FinancingMEDIUM
The NY foreclosure process typically takes:
Correct Answer
C) 1-3 years or longer
NY judicial foreclosures are lengthy, often taking 1-3 years or longer.
Answer Options
A
60-90 daysB
6-12 monthsC
1-3 years or longerD
30 daysVideo Explanation3 min
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Related Topics & Key Terms
Related Topics:
foreclosure-process-typesstate-specific-real-estate-lawsproperty-rights-and-foreclosures
Key Terms:
judicial foreclosureRPAPLforeclosure timelineNew York foreclosuremandatory settlement conference
Related Concepts
Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
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