Foreclosure Timeline in New York
Let a Massapequa Foreclosure Lawyer Guide You
Foreclosure does not happen overnight. There is a timeline of events that leads up to it. If any point in the timeline below applies to you, it is in your best interest to contact James J. Quail & Associates, P.C. Serving Nassau County and Suffolk County, our Massapequa real estate attorneys can help you through the process or help seek alternative options for you.
There are many steps involved in a foreclosure and New York has specific procedures for lenders and homeowners. A New York foreclosure timeline may vary depending on how soon the lender responses but here is how a typical timeline looks:
- Day One: Payment missed.
- Day 15: Late fee assessed.
- Day 30+: The lender sends you a pre-foreclosure notice starting off a 90 day period in which to work out a solution to foreclosure. The notice must tell you how much you owe including interest and give notice of agencies you may contact for help.
- Day 45+: The lender sends you a demand letter stating that you are in breach of the contract and giving you 30 days to pay the amount owed plus late fees.
- Day 120+: 90 days after sending the pre-foreclosure notice, the lender begins foreclosure proceedings. The bank files a notice of foreclosure on the property and serves you with a summons and complaint.
- Day 140+: You have 20 days to respond after being served with a complaint for foreclosure. If you fail to answer the lender may take a judgment against you and proceed with the sale of the property.
- Day 180+: The settlement conference. After the complaint for foreclosure is served, the court clerk will schedule within 60 days a settlement conference, also called a CPLR 3408 conference. This is your chance to meet with a representative of the lender to discuss lowering your payments and your overall loan amount. You need to bring proof of income such as two recent pay stubs and your income tax return.
Sale of Property
Depending on whether you respond to the complaint, it may take several months for the court to enter a judgment against you allowing a foreclosure to proceed. After the judgment is taken, the lender may proceed with the sale. The sale must be published for four consecutive weeks. It is usually held on the courthouse steps and the buyer may take possession.
Representation in Nassau & Suffolk Counties
James J. Quail & Associates, P.C. is an experienced firm serving the Nassau County and Suffolk County communities. We have successfully helped many homeowners fight back against their foreclosure auctions and bank foreclosures.