A foreclosure sale has been completed in New York, and the winning bidder was a third-party purchaser. The former homeowner claims they can still reclaim the property. What is the redemption period available to the former owner after the foreclosure sale?
Correct Answer
D) No redemption period exists after the sale
New York does not provide a statutory redemption period after a foreclosure sale. Once the sale is completed and confirmed by the court, the former owner has no right to redeem the property. Any redemption rights must be exercised before the sale occurs.
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