Debtor's Rights Under the New York Foreclosure Law
If you reside in New York state and are facing the possibility of foreclosure upon your home, you have rights under the New York Foreclosure Law. Certain notices and time lines must be provided for debtors as they proceed through the foreclosure process.
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Notification
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Debtors must be provided with a copy of the complaint and summons asking for foreclosure in court; the summons must notify the debtor of the possibility of losing his residence due to failure to respond to the summons.
Legal Rights
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The borrower must be advised, in writing with the summons, by the lender to contact an attorney or legal aid. The lender must also provide notice of the availability of non-profit legal options or government assistance to deal with the foreclosure. The court may appoint a lawyer should the debtor be unable to afford one.
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Time Frame
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A debtor in danger of foreclosure must be notified of this fact by the lender 90 days prior to the filing of foreclosure papers. Within 60 days after proof of the filing has been submitted, the court must schedule a settlement conference.
Settlement
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Notification must be provided as to the sale of the foreclosed property. Debtors have 30 days after the sale before the property is transferred to another party. The amount of the proceeds will be provided to the debtor.
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References
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