The Foreclosure Timeline in New York
New York is a judicial foreclosure state, meaning the lender must go through the court system. This gives you more time than many homeowners realize.
- Pre-foreclosure: 90-day notice required before filing (RPAPL §1304).
- Filing: Lender files a lis pendens and summons.
- Settlement conferences: Mandatory in New York — court-supervised negotiations.
- Judgment: If no resolution, court issues a judgment of foreclosure.
- Auction: Property is sold at public auction, typically months after judgment.
How Selling Stops Foreclosure
A voluntary sale — even at a market-adjusted price — can stop the foreclosure process, satisfy the lender, preserve your credit score, and protect any remaining equity you have in the home.
Short Sales — When You Owe More Than the Home Is Worth
If your mortgage balance exceeds market value, a short sale may still be possible. The lender agrees to accept less than what's owed. This requires lender approval and an experienced agent to negotiate.
