Avvo Rating
Empire State Counsel
Top 100 Trial Lawyers
Above the Bar Awards
All-Star Lawyers

A General Overview of the Foreclosure Process

Call Now 800-893-9645

If you are in need for a mortgage foreclosure defense attorney in the Bronx, Queens, Brooklyn or the surrounding areas, give our lawyers a call at 800-893-9645.  We have more than 20 years of legal experience and have gained a reputation as some of the best lawyers in New York.  Call us now and make an appointment to see how we can help.

A General Overview of the Foreclosure Process
One of the scariest things to a homeowner is being given notice that they are being foreclosed upon by their bank.  Our attorneys have more than 20 years of legal experience and have been rated as some of the top lawyers in New York.  If you have been given a foreclosure notice and are in need for a foreclosure defense attorney, give us a call to learn how we can help.  Call us at 800-893-9645.
A “foreclosure” is the process by which a holder of a mortgage or some kind of money lender initiates a legal action against the borrower when their contractual obligation is not met.
In general, the law provides legal remedies for situations wherein the borrower (homeowner) is failing to make monthly payments.  In such situations, the mortgage holder or lender is able to take possession of the home to recoup their investment.
With that overview provided, let’s step back for a moment.  The genesis of a foreclosure begins with the signing of a “note” at the closing.  The note gives the lender (i.e., the bank) a secured interest in the mortgage for the home.  When the homeowner doesn’t keep up with the payment terms as laid out in the loan and it fails to generate cash flow the mortgage is considered to be non performing. When it is non performing, the bank can start to foreclose.
This is a basic overview of the foreclosure process.  If you have been given a foreclosure notice, give our attorneys a call at 800-893-9645.
Typically, after 90 days of defaulting on a mortgage, a bank’s legal counsel will begin to take legal action.  Prior to the 90 days, most banks will send the homeowner notices asking for payment attempting to understand why payment is either late or not made.

Around the 45-60 day range of non payment, the bank will send a "demand" notification thereby giving the homeowner that they are officially in breach for their note.

Ultimately, if the homeowner cannot satisfy their mortgage, the property will be auctioned.  The homeowners' rights are terminated by the auction sale, except during the redemption periods.  (NY does not have a statutory right of redemption).

The redemption period is the last chance for the homeowner to redeem themselves and try to gather the necessary amount of money to buy the house back from the new owners.  In the redemption period, the new homeowner must sell back the house, if the foreclosed owner make up for the missing payments. 

Note, this is a general overview of foreclosure and some procedures herein will vary from state to state and locality to locality.

If you are in need of a foreclosure defense attorney give us a call now at 800-893-9645.  Our attorneys can often be found in courts in the Bronx Supreme Court, Queens County Supreme Court, Kings County Supreme Court, and Westchester County Supreme Court.

Send us an email
Main Foreclosure Page

Disclaimer: This website provides general information and thoughts about various legal issues. You should not construe any content on this site as legal advice or the creation of an attorney-client relationship. Again, we provide the content only for informational purposes. You should not make decisions based information on our site because the application of the law depends on the facts and each situation may be different. In addition, the law in most jurisdictions is different and changes constantly and we make no representations that any information on our site has been updated. This site is not a substitute for competent legal advice from an experienced attorney in your state or jurisdiction.
Client Reviews
“I was extremely pleased with the friendly yet professional service that I received in resolving my legal issue.” Karen K.
“Joseph Villanueva and staff made the whole process so easy and gave me the peace of mind that I didn't receive points against my license. Well worth the money!” Linda P.
“Best attorney I’ve worked with. Stayed in contact throughout the whole process. Gave me frequent updates and always replied back to me within an hour. Definitely recommend.” Nikki C.