FinancingForeclosure_ny_judicialEASY
A homeowner in Buffalo, New York has defaulted on their mortgage payments. The lender wishes to foreclose on the property. What type of foreclosure process must the lender follow in New York?
Correct Answer
D) Judicial foreclosure through the court system
New York is a judicial foreclosure state, meaning all mortgage foreclosures must proceed through the court system. The lender must file a lawsuit and obtain a court judgment before the property can be sold at foreclosure auction.
Answer Options
A
Non-judicial foreclosure through power of sale clauseB
Strict foreclosure without court involvementC
Administrative foreclosure through the Department of StateD
Judicial foreclosure through the court systemWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
judicial_foreclosurecourt_systemmortgage_defaultlender_rights
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