Facing the potential loss of one’s home is one of the most stressful experiences a property owner can endure. Foreclosure, the legal process lenders use to reclaim property when a borrower defaults on their mortgage loan, is a complex and often daunting area of law. In New York State, foreclosure is inherently a litigated matter, requiring court intervention from start to finish. Understanding this process, the rights of borrowers, and potential defenses is crucial. Figeroux & Associates, located at 26 Court Street, Suite 701, Brooklyn, NY 11242, offers experienced legal representation to homeowners facing foreclosure. Contact the firm at 855-768-8845 or visit www.askthelawyer.us for dedicated assistance. This analysis explores the key aspects of foreclosure actions under New York State (NYS) and New York City (NYC) law as of April 14, 2025.
New York: A Judicial Foreclosure State
Unlike some states where lenders can foreclose non-judicially, New York mandates that foreclosures proceed through the court system. This means a lender cannot simply seize and sell a property upon default; they must file a lawsuit and obtain a court order. This judicial process provides homeowners with important protections and opportunities to defend their rights…