What Rights Do Buyers Have Against Builders for New Home Construction Defects in New York?

Buyers often assume newly build homes, condos, and apartments should be perfect, but even new builds can have defects – design, materials, carpentry, appliance installation and even construction itself can be faulty. If this happens after you move in, buyers often wonder what rights they have in New York to have the problems fixed and what steps to take. Ideally, you discover defects prior to purchase. However, a final inspection may not uncover all defects before closing so it’s important to understand your rights against the builder days, weeks, or even years later. MOWK law can help you in either situation.

Housing Merchant Implied Warranty

New York has laws creating a new construction warranty – the Housing Merchant Implied Warranty. It doesn’t need to be written into the sales contract for single family homes and multi-unit residential building units five stories tall or less on land you didn’t own before construction.

Generally, construction defects are covered for one year after the date the title passed to the first new owner – known as the warranty date. Ventilation, plumbing, heating and cooling, and electrical systems are covered for two years following the warranty date. Material defects are covered for six years. You must notify the builder in writing no later than 30 days after the warranty period expires and before filing a lawsuit. The builder must also be allowed a reasonable opportunity to inspect, test, and repair the defect.  You must notify the builder of the defect before filing suit, but don’t have to allow them the time to inspect, test, and repair. You may also file suit up to one year after the warranty period ends or within four years of the warranty date after you’ve notified the builder in a timely manner.

You may also pursue alternative dispute resolution such a mediation to try and reach a settlement. In New York, however, builders may not require binding arbitration in any limited warranting replacing or modifying the Housing Merchant Implied Warranty and must pay for voluntary arbitration. 

How Do You Recover?

If you sue, whether a defect exists is evaluated by the level of skillful workmanship standard within the community. Expert testimony and local building ordinance standards are helpful evidence to present. If you establish that a defect is present, you may typically recover damages equivalent to the cost of repairing or replacing the defect and the cost to repair any damage to the home the warranty work causes.

New York Real Estate Attorney

Buying property in New York is stressful even without the added headache of dealing with an unexpected defect in your brand-new home. If you’ve discovered an unpleasant surprise, the experienced New York real estate attorneys at MOWK Law can help you pursue remedies to make sure you get what you paid for from your builder. Contact us today to get your questions answered and make sure someone is looking out for your best interests. 

NYC Co-Op Real Estate Blog

What Are Common Questions When Buying a New York City Co-Op?

In New York City, nearly every apartment is a co-op which are subject to many more rules than traditional apartment buildings. Due to these additional rules, it’s no wonder buyers in the market for a co-op have more questions than the average purchaser. Though everyone is different, some questions consistently arise when purchasing a co-op in New York City.

  • How is a Co-Op Different from a Condominium in New York City?

Co-ops and condominiums differ in the structure of their ownership. Corporations own co-op apartments and so are not technically real property. The purchase of a co-op is really a purchase of shares in the corporation that are allocated to the particular apartment in the building, allowing you an entitlement to a proprietary lease of the unit. With a condominium, you purchase real property when purchasing the unit and will receive an actual deed and separate tax bill.

  • Do Co-Ops Have a Required Down Payment Amount?

There is no fixed rule as to how much co-ops can require as a down payment, so each co-op is different. Many in New York City allow 20-25% down, but very prestigious, exclusive co-ops often require 40% or more.

  • How Much Should I Expect to Pay in Closing Costs?

Closing costs for co-ops are much cheaper than for condominiums in New York City, because co-op purchasers aren’t required to purchase title insurance or pay a mortgage recording tax. Normally, a co-op buyer should anticipate paying between 1-2% of the purchase price in closing costs. The cost rises to 2-3% of the price for apartments bought for $1 million or more.

  • Can I Co-Purchase or Gift a Co-Op?

Due to the high price of real estate in New York City, it’s not uncommon for first time buyers to get financial help from family or friends to make the purchase possible. You should verify with any co-op building you might want to live in if they allow for either co-purchasing or gifting a co-op apartment. If it’s allowed, you will probably need a gift letter to document the fact the apartment is in fact a gift. You should mention this to your broker and real estate attorney early in the purchase process so that you can get the appropriate documents in order if you do end up purchasing the co-op in this manner.

New York Real Estate Attorney

Buying property in New York City is complicated enough, and the additional regulations around co-ops makes the process even harder to navigate. It’s important for prospective buyers to ask the right questions in order to avoid unpleasant surprises further into the purchase process. Having the help of the experienced New York real estate attorneys at MOWK Law can make buying a co-op a seamless transaction and ensure you get what you want and exactly what you pay for. Contact us today to get your questions answered and make sure someone is looking out for your best interests. 

