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Foreclosure Toolkit (NY)
Practical Law Toolkit w-003-6425 (Approx. 6 pages)
Resources to help counsel to borrowers and lenders understand all stages of the mortgage foreclosure process in New York. This Toolkit can be used for both residential and commercial mortgage foreclosures and includes useful materials for the foreclosure of cooperative interests under the New York Uniform Commercial Code. This Toolkit contains many guidance documents and standard forms for use at all stages of the foreclosure action.
Mortgage foreclosure, whether of residential or commercial real estate, is often a complex, lengthy process that combines litigation practice with real estate concepts and procedures. Although each matter has its own set of nuances, most foreclosure cases follow the same workflow. Unless the matter is settled, the general steps of a foreclosure action include:
- Compliance with pre-foreclosure protections (in residential cases).
- Filing suit.
- Attending mandatory settlement conferences (in residential cases).
- Adjudication of the right to foreclose, typically in connection with the plaintiff's motion for:
- a default judgment; or
- summary judgment.
- Appointment of a referee to calculate the mortgage debt.
- Issuing a judgment of foreclosure and sale.
- Public auction and sale of the foreclosed property.
- Post-judgment motions for either:
- a deficiency judgment; or
- allocation of surplus money.
This Toolkit contains continuously maintained practice notes, standard documents, and checklists to help counsel for borrowers and lenders manage the foreclosure process from the initial stages through the judgment of foreclosure and sale, and including post-judgment motions.