Redemption and Deficiency Judgments in New York
Whether you can buy back your home after a foreclosure sale in New York, and whether the lender can sue for what's still owed.
Short answer: There is no right to redeem the home after the foreclosure sale. The New York Department of Financial Services states that after the sale, "you have no right of redemption." N.Y. Dept. of Financial Services, If You Fall Behind on Your Mortgage Payments
| Redemption after the sale | There is no right to redeem the home after the foreclosure sale. The New York Department of Financial Services states that after the sale, "you have no right of redemption." |
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| Deficiency judgments | Yes, but limited. The lender must ask the court for a deficiency judgment together with its motion to confirm the sale, made within 90 days after the sale is completed, against a person liable on the debt who appeared in the case or was personally served. The court determines the fair market value of the home as of the auction date, and the deficiency is the debt minus the higher of that market value or the sale price. Source: RPAPL § 1371 |
More New York foreclosure & homeowner law
- How Foreclosure Works in New York
- HOA Liens and Foreclosure in New York
- Getting Your Home Back After a Tax Sale in New York
- All New York foreclosure & homeowner law rules
FAQ
Is there a right of redemption after foreclosure in New York?
There is no right to redeem the home after the foreclosure sale. The New York Department of Financial Services states that after the sale, "you have no right of redemption."
Can the lender come after you for the rest of the loan after foreclosure in New York?
Yes, but limited. The lender must ask the court for a deficiency judgment together with its motion to confirm the sale, made within 90 days after the sale is completed, against a person liable on the debt who appeared in the case or was personally served. The court determines the fair market value of the home as of the auction date, and the deficiency is the debt minus the higher of that market value or the sale price.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.