Property Encroachment

What if Someone Is Encroaching on My Property in New York?

New York City is a metropolis constantly under construction. New buildings are erected, and structures are renovated and remodeled every day. The flurry of activity means the city is also hotbed of disputes between landowners. A common source of disputes between real estate owners comes up when a new structure encroaches onto adjoining property owned by someone else. This could come up, for example, if a neighboring property owner expands their patio or deck so it ends up on your property.

Should I Do Nothing?

One option for a New York property owner whose land is encroached on is to do nothing – there is no legal downside to this until they want to sell their property. At that point the seller must disclose the encroachment to every potential buyer for consideration. It’s wise, though, to give the encroaching party written permission to use that part of your property to avoid a future adverse possession claim. If, however, the owner wants to act on the encroachment there are a few options they can exercise to remedy the situation.

Can I Sell the Property to the Adjoining Property Owner?

Another option is giving the adjoining property owner the option to buy the property they encroached upon. If the other owner accepts, you’ll receive financial compensation and they can continue to use the land without consequence. When selling the property, it’s important to contact your lender and a real estate lawyer to make sure land records are updated and accurate.

Is There Clear Title?

Sometimes an encroachment dispute happens because the parties dispute who owns the land at issue. If you and the other owner can’t agree on the boundaries of your respective properties, an action for quiet title can be brought by the person who claims encroachment to settle the issue. After filing a complaint, the plaintiff must serve a copy on everyone they know has claimed a property interest. Once the other parties have presented evidence supporting their property interest claims, the court will evaluate the evidence and determine the valid title holder when it issues a judgment.

Once the plaintiff has established clear title to the property, they can file an ejectment action. If the plaintiff proves they own the property and the neighbor is using it improperly and should be removed, they can also seek an injunction compelling the encroaching, adjoining property owner to get rid of the structure. The plaintiff may also be awarded damages by a court instead of an injunction.

New York Real Estate Lawyer

Property is a valuable investment, so it’s important to do everything in your power to protect what you own. If your neighbor is encroaching on your property, don’t wait until it’s too late to take action – speak to an experienced New York real estate lawyer at MOWK Law. We will fight for the integrity of your property and help you pursue whatever remedies make sense for your situation. Contact us today – we look forward to hearing from you!

Seller's Disclosure

What Disclosures Must the Seller of Property in New York Make?

Selling property in New York is a complex, multi-step process between buyer and seller. Real estate laws have given both parties legal responsibilities during the transaction and failure to comply with mandatory procedures and disclosures can result in costly legal penalties. One major responsibility of the seller is complying with mandatory disclosures New York sellers must make during the process, which we will examine in more detail.

General Housing Defect Disclosures

A New York seller is required to disclose known housing defects to the buyer in a real estate transaction. Omitting material facts about defects or knowingly making false statements to a buyer results in liability for damages if the omission or falsehood materially affects a buyer’s decision to purchase the property.

Even if the buyer doesn’t request the information, the seller must disclose it. The seller is not legally required to hire a home inspector, so the buyer has a duty to hire a home inspector when deciding whether to purchase the property. The disclosure statement reminds buyers it does not act as a guarantee or a warranty from the seller regarding the property’s condition.

A standard disclosure statement required by the Property Condition Disclosure Act (PCDA) typically addresses:

  • General information including age and ownership;
  • Mechanical systems and services such as water source, drainage, and utilities;
  • Environmental information which covers issues including whether a property is located in a flood plain, if the property contains asbestos or fuel storage tanks, and whether there is knowledge that toxic substances were spilled, leaked, or released on the property; and
  • Structural information including roof condition and whether smoke, fire, water, or insect damage are present.

Additional Lead Disclosure

In addition to general disclosure, an additional federal law requires a disclosure regarding lead paint. When selling a house constructed prior to 1978, a seller must comply with the Residential Lead-Based Pain Hazard Reduction Act of 1992, known as Title X. A seller must:

  • Disclose all known lead-based paint and hazards on the property;
  • Give buyers a designated EPA pamphlet;
  • Give buyers a 10-day opportunity to test the home for lead;
  • Include warning language in the contract and signed statements from all parties to the transaction verifying the proscribed requirements were met; and
  • For compliance, keep signed acknowledgements for three years.

