The Step by Step Guide to the Foreclosure Process in New York

[@kennycastro5647]

Very informative.

[@Hauseit]

Thanks for your support, Kenny! www.hauseit.com

[@nat.serrano]

So I go to court, see the foreclosures that day and I win the bid. How do I pay right there? Wire ttansfer?

[@Hauseit]

Hi Nat, believe most states require you to have payment ready on the stop, i.e. cashier's checks
Traditionally, investors would bring a stack of cashier's checks, with some in $10,000 increments for bidding. Some states may allow wire transfers now.

[@liurn23]

How can I find a list of REOs in queens NY?

[@Hauseit]

Hi Monica, these lists are very hard to get, and are obviously private and proprietary to the banks that own these properties. If you're enterprising, you may have a contact at the bank who can share this with you.

[@Yod12]

My brother and I found out after my dad died that he took a substantial home equity loan on our property which I inherited. The lender is being very unreasonable. I'd like to find any loopholes here that I could use to our advantage. We have acted in good faith in trying to negotiate with lender

[@Hauseit]

Sorry to hear that. We have some more information about the foreclosure process in NY in this article you might find helpful: www.hauseit.com/the-foreclosure-process-in-ny-and-how-it-favors-borrowers/

[@nat.serrano]

So basically get a mortgage in NYC, don’t pay, live for free for 6 years and cash some money during the foreclosure sale.

[@Hauseit]

The eviction process is similarly difficult in New York, and pre-pandemic the typical, straightforward eviction process took anywhere from 6-9 months on average.