New York
New York Real Property Actions and Proceedings Law § 1301. Judicial foreclosure state.
Judicial Type
Judicial
Redemption
No statutory post-sale right of redemption. However, New Yor
Deficiency
Lender may pursue deficiency. Motion for deficiency judgment
Mediation
Mandatory foreclosure settlement conferences for owner-occup
Statute Citation
N.Y. RPAPL §§ 1301-1393
Redemption Period
No statutory post-sale right of redemption. However, New York's foreclosure process is the longest in the nation (averaging 3-4 years for contested cases), providing extensive pre-judgment time to cure or negotiate.
Deficiency Judgment Rule
Lender may pursue deficiency. Motion for deficiency judgment must be made within 90 days of the referee's delivery of the deed. Court determines fair market value.
Notice Requirements
New York has detailed procedural requirements: (1) RPAPL § 1304 notice: 90-day pre-foreclosure notice mailed to borrower, (2) RPAPL § 1303 notice: help-for-homeowners notice served with the summons and complaint, (3) mandatory settlement conference for owner-occupied properties.
Mediation Program
Mandatory foreclosure settlement conferences for owner-occupied residential properties (CPLR § 3408). The conference is automatic — no request needed. Both parties must negotiate in good faith.
Key Provisions
- Longest foreclosure timeline in the US (3-4+ years contested)
- 90-day pre-foreclosure notice (RPAPL § 1304)
- Mandatory settlement conferences
- Strict standing requirements
- Separate deficiency action within 90 days of deed
Homeowner Protections
- 90-day pre-suit notice (one of the longest in the nation)
- Mandatory settlement conferences with court oversight
- Strict RPAPL § 1304 compliance — failure is a complete defense
- Help-for-homeowners notice with the complaint
- Judicial process with extensive discovery rights
- New York courts are borrower-friendly on standing issues
Frequently Asked Questions
How long does a New York foreclosure take?+
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