During a judicial foreclosure proceeding in New York, the court has issued a judgment of foreclosure and sale. Under RPAPL §1351(1), within what maximum period after the judgment must the foreclosure sale occur?
Correct Answer
C) 90 days
Under New York RPAPL §1351(1), the judgment of foreclosure and sale must direct that the sale be conducted within 90 days of the judgment — a maximum, not a minimum.
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Related Topics & Key Terms
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Related Concepts
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
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