In New York's judicial foreclosure process, all of the following statements are correct EXCEPT:
Correct Answer
D) The borrower has an automatic 6-month redemption period after the foreclosure sale
New York does not provide a post-sale statutory redemption period. Once the foreclosure sale is completed and confirmed by the court, the borrower's ownership rights are terminated. Any redemption rights must be exercised before the sale is confirmed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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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