| One thing is for certain, the delay in the court | | | | owner and gain enough information to determine the |
| system for processing New York foreclosure homes | | | | buying strategy. |
| can help some parties involved considerably. The | | | | Not all homes facing foreclosure will be attractive |
| anxious and likely depressed seller of his family home | | | | propositions. Not all home owners facing the loss of |
| and the nervous yet determined home buyer can | | | | their property and lifestyle will be motivated to |
| both take advantage of the long timeline from Lis | | | | actively market their home for sale. Or discuss their |
| Pendens to the day of the auction sale. The process | | | | circumstances freely. Faced with high inventories of |
| for inner city property foreclosures typically can last | | | | unsold traditional housing all around, the owner, seeing |
| as long as 445 days or around 15 months, outside | | | | a sale before the auction as a final chance to avoid |
| the city limits just a little less than 12 months. This is | | | | foreclosure, needs time to sell, even at a discounted |
| a general guideline only, every foreclosure is different, | | | | price. |
| and this estimate assumes no delays, no contested | | | | Basic information to be evaluated once a buyer |
| action. Lenders non judicial foreclosures, a faster | | | | knows a particular property is in pre foreclosure must |
| process, are seldom used in New York. | | | | come from the search of title. Foreclosure actions |
| When no workout plan seems feasible to the lender, | | | | can be brought by any mortgage holder, and until the |
| and the borrower is 90 days overdue with loan | | | | potential buyer knows exactly how much is owed to |
| payments, the lender will request an attorney to | | | | all lien holders he cannot calculate the existing equity. |
| initiate the foreclosure and demand that the | | | | Ranking of the liens plays its part in the buyer's |
| borrower hand over the collateral backing the loan. A | | | | strategy, should it be apparent there is no equity, or |
| Lis Pendens is a public record and the starting gun as | | | | the loans together are more than what the property |
| far as would be investors in pre foreclosure homes | | | | would bring at the auction, the buyer can try to |
| are concerned. Whether the buyer is experienced | | | | negotiate a discounted settlement with the junior lien |
| and acting on his own, or seeking to cover the best | | | | holders, lowest ranked first, in order to create equity |
| in opportunities to buy well through a real estate | | | | for himself. All this takes time. Here in New York, the |
| broker, now is the time he uses to communicate his | | | | home owner has a fighting chance to resolve most |
| interest, establish a level of trust with the home | | | | of his financial difficulties with a timely sale. |