NYE Resolution: Avoid Foreclosure!

NYE Resolution: Avoid Foreclosure!

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Important things you should know about foreclosure laws in Westchester

Confusion, chaos and stress – these three words will sum up the feelings of any Westchester homeowner who has foreclosure looming. The home that you worked hard to buy seems to be slipping away the moment a Notice of Default lands in your mailbox. The prospect of looming foreclosure creates panic and blinds your ability to think clearly and logically.

While stress is inevitable when you are facing foreclosure, the reality is that it won’t do you any good. In order to think logically, you need to get rid of this stress. The best way to do this is to understand how foreclosure process works in Westchester and what your next steps should be to deal with your predicament.

Here’re a few things you should know about foreclosure laws in Westchester, NY:

Foreclosure process is state-specific

The most important thing you need to know is that foreclosure process varies from state to state. Foreclosure laws in New York will be different from those in Washington or California. This difference in laws will have a great of impact on the process and subsequently the options you have to avoid foreclosure or find the best possible solution. So whatever information you collect about foreclosure process from the Internet or other sources should be specific to New York.

Laws that make New York foreclosure process different from other states

  • Judicial process: Foreclosures are judicial in New York, so in order to foreclose upon your Westchester home your lender will have to first file a complaint with the court. Your lender can’t foreclosure until they obtain a court judgment in their favor.


  • Settlement conference: Once the lender files a complaint, the court will hold a settlement conference within 60 days, giving you and your lender a chance to reach an agreement acceptable to both the parties.


  • Reinstatement: Did you know you can reclaim your home until the last moment? By paying your dues and penalties prior to the final judgement, you can reinstate your loan. You can pay home loan dues even after the lender has obtained a foreclosure judgement and get your home back by paying off dues before the hammer hits the gavel.

New York foreclosure timeline

Foreclosure doesn’t happen in a day. On average, it takes almost 15 months for the process to complete. Here is what to expect after you receive a Notice of Default:

  • Your lender has to serve you with a foreclosure notice at least 90 days prior to commencing foreclosure once you miss a monthly home loan payment.


  • After missing the mortgage payment, you will receive a ‘breach letter’ also known as demand letter within 60 days. This letter will officially communicate to you that you are delinquent on your home loan. You are given the option of paying off the dues within 30 days. A failure to comply with this condition enables lender to proceed with foreclosure.


  • After 90 days have passed since your received the notice, your lender will be able to file a complaint with the court. It can take up to 9 months to obtain a court judgment.


  • The foreclosure sale usually occurs at least 4 months after the court ruling.

It’s quite obvious that foreclosure in New York is a lengthy process, so don’t jump to the conclusion that you have lost your home the day you received a notice of default. You have still got a lot of time to explore your options and find the best solution that suits your individual situation. We have outlined some of the most important things you should know if you are facing foreclosure. For any legal or financial advice, you should consult with a competent professional.

E2F Properties is Westchester County’s premier real estate redevelopment company. We have professionals on our team that help homeowners in any situations. Whether is be negotiating with the bank to stop foreclosure or preparing all the necessary paperwork, we help homeowners avoid foreclosure in order to save their credit! ]

We are a solutions company and are available to help!

(914) 999-2293





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