A borrower in New York has received a foreclosure complaint and wants to save their home. At what point in the foreclosure process does the borrower lose the right to cure the default by paying all amounts due?
Correct Answer
B) When the foreclosure sale is completed
In New York, the borrower's equitable right of redemption continues until the foreclosure sale is actually completed. Up until that point, the borrower can cure the default by paying all amounts due, including principal, interest, costs, and attorney fees.
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