Foreclosure in New York

Every month in New York there is a routine auction held for the disposal of foreclosed property through the process of a trustee or sheriff sale. In the foreclosure process, the primary lien holder has issued a notice of default and intent to foreclose to the New York owner of record of the New York property. As a primary lien holder, once the note is satisfied all additional non-governmental liens are dismissed and the property is transferred to whomever pays the note. Delinquency and default of current mortgages is going up monthly as evidenced by national housing statistics. This method of acquisition offers substantial profit potential, as the New York properties can often be purchased well below their New York market value.

A New York foreclosure property is a home that has been repossessed by the New York lender because the New York owners failed to pay the mortgage. Like fixer-uppers, you may find these are often bargain-priced, but it is wise to be cautious of the legal and monetary risks when considering a New York foreclosure. Many experts, in fact, advise inexperienced New York buyers to hire an expert to take them through the process. It is important to have the New York property thoroughly inspected and to be sure that any liens, undisclosed mortgages, titles and court judgments are cleared.

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