Failure to Disclose

If a seller fails to submit disclosure statements to the buyer, they buyer is owed a statutory fee of $500. Additionally, a seller can still be liable for failure to disclose to the buyer. If a willful failure to perform the disclosures required by the PCDA is found, a seller may be liable to the buyer for actual damages resulting from the defect.

New York Real Estate Attorney

Selling a home can be a complicated process, and to avoid liability and smoothly complete the transaction it’s critical to make sure every step is followed to the letter. Having the help of the experienced New York real estate attorneys at MOWK Law can make the process an easy one and ensure you are not left with any unpleasant (and costly) surprises when selling your home. Contact us today to get your questions answered and make sure the transaction goes exactly as planned.  

MOWK-Real Estate Blog

Can the Government Take My New York Property Through Eminent Domain?

It seems like an unfair scenario; you own property in New York, and you are suddenly contacted by a representative of an state agency or department’s real estate office notifying you the government is planning to acquire your land whether you like it or not. You may wonder if this is legal and what steps you can take if the government is threatening to use eminent domain to take your property. Read on to understand more about the basics of eminent domain and your rights as a property owner.

What is Eminent Domain?

Eminent domain is a form of property condemnation. It’s the government’s right to take private property for a public purpose, also called a public use. Property rights are not limited to physical real estate such as a house or office – land, air, and water rights are also subject to eminent domain, and public use is defined broadly. A public park, low income housing, widening freeways, and even removing blight have been held to be valid. Though the government has great power to take your property, both the United States and New York Constitutions require the government pay you just compensation for your property.

Can I Dispute the Government?

If you believe your property isn’t necessary for the public purpose stated, you can appeal the determination with the appellate division of the Supreme Court in the county where the property sits. After a hearing and examining all facts and objections raised, the Court determines if a public use, benefit, or purpose is served by exercising eminent domain to acquire your property.

How Is Just Compensation Determined?

If New York exercises eminent domain on your property, they must pay you just compensation – usually considered its fair market value as of the date your property is acquired. Usually fair market value is the same amount as you would receive for willingly selling your property under current market conditions. If you and the government do not agree on valuation, appraisers are typically brought in during this negotiation process.

The government will provide an appraisal for their fair market value estimate and a list of any other benefits you will receive, but you may dispute this by filing a claim in Court. This process before the State Court of Claims will involve submission of appraisals and may even result in a trail for the Court to determine your damages.

New York Real Estate Lawyer

Property is a valuable investment, so it’s important to do everything in your power to protect its full value. If the government is threatening to use eminent domain to take your property, it’s important you speak to an experienced New York real estate lawyer at MOWK Law. We will help make sure your property is truly being taken for the right reasons, fight for you if it is not, and ensure you receive just compensation. We look forward to hearing from you!

Tenant Protection Laws

What Do New York’s New Tenant Protection Laws Mean?

This year, a new law took effect fundamentally altering housing regulations in New York. The Housing Stability and Tenant Protection Act extended protection to residential and commercial tenants alike. The law offers renters and residents of manufactured housing eviction protections, permanently closes gaps within the state’s rent-stabilization system and expands the system statewide. But what effect will the law have? Here are a few of the system’s major changes to be aware of:  

  • Makes rent regulation laws permanent and extends their reach.
  • Repeals vacancy and longevity bonuses. Previously, the vacancy bonus permitted landlords to collect up to a 20% rent increase when a rent-regulated unit became vacant. The longevity bonus permitted landlords of these same units to collect an additional increase if they hadn’t taken a vacancy increase in more than 8 years.
  • Repeals “decontrol” statutes for highrent and high-income units. Previously, these laws permitted such units, upon vacancy of the unit, to be deregulated once the rent had reached a maximum threshold.
  • Strengthens statewide protections for tenants. Security deposits will be limited to one month’s rent. The law extends the eviction process to permit the tenant in question additional time to pay rent and to find a new residence. Additionally, landlords can not longer evict a tenant who has made a good-faith complaint regarding warranty of habitability violation.
  • Reforms the overcharge complaints system and extends the “look-back” rule. The overcharge complaints system previously permitted landlords to commit fraud if a tenant took too long to complain. It changes the “look back” rule from 4 to 6 years, which extends the statute of limitations dictating the amount of time a tenant is permitted to claim an overcharge of rent by their landlord.
  • Permits preferential rents to be permanent. Upon lease renewals, property owner can’t discontinue preferential rents for tenants. Once the tenant vacates the home, landlords can charge up to the full legal regulated rent only if the reason the tenant vacated was not due to the failure of the landlord to maintain the apartment.
  • Creates protections for both manufactured-home and mobile home tenants. The Housing Stability and Tenant Protection Act strengthens protections against tenant eviction from manufactured and mobile home parks when the reason for an impending eviction is of changing the land’s use. In addition to this increased eviction protection, it also places limitations on rent increases and strengthens rent-to-own opportunities.

