A New York borrower has the right to redeem property:
Correct Answer
B) Until the foreclosure sale is confirmed
NY borrowers can redeem until the court confirms the foreclosure sale.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
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