fair solution, considering factors like the outstanding loan amount, including late charges, and the borrower’s ability to pay.

Average Duration of the Foreclosure Process in New York

How Long Does Foreclosure Take in New York? Keep Reading!

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In terms of duration, the foreclosure process in New York is one of the longest in the United States. On average, it takes between 3 to 5 years from the start of the proceedings to the conclusion. However, the exact length can vary significantly depending on several factors, such as the court’s schedule, the borrower’s response, and the lender’s efficiency.

In some cases, the process can be relatively quick. For example, if the homeowner does not contest the foreclosure, the lender may obtain a default judgment and proceed to auction off the property within a year. On the other hand, if the homeowner puts up a strong legal defense or if the court system is backlogged, the process can drag on for many years.

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The Impact of Foreclosure

Facing foreclosure is undoubtedly stressful, and the long duration of the process in New York only adds to the stress. However, it’s important to remember that there are resources available to help homeowners navigate this difficult situation.

Moreover, the lengthy foreclosure timeline in New York also has a silver lining: it provides homeowners with ample time to explore alternatives to foreclosure, such as loan modifications, short sales, or deed in lieu of foreclosure. With the right guidance and proactive steps, it may be possible to avoid foreclosure altogether.


Understanding the foreclosure process in New York is essential for homeowners facing this challenging situation. While the process can be lengthy and complex, knowing what to expect can help alleviate some of the uncertainty and stress. Furthermore, the extended timeline offers an opportunity for homeowners to seek professional advice, explore alternative solutions, and ultimately make the best decision for their circumstances.


How Long Does Foreclosure Take in New York? Keep Reading! 2

How long does it generally take for a foreclosure process in New York?
The foreclosure process in New York can take anywhere from 445 days (about 15 months) to three years or more, depending on the specific circumstances of the case.

What’s the first step in the foreclosure process in New York?
The first step in the foreclosure process is the pre-foreclosure period. During this time, the borrower is typically 90 days behind in payments before the lender initiates a foreclosure lawsuit.

What happens after the pre-foreclosure process in New York?
If the borrower does not make up the missed payments during the pre-foreclosure period, the lender will file a Lis Pendens, the official notice of foreclosure, with the County Clerk’s Office.

How much time do borrowers have to respond to a Lis Pendens in New York?
Once the Lis Pendens is filed, the borrower has 20 to 30 days to respond. If they do not respond within this timeframe, the lender can obtain a default judgment and proceed with the foreclosure.

What happens if the borrower contests the foreclosure in New York?
If the borrower contests the foreclosure, it leads to a court process that can extend the foreclosure timeline. During this time, the borrower can negotiate with the lender for a loan modification or other foreclosure alternatives.

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What is the role of a settlement conference in the New York foreclosure process?
In New York, a mandatory settlement conference is required within 60 days of the Lis Pendens. It’s an opportunity for the borrower and lender to negotiate a resolution, potentially avoiding foreclosure.

What happens after the settlement conference in a New York foreclosure?
If no agreement is reached at the settlement conference, the lender can request a judgment of foreclosure from the court. If granted, the property will be sold at a foreclosure auction.

How much time does a borrower have to vacate the property after a foreclosure judgment in New York?
After a foreclosure judgment, the new property owner typically must give the borrower a 10-day notice to vacate. If the borrower doesn’t leave, the owner can start eviction proceedings.

Can the foreclosure process be stopped once it has started in New York?
Yes, foreclosure can be stopped if the borrower can catch up on their missed payments, negotiate a modification with the lender, sell the property, or file for bankruptcy.

What is the “Right of Redemption” in relation to foreclosure in New York?
The Right of Redemption allows the borrower to reclaim their property after a foreclosure sale by paying off the full amount of the unpaid loan plus costs. In New York, there is no right of redemption after the foreclosure sale unless the borrower filed a redemption claim before the sale.


  • Foreclosure: A legal process by which a lender takes control of a property, evicts the homeowner, and sells the home after a homeowner is unable to make full principal and interest payments on his or her mortgage, as stipulated in the mortgage contract.
  • Lender: An institution, typically a bank, that provides funds to the borrower with the agreement that the funds will be paid back with interest.
  • Borrower: A person or entity that takes out a loan from a lender with the promise to repay it, typically with interest.
  • Mortgage: A legal agreement that allows a bank or other creditor to seize property if a borrower fails to pay back the loan.
  • Default: Failure to fulfill a duty or promise, or to perform or observe an agreement or legal obligation, especially in respect to loan payments.
  • Pre-foreclosure: The first stage of the foreclosure process, where the homeowner is notified by the lender of the default and has a chance to pay off the outstanding amount.
  • Auction: A public sale where property is sold to the highest bidder. In the context of foreclosure, this is typically how the foreclosed home is sold.
  • Eviction: The legal process of removing a tenant or homeowner from a property due to violation of the lease or mortgage agreement.
  • Deficiency Judgement: A judgement issued against a borrower when the foreclosure sale does not cover the balance of the default mortgage.
  • Notice of Default: A public notice filed by a mortgage lender to declare that the borrower is in arrears on the loan.
  • Redemption Period: A set period of time after the foreclosure sale during which a borrower can reclaim the property by paying the total foreclosure sale price.
  • Sheriff’s Sale: A public auction of a property seized by the county sheriff due to a court judgement.
  • Judicial Foreclosure: A type of foreclosure process that is handled as a civil lawsuit and conducted entirely under the supervision of a court.
  • Non-Judicial Foreclosure: A foreclosure process where a third party, known as a trustee, handles the sale of a property that was used as collateral for a loan.
  • Acceleration Clause: A contract provision that allows a lender to require a borrower to repay all of an outstanding loan immediately under certain conditions.
  • Loan Modification: A change made to the terms of an existing loan by a lender as a result of a borrower’s long-term inability to repay the loan.
  • Short Sale: The sale of a property in which the lender agrees to accept less than the amount owed on the mortgage.
  • Deed in Lieu of Foreclosure: A potential option taken by a mortgagor (a borrower) to avoid foreclosure under which the mortgagor deeds the collateral property back to the lender in exchange for the release of all obligations under the mortgage.
  • Lis Pendens: A written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it.
  • Equity of Redemption: A legal principle that allows a borrower who defaults on a mortgage the right to redeem his or her property upon full payment of the debt.

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