New York Real Estate Legal Help

It’s crucial to be aware of changes in housing laws, because the change in protections offered to tenants means landlords must be sure not to violate any of the updated rules or face potentially costly penalties. At the same time, tenants should be aware of their new rights to make sure they are not violated. The highly skilled attorneys at MOWK Law can help with New York residential and commercial real estate issues and advise on how to comply with the changing laws. Get in touch with us today to have your questions answered.

Can I Sue for a Breach of Contract by a New York Real Estate Buyer?

If you are selling property in New York, you may wonder what options you have if a buyer breaches the real estate contract with you. A breach means the buyer does not fulfill their obligations after they have made an offer on the property and you have accepted it, which created a contract. These cases can get contentious pretty fast which is why working with a New York real estate lawyer can help get things resolved in your favor. Common breaches of contract in New York real estate include:

  • A buyer failing to obtain agreed-upon financing prior to the closing date, which is a common point on which most real estate contracts hinge;
  • A buyer cannot complete the purchase because they have not sold their home prior to closing on the property in question;
  • Failing to pay on time; and
  • A buyer’s failure to properly deliver the deed of property.

If the real estate contract to purchase property is accompanied by the usually earnest money deposit equaling 10% of the purchase price, the circumstances of the breach will dictate if the buyer is entitled to a refund of the money. It is generally assumed a seller will retain the earnest money deposit if the buyer doesn’t uphold their end of the purchase agreement, but it’s best to avoid conflict and write these terms into the sales contract to make this a binding term.

If a buyer breaches and backs out of the contract, whether the buyer had a valid reason to breach determines if they get back their earnest money deposit. If a buyer simply changes their mind, they would likely forfeit their deposit; unlike a situation where they were denied proper financing and notified seller as provided under the terms of the contract.

As a seller, if the buyer breaches the real estate contract there are usually three remedies available to them:

  • Filing a lawsuit for breach of contract;
  • Keeping the initial earnest money deposit and subsequently terminating the contract; and
  • Bringing a suit for specific performance.

If both buyer and seller believe they are entitled to the money after a breach, the seller can sue for breach of the real estate contract. However, it’s important to remember in most situations, the terms of the sales contract may place limitations on a seller’s options.

If a seller is ready, willing, and able to sell and the buyer defaults for reasons other than those permitted by the contract or contingency provisions, the seller can properly terminate the sales contract and keep the earnest money – usually even if the amount of the payment exceeds the seller’s damages from the buyer’s breach. The seller can sue and receive specific performance only if monetary damages will not adequately compensate them and their sales contract does not solely limit them to liquidated damages limited to the amount held in escrow. When suing for breach of contract, the seller will only receive monetary damages above the earnest money amount if the seller can show that after the buyer’s breach they were only able to sell the property for less than offered by the buyer.

New York Real Estate Lawyer

In a breach of contract situation and not sure what to do? Get in touch with a New York real estate lawyer at MOWK law to learn about your options and how we can help get things resolved quickly. We look forward to hearing from you!

What Happens in the New York Mortgage Foreclosure Process?

If you have fallen behind on your house payments to a mortgage holder like a bank or finance company in New York, it’s common to wonder what you can expect if you are unable to get back on track repaying your debt. Because New York is a judicial foreclosure state, the lender must file a lawsuit against you to enforce their rights – only if they win and get a court judgment can they auction off your property. However, there are a few steps leading up to foreclosure you can also expect. Here is a general sense of what you can expect during this type of New York real estate foreclosure process.

Pre-Foreclosure

Acceleration Letter – A lender must send this to a delinquent borrower after a default but before filing a foreclosure suit. The letter must tell the borrower they intend to accelerate the entire mortgage amount if the overdue money is not provided by a certain date.

90 Day Pre-Foreclosure Filing Notice – New York law requires a lender to provide a special notice to the borrower at least 90 days prior to filing a foreclosure lawsuit. It must include specific language as well as provide the borrower the names of at least 5 nonprofit housing counseling agencies near them.

Foreclosure in New York

Lender Files a Foreclosure Summons and Complaint – To begin the foreclosure process, the lender must file a Lis Pendens as well as a Summons and Complaint in court. The Lis Pendens advises the public the property title is involved in litigation, and the Summons and Complaint officially start the lawsuit.

Lender Files Request for Judicial Intervention, Affidavit of Service and Attorney Affirmation – The lender has to serve the Summons and Complaint on the borrower and file an affidavit with the court stating when and how the borrower was served these documents. The lender should simultaneously file a Request for Judicial Intervention advising the court a Mandatory Settlement Conference must be scheduled – if they do not, the borrower may file this. The lender also needs to file an Attorney Affirmation with the court.

Borrower Files an Answer to the Complaint – You must file an Answer to the Complaint within a prescribed time period (which is set based on how the Summons and Complaint were served). Failing to file an Answer results in a default judgment, which allows the lender to ask the court for an Order of Reference appointing a referee to calculate the amount owed to the lender. After this is done, the lender can request the court enter a Judgment of Foreclosure and Sale, which allowed the lender to schedule the property for auction.

Mandatory Settlement Conference – The court will hold a mandatory settlement conference within 60 days of filing the Affidavit of Service to try and get the lender and borrower to come to a mutually agreeable resolution. You’ll receive a notice from the court with the conference time, date, and location, as well as a list of anything you should bring to the conference.

Litigation and Discovery Phase – If the settlement conference is unsuccessful, litigation begins and the parties request documents from each other the discovery phase. The lender may also file a Motion for Summary Judgment in this phase if they believe the borrower does not have a meritorious defense – if this is successful the court will grant the motion and the lender can seek an Order of Reference and an auction date.

Trial – If neither settlement nor a motion can resolve the case, the foreclosure lawsuit will then go to trial.

New York Real Estate Law Firm

It is important to be aware of the foreclosure process in order to be proactive in protecting your rights and avoiding very costly missteps. This is why it is highly advisable to consult an experienced real estate litigation attorney to help preserve your rights and secure the best outcome possible in your situation. At MOWK Law, we can help with all your residential and commercial real estate issues, including handling a foreclosure situation. Our consultations are designed to answer all your questions and get your legal problems solved—get in touch with us today!

How Should a Retail Store Enter a Lease with a New York Condominium?

In recent years, cities like New York have been at the center of a growing trend where stores enter leases with residential and office condominiums to operate on the ground floor of their buildings and cater to both tenants and the public alike. However, when entering these agreements, careful attention must be paid to the lease – standard forms and shopping center leases will not work, so the broker’s term sheet and the attorney’s draft least should address several basic issues and recognize the differences a retailer faces when operating in a condominium building as opposed to a traditional shopping center storefront. Working with an experienced New York real estate attorney is essential to ensure this arrangement runs smoothly.

Casualty Repair

The condominium board controls the insurance proceeds as well as any decision to repair the building, so the typical casualty clause stating the landlord will make repairs is insufficient. The casualty clause should include language specifying the landlord will ask the board to promptly repair any casualty. A tenant may even go so far as to ask the landlord’s representative on the board to vote for any requested repairs.

Lease Subordinate to Condominium Documents

The lease needs to expressly assert it is subordinate to and subject to the condominium declaration. It should also require the tenant to abide by existing rules related to garbage disposal and other store operations. 

Enforcing Condo Board Obligations

The lease needs to clarify the landlord only has limited rights and opportunities with which to make repairs, because the condominium board usually has the responsibility and power to repair the area outside the retail unit. Most landlords will not grant tenants the ability to bring an action against the condominium board in the name of the unit owner if needed repairs are not completed in a timely fashion.

Escalations

The escalations need to match the structure of the condominium. The share of tax increases, for example, for a condominium unit should reflect the appropriate portion of the premises the retail lessee occupies in that particular building.

Non-Disturbance Protection from a Condominium Default

In New York City, it is almost always true that a retail tenant’s rent payment vastly exceeds the landlord’s payment of the monthly common charges. A tenant, however, may have very valid concerns about what happens if a condominium unit owner defaults if the condominium board gives them a special assessment to pay. To prepare for such an event, tenants should ask the condominium board for non-disturbance protection. A potential retail tenant may also include a provision in their lease that requires the board grant them non-disturbance protection. If a non-disturbance agreement is not granted by the condominium board, potential retail tenants can examine the history of payments from their prospective landlord to the condominium as well as the rents paid to their prospective landlord to determine the level of eviction risk that exists for them in this situation.

