A foreclosure is the name of a lawsuit that the financial institution holding a mortgage files against the homeowner. The filing takes place in the County Clerk=s Office of the County in which the home is located. The lawsuit moves forward in the Supreme Court in the County where the property is located.
The holder of the mortgage, usually a financial institution, sues the borrower (homeowner) to enforce the financial institution=s rights under the terms of the note and mortgage. If the financial institution, lender, is successful and wins the lawsuit it receives a judgment from the court. This judgment allows the lender (financial institution) to sell the property foreclosed on in a public auction. Money received from the sale of the property at the public auction is used to pay off the debt the homeowner has to the financial institution.
Foreclosure is the start of a process for the financial institution to take the home back. The foreclosure lawsuit in the State of New York can take anywhere from 1 year to many years.
The best way for the homeowner to protect themselves in a foreclosure lawsuit and take the appropriate action to keep their home is to hire a foreclosure attorney to defend them.
The law firm of Schlissel DeCorpo LLP has been helping families deal with mortgage and foreclosure problems for more than 30 years. We can be reached at 718-350-2802, 516-561-6645 or 631-319-8262 or by e-mail at info@sdnylaw.com.