Retail & Residential Lease Legal Help    

Looking for top notch New York legal help with your residential or retail lease agreements? Look no further than the talented team at MOWK Law for all your real estate law needs.

foreclosure notice

What Are the Steps of the Pre-Foreclosure and Foreclosure Process in New York?

When unexpected financial difficulties arise, New York homeowners often struggle to keep up with a major expense in their lives – their mortgage payment. Many options are available to aid homeowners in making their payments or, if this option is no longer feasible, appropriately disposing of their property in a manner that recoups as much of the outstanding loan balance for lenders as possible. Loan modifications, refinancing, short sales, deed in lieu, and foreclosure are all viable options for homeowners, but foreclosures are generally the least favorable due to their impact on the borrower’s credit. They also are the most complex course of action, and we explore them further below.

Property Affected by Traditional Pre-Foreclosure and Foreclosures New York uses judicial foreclosure for real property such as a traditional family home or condominium. Co-op apartments are actually personal property, as the mortgagee owns a share in the company that owns the property and leases it back to them – meaning they operate under different foreclosure procedures and timelines. Judicial foreclosure requires a lender to file suit against the defaulting homeowner to enforce its lien against their house.

New York Pre-Foreclosure Steps

Prior to filing a formal foreclosure complaint, a loan servicer or mortgage lender must wait until the borrower is 120 days late on payments to allow them time to seek a loan modification, refinancing, or other avenues to cure their default. New York also requires all residential mortgage lenders to provide 90 days notice before foreclosing on an owner-occupied home. The notice must provide information on how homeowners can cure their defaulted loan and list of government-approved counseling agencies that can assist them.

Depending on the mortgage terms, a lender may be obligated to send a breach letter letting the homeowner know their loan is in default and indicating the lender’s intent to accelerate the entire amount due if the homeowner does not cure the default. Notice usually includes:

  • A statement the homeowner is in default;
  • Methods to cure the default;
  • An allowance of at least 30 days to cure the default; and
  • Notice that failure to cure may end in foreclosure proceedings.

Though no uniform rules exist for delivery method or notice contents, mortgages requiring a notice of breach will usually set out what must be included in the notice and the method of delivery required.

New York Foreclosure Steps

After the required 90-day New York notice period, a lender may file suit in court to try and foreclose on a homeowner’s property. The homeowner has a prescribed time frame to respond to the complaint and raise any applicable defenses to foreclosure. Failure to answer results in a default judgment. If the homeowner answers, a sequence of actions may commence, including:

  • A Certificate of Merit or “Attorney Affirmation” from the lender’s attorney stating they have reviewed the necessary documents and that plaintiff if the creditor who may enforce its rights.
  • An Affidavit of Service which may be required from the lender’s attorney.
  • A Mandatory Settlement Conference held within 60 days of the affidavit of service’s filing.
  • Formal Discovery in litigation if settlement cannot be reached.
  • Filing a Motion for Summary Judgment or Default Judgment to try and prevail without going to trial.
  • A trial following an unsuccessful (or no) Summary Judgment Motion.
  • A Motion for Final Judgment of Foreclosure and Sale following a court judgment asking for a judgment authorizing a court-appointed referee to auction the property.
  • Reinstatement of the loan at any time prior to the Judgment of Foreclosure and Sale (JFS), provided the homeowner pays all overdue amounts, late fees, and costs.
  • A publication of a sale in a newspaper at least 30 days before it occurs if the homeowner doesn’t cure prior to the entering of a JFS and setting a sale date.
  • A foreclosure sale where the property is sold to the highest bidder. Upon paying, the winner owns the property.
  • The lender may seek a deficiency judgment against the former homeowner within 90 days of the foreclosure sale if the property sells for less than is owed. The deficiency is the amount the auction sale price or fair market value falls short of the amount owed by the homeowner.
  • Eviction proceedings as necessary in the event the homeowner does not voluntarily vacate the premises after a foreclosure sale.

The complex proceedings leading up to and during a foreclosure are best maneuvered by an experienced New York real estate attorney to avoid any costly mistakes regarding one of your most sentimental and valuable assets – your home. If you are dealing with a residential or commercial foreclosure, get in touch with the talented team of New York foreclosure lawyers at MOWK Law today to discuss your legal